Minutes - 11

Therefrom the Board being duly organized for business the following proceedings were had.

The resignation of Mr. O.C. Drew as Director weas received and accpeted
and
On motion duly seconded Mr Tho[ma]s H. Franklin was elected to fill said vacancy.

On motion duly seconded Mr Tho[ma]s H. Franklin was unanimously elected President of the Company

On motion duly seconded Mr. Finis E. Marshall was unanimously elected First Vice President of the Company

On motion duly seconded Mr. F.A. Helbig? was unanimously elected Secretary and Auditor of the Company

On motion duly seconded Mr. O.C. Drew was unanimously elected Treasurer of the Company

The President then submitted the following proposition of Mr John H. Kirby:

Proposition of John H. Kirby to the President and Directors of the Houston Oil Company of Texas.

Houston, Tx July 5th 1901
Gentlemen:
I hereby offer and propose to sell and convey or cause to be conveyed and sold within a period of 140 days from and after the date of your acceptance of this proposition to the Houston Oil Company of Texas all the oil land and properties mentioned and specified in the schedule hereto attached marked Exhibit "A" except such portions thereof as may be rejected by the Houston Oil Company of Texas becuase the title thereto shall be found unsatisfactory by the opinion of your attorneys - for the sum and price of Twenty Millions dollars in your common stock - full paid and non-assessable - subject however to the payment by you of the respective amounts in cash due or that shall become due as the purchase price of the several properties mentioned in said schedule marked Exhibit "A" - not exceeding in the aggregate the sume of $17,500,000.00 and which indebetness you are to assume and pay - provided however that the total of said Twenty Million Dollars of common stock is not to be delivered by you to me until I have made or cause to be made to your proper conveyance of the