To soften dry stiff leather Mink Oil or Neetsfoot Oil work great. Saddle Soap is another one for overall conditioning. There are others, but I've never had a need to try any more.

If I had to guess I'd say the stuff you've got is something like Mink Oil. <img src="/ubbthreads/images/graemlins/wink.gif" alt="" />



Oh, and Atom Wax or I think it's Weather Seal (It's kind of a Wax treatment too if I remember right) can be used as a sealer.