Word: amerada
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Dates: during 1950-1959
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...lose. But he wins far oftener than he loses. He wins because he hunts oil in the ground with the same passion and dedication that inspired Captain Ahab, an oil hunter of another day, in his pursuit of Moby Dick. By so dedicating himself, Alfred Jacobsen has made his Amerada Petroleum Corp. the most famed independent oil hunter in the oil industry. Amerada, at 185, is the seventh highest priced common stock on the New York Stock Exchange. Of all the 1,526 listed stocks, Amerada is the No. 1 favorite of the investment trusts...
...Gold-Dust Bowl. In that province last week, above the ocean flatness of North Dakota's wheat and cattle plains, flaming gas flares from 69 Amerada wells stabbed the night sky. The land that had been a dust bowl only 20 years ago was now an El Dorado to many farmers who had been on relief or working for WPA. Overnight, they had become wealthy. Last week the big opportunity had come for Farmer Lewis M. Osborn...
Working day & night, Amerada's drillers had driven a three-cone rotary rock-bit deeper & deeper into the earth of Osborn's farm. The rig's platform throbbed with the clanking rumble of a diesel engine spinning the drill. As the drill bit down into the earth, new lengths of 60-ft. pipe were threaded on to join the mile-and-a-half of pipe already whirling below ground in a single, continuous column. At 8,663 ft. the drilling was stopped, the drill pulled out. Hurriedly the hole was cased with seven-inch pipe and capped...
...Although Amerada still has the biggest block of producing acreage (it has leases on 1,500,000,acres in all) in the basin, it now has plenty of company. Most of the major U.S. oil companies, plus most of the top independent wildcatters, have rigs towering all over the basin, from 100 miles east of Bismarck to eastern Montana, where Shell Oil and Texaco discovered two rich fields near Richey and Glendive. In this big oil play, there are more than 80 drilling rigs and 120 exploration crews probing the Williston Basin...
...basin, the oil companies are already spending an estimated $100 million a year. A Standard of Indiana subsidiary is planning a pipeline to Mandan, across the Missouri River from Bismarck, and Standard itself will build a 15,000-bbl-a-day refinery. Amerada will have to put up a multimillion-dollar plant to take natural gasoline out of the gas now being "flared" (i.e., burned) at the well. Enthusiastic businessmen predict that a prairie empire of chemicals and synthetics, rivaling the Gulf Coast's, will rise from these new sources of raw materials. So far, lack of transportation...