Word: leduc
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Dates: during 1940-1949
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...boom began at Leduc, 50 miles from Redwater, where the spouting of oil in February 1947 led to the proving of a field with an estimated reserve of 250 million barrels. Then, last Oct. 1, an Imperial crew of wildcatters struck oil on a Redwater farm...
Money to Spend. During the 50 years before Leduc was brought in, $150 million was spent on oil exploration in Alberta. This year $100 million will be spent; next year the figure will probably reach $150 million...
Imperial, whose funds are furnished largely by its parent company, Standard Oil Co. (N.J.), will spend an estimated $40 million this year for a pipeline from Leduc to its refinery in Regina. At a time when U.S. capital is fighting shy of oil investments in Latin America, about 80% of the current spending in Canada is U.S. money...
...spend some of his money. It has six new restaurants, a poolroom and bowling alley, three movie theaters. It also has a spanking-new hotel and beer parlor, where business is so good the waiters refuse to serve less than two beers at a time to a customer. Near Leduc, Imperial has bought a 160-acre field and built a village for 900 families...
Several other fields, discovered since Leduc, were coming into production. No less than 85 drilling rigs were punching the Alberta earth in search of new oil pockets ; but for the steel shortage, there would be twice as many. Also at work were 65 crews with seismographs and gravitometers, picking likely spots for the drillers to "spud in." In 1949, bills for oil exploration would top $20 million...