Word: amerada
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Dates: during 1950-1959
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Miller first met Oilman Alfred Jacobsen last March when he was working on a story about Amerada Petroleum Corp.'s successful wildcatting in the Williston Basin (TIME, March 24). Impressed by Jacobsen's candor and executive ability and by Amerada's phenomenal success, Miller later suggested Jacobsen as the cover subject for a story on the oil industry...
During his stay at the oilfields, Miller watched three new wells being brought in. Since none of them was a dry hole, Miller's presence was considered lucky, and C. E. Boone, Amerada vice president, asked him to light the gas flare on the third well...
...bbls. a day). International Petroleum, a Canadian subsidiary of Standard Oil (N.J.) which operates Talara, is a major Sechura bidder. Other foreign applicants: Peruvian Gulf, a subsidiary of Gulf Oil Corp.; Richmond Petroleum, subsidiary of Standard Oil Co. of California; Conorada, jointly owned by Continental Oil, Ohio Oil and Amerada Petroleum Corp., principal wildcatter in North Dakota's new and gushing Williston Basin. All of these except Peruvian Gulf have asked for both exploration and exploitation concessions, indicating that they think the oil is there and are ready to lay out considerable sums right away...
Oilmen acknowledge Alfred Jacobsen, Amerada Petroleum's president, as king of the explorers. After others had vainly scouted the Williston Basin since the early '20s, Jacobsen last year sank the well that tapped one of the country's richest oil pools. But shrewd Oilman Jacobsen did not rest on the triumph; he already had his seismograph crews roaming north west Alberta in a hunt for new treasure. Oilmen have long guessed that an oil-rich coral-reef formation underlies Alberta's Peace River Basin, about 200 miles northwest of Canada's vast Leduc field...
...Amerada drilled a wildcat well 10,278 ft. deep, 50 miles east of the town of Grande Prairie. The drillers found only water, but discovery of the reef itself gave Jacobsen's geophysicists the clues they needed. They believed that by moving three-quarters of a mile away they could hit the reef again at a higher point. Last week they did. At 9,000 ft. they finally struck a heavy flow of good crude. It was the first major producing well in the region. ''Amerada has found something that has us all sitting up and taking...