Beverly Hills
The Board of Education has consented to transfer the Waverly Oil Co.’s oil and gas lease to the Wainoco Oil and Gas Co. Wainoco is buying all drilling rights from Waverly.
Wainoco plans to increase oil production in the city, which, if oil prices remain stable, would mean increased revenues for the school district.
The district’s oil royalties have declined from $1,500,000 in 1981 to $700,000 this year.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
