Texon Store

[Alayna Rother]

TheGeorgia-based operator will pick up all of the retail and wholesale fuel assets of Texon Oil Co. The assets, all located in central and southern New Jersey and eastern Pennsylvania markets, consists of a portfolio of 24 Sunoco branded retail gas locations, 23 of which were fee owned. The facilities are a blend of auto service bays and convenience stores managed under a mostly company-operated or commission agent model.

"We are thrilled to be the purchaser of Texon Oil and expand our footprint into New Jersey and eastern Pennsylvania," said Turjo Wadud, CEO of Mountain Express Oil Co. "The addition of these sites to [Mountain Express Oil's] network is further evidence of our ability to close transactions quickly, efficiently and without disruption."

Mountain Express recently completed a $205-million debt financing, with proceeds being allocated to refinance the company's existing credit facilities and supporting its growth objectives over the next several years.

Texon Oil Co. was founded in 1991when owners Perry Singh and Surinder (Sam) Hundal became Exxon franchisees at a single site in Stratford, N.J. The company grew into one of the largest Sunoco distributors in the New Jersey/eastern Pennsylvania region.

"We couldn't be more pleased with the full range of advisory services provided by fuels industry-veteran Ken Shriber, managing director of Petroleum Equity Group Ltd., who guided us and helped manage the entire process from start to finish. The decision to sell and exit the business is a difficult one, and we could not have achieved our objective without Ken's extensive knowledge, experience, and skill set," said Singh.

As part of the transaction, Balrup Roop Hundal will join the Mountain Express team as director of sales, where he will be tasked with transition support and acquiring additional assets as part of the company's ongoing growth across the country.

Acworth-based Mountain Express owns and/or controls more than 200 gas stations and provides fuel to more than 600 stations across the United States under several major oil and regional fuel brands. Looking ahead, the company is projected to own/control more than 300 stations, service nearly 800 locations, and operate nearly 100 c-stores by year-end 2021. Its geographic footprint covers 19 states.

Texon, in southwestern Reagan County eighty-five miles west of San Angelo, was named for the Texon Oil and Land Company, which drilled the Santa Rita oil well in 1923. Shortly thereafter Pittsburgh wildcatters M. L. Benedum and Joe Trees purchased some of the Texon Company's leases and formed the Big Lake Oil Company to develop the field. From 1924 to 1926 the BLOC president, Levi Smith, planned and built Texon for employees and their families south of the Kansas City, Mexico and Orient Railway tracks. At a time when oil towns denoted wildness, Texon was considered a model oil community. In addition to houses, BLOC provided a grade school, a church, a hospital, a theater, a golf course, tennis courts, and a swimming pool for its residents, who numbered 1,200 in 1933. Smith, an avid baseball fan, sponsored the Texon Oilers, a semiprofessional team composed of company employees. Privately owned businesses housed in company buildings included a drug store, a cafe, a boarding house, a tailor-shop, dry-goods and grocery stores, barber and beauty shops, a service station, a dairy, an ice house, and a bowling alley. By World War II oil production was declining, and with no new wells, fewer employees were needed. By 1952 the population had fallen to 480. In 1956 Plymouth Oil Company, another Benedum-Trees property, took over BLOC, and in 1962 ownership passed to Ohio Oil, now Marathon Oil, which chose not to maintain the town of less than 100 residents. In 1986 the post office was closed, and in 1996 less than ten people lived in Texon. The population was twelve in 2000.

The facilities acquired were a blend of auto service bays and convenience stores managed under a mostly company-operated or commission agent model. The sale also included two vacant parcels adjacent to operating sites with zoning approvals for large-format convenience stores and a wholesale supply-only account.

Founded in 2000 and based in Alpharetta, Ga., Mountain Express Oil currently owns and/or controls more than 200 gas stations and provides fuel to more than 700 stations across the U.S. under several major oil and regional fuel brands. Looking ahead, the company is projected to own/control more than 300 stations, service nearly 800 locations and operate almost 100 convenience stores. With a geographic footprint covering 22 states, MEX has well-established relationships with ExxonMobil, BP, Amoco, Shell, Chevron, Texaco, Sunoco, Valero, Gulf, Citgo, Diamond Shamrock, Marathon, Arco, Phillips 66, ConocoPhillips and 76Motiva.

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Texon is a small unincorporated desert hamlet in Reagan County, Texas, United States, in the western part of the state about half a mile south of the nearest highway. The town was originally an oil boomtown but is now near abandonment. There may be only one or two homes left in Texon, and no businesses or services.

The population in 1996 was estimated at less than 10. At its peak in 1933, the town had approximately 1,200 inhabitants.[1] The town is located in Reagan County. It is 3/10 mile (0.5 km) south of U.S. Route 67 on RM 1675.[2][3][4] It is 85 miles west of San Angelo, Texas.[1] Texon was served by the Kansas City, Mexico and Orient Railway.

The town originates from May 28, 1923, when oil was discovered.[3]The town was named for the Texon Oil and Land Company, which drilled the first successful oil well in the Permian Basin, the Santa Rita. On December 4, 1928, under the supervision of Carl G. Cromwell, Texon Oil discovered the Santa Rita University 1-B, at that time the world's deepest well at 8,525 feet. Texon Oil and Land Company developed the Santa Rita oil field. Texon's leases were subsequently purchased by M. L. "Mike" Benedum and Joe Trees of Pittsburgh, who formed the Big Lake Oil Company.[1][5]

Texon was considered a model oil community. A grade school, a church, a hospital, a theater, a swimming pool, a golf course, and tennis courts were built by the Big Lake Oil Company. The Texon Oilers semiprofessional baseball team was started. Privately owned businesses appeared, including a drug store, a cafe, a boarding house, a tailor shop, dry-goods and grocery stores, barber and beauty shops, a service station, a dairy, an ice house, and a bowling alley.[1][6]

Ownership passed on to successive oil companies, including Plymouth Oil Company (in 1956) and Ohio Oil (now Marathon Oil) in 1962, which chose not to maintain the town that had at that time 100 residents. In 1986, the post office was closed.[1]

In the 1920s, wastewater from oil extraction was released onto the ground, which caused extreme damage to vegetation and soil, to the point that the resulting scar can still be seen on satellite images. Cleanup is still ongoing.

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