Under a $30,000 lease agreement, the organization secured exclusive rights to all treasure discovered on the property for a period of three years (Crooker, 1993).Despite the enthusiasm of the Oak Island Treasure Company, the organization's efforts proved despairing even from the start. This is implied to be evidence that Romans visited Canada, and possibly Oak Island in first or second century BCE. To undertake the pumping and excavation, Hedden hired Sprague and Henwood, Inc. of Pennsylvania. Despite abandoning excavation efforts, Hedden felt that the clues he uncovered during his investigation deserved the attention of British royal and fellow Freemason, King George VI. The lens relayed grainy yet dramatic images back to observers at the surface. After years of building enthusiasm, Restall negotiated a deal with owner Mel Chappell in 1959. It turns out that while the team took time to rest, much of the cavernous pit had filled with water. It soon occurred to the hapless crew that every time water was removed from the well, it was somehow instantly replaced. There was a long term feud between a researcher who believed it was ancient and the researchers of St. Mary's University of Halifax Digging for what was never buried in the first placeDigging for what was never buried in the first placeThe legend goes that a stone was found in the pit which bore the inscription "Forty feet below, 2 million pounds lie buried". Oak Island is vooral bekend wegens verhalen over een put met geld (The Money Pit) die zich op het eiland zou bevinden.

Sprague and Henwood, Inc. used electric turbine pumps to remove seeping water as they re-excavated and reinforced Chappell's shaft just south of the Money Pit. The Oak Island Money Pit At the heart of the Oak Island mystery is the original pit first discovered by Daniel McInnis, John Smith, and Anthony Vaughn in the summer of 1795.

According to an account written in 1862, after the Onslow Company had excavated to 80–90 feet (24–27 metres), the pit flooded with seawater up to the 33-foot (10 m) level; attempts to remove the water were unsuccessful. Despite the increase in capital and experience the excavators received from the acquisition, success eluded the teams throughout the early 1900s.The two men along with Chappell's brother Renerick, son Melbourne and nephew Claude, began work in 1931. At a depth of about 98 feet, the auger came in contact with a layer of spruce approximately 6 inches deep. Although these attempts also failed to produce results, there was no further loss of life among the ranks of the Oak Island Association. Through his work, Fell determined that seemingly disparate cultures, previously thought to have no contact with one another, actually shared a number of similarities between their languages and symbols. At a depth of 109 feet, the new tunnel would burrow horizontally, thereby entering the Money Pit (Harris and MacPhie, 2005). The timbers spanned the width of the hole, forming a wooden platform. When the men inspected the scene, they discovered several curious items including the bottom of a yellow dish, a piece of Juniper worked at either end of the wood, an oak timber, and a spruce slab scarred by the hole left by a drilling auger (Crooker, 1993).Despite the tragedy, the men of the Oak Island Association returned to the site over the next four years.

The first unraveling came in 1983 when the Triton Alliance brought a suit against Fred Nolan contesting his ownership of seven lots on the island and claiming their right to access the causeway extending from Crandall's Point. As though a veil had been lifted, the men discovered that a southern portion of the island's shore was actually manmade (Crooker, 1993). Born in 1917, Fell eventually studied ancient and foreign languages alongside his formal training as a zoologist.

Instead, they offer that he merely claimed the works as his own to conceal the identity of the true author, Sir Francis Bacon. Samen met zijn vrienden John Smith en Anthony Vaughan werd de kuil uitgediept.

Hieronder bevond zich een ondiepe vierkante kuil. In 1987, after losing an appeal, the Triton Alliance was forced to pay Nolan $500 dollars while Nolan was ordered to remove an Oak Island Museum he built to obstruct entrance to the land bridge (Crooker, 1993). Below the timbers was a 40-foot chamber void of any material. Neither Leitchi nor Fell ever actually saw the unearthed tablet with their own eyes. From their drillings, the two ascertain that bedrock began at a depth of 160 to 170 feet. At their height, the Knights Templar represented nothing short of an elite sect, with the wealthy houses of Europe clamoring to enlist their sons and donate their riches. That year the rest of Restall's family moved to Oak Island to help in the excavation.Over the next five years, the Restalls dedicated their lives to Oak Island and the pursuit of the fabled riches. With their devotion to protect the sacred Temple of Solomon, the group was termed the Knights Templar.

Bolstering this opinion is Sir Francis Bacon's book "Sylva Sylvarum" in which he details his design of a perpetual spring. The people who buried the treasure must have been But the unique geology of Oak Island is sufficient to explain the flooding.

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