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Twentieth-Century Business Archives

Asamera Oil Corporation, Ltd. - Lehman Brothers Collection

Asamera Oil Corporation, Ltd.

List of Deals

The Asamera Oil Corporation, Ltd., was incorporated in 1925 under the Companies Act of Canada (later called the Canada Corporations Act) under the name "British Dominion Oil and Development Corporation Limited." The company changed its corporate name to "New British Dominion Oil Company Limited" in 1950, and to "Asamera Oil Corporation, Ltd." in 1958. Its principal office was located in the Canada Permanent Trust Building, S. W. Calgary, Alberta, Canada.

The company has oil and gas interests of an exploratory nature in Canada. Its wholly owned subsidiary, Asamera Oil (Indonesia), Ltd. ("Asamera Indonesia"), a Bermuda corporation, had oil and gas interests in Indonesia, both producing and exploratory. Flank Oil Company, a Montana corporation and a wholly owned subsidiary of the company, operated seventy retail gasoline stations and had oil interests in the United States. These interests, however, were not significant in relation to the company's total operations.

The Asamera Oil Corporation, Ltd. purchased the assets of the Oriental Refining Company of Denver, the Taylor Oil Company, and the Sheridan Crude Oil Purchasing Company in 1958. T. L. Brook, chairman of Asamera, said the purchase was accomplished through the Flank Oil Company. The sale price was in excess of $6 million. Changing hands were fifty producing oil wells in Colorado and Wyoming; forty retail outlets in Colorado, Wyoming, and New Mexico; a $1.5 million refinery north of Denver; and trucking and transport equipment. The purchase put Flank into the retail and refinery field for the first time. At the time, the acquisitions gave Asamera an estimated crude oil production in the first year of about 400,000 barrels and annual refining capacity of 1.55 million barrels. Asamera had been deriving its income principally from natural gas operations.

The company began operating in Indonesia in 1961 and was engaged through its subsidiary, Asamera Indonesia, in a program of exploration and development of oil and natural gas fields there.

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