Word: mcmahon
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Early Bird. The man who did the most to open up northwest Canada's wilderness-and convince oilmen of its treasures-is Frank M. McMahon, 54, chairman of Pacific Petroleums Ltd. and president of Westcoast Transmission, whose new 650-mile pipeline will start carrying gas this fall from the Peace River area to Vancouver and the U.S. border. The Canadian-born son of a wandering hard-rock miner, Oilman McMahon quit college to become a prospector himself, bounced from drilling rig to drilling rig until the 1940s, when he moved into the Peace River area above Edmonton in search...
Fortnight ago, with 5,043,960 acres of land under lease, Pacific Petroleums' McMahon announced two more wells in the Peace River Boundary Lake region, one producing gas, the other oil. Eight other Peace River wells have already come in this year, boosting the company's holdings to an estimated $70 million. And at Fort St. John, McMahon is busy building a $2,500,000 housing development for the expanding crews of both his Pacific Petroleums and Westcoast Transmission Co. All told, his personal fortune is currently estimated at $200 million, and the assets he controls in partnership...
Battle of the Giants. McMahon's stakes are likely to look like small potatoes compared to the fortunes the giants of the industry are preparing to bet on the entire vast area from Great Slave southward to Edmonton. Virtually all major companies, plus a host of independents, are deep in the search, have formed dozens of combines to help one another. Because Canada's provincial governments hold up to 90% of all mineral rights and in the West usually lease them in 100,000-acre blocks (price to Imperial recently: $1,700,000), even the biggest outfit often...
Born. To Francis Murray Patrick Mc-Mahon, 54, oil-rich Calgary wheeler-dealer (TIME, Jan. 14), board chairman of Pacific Petroleums Ltd.. and Betty Betz McMahon, 37, onetime Hearst teenagers' columnist: a daughter, their first child; in Manhattan. Name: Francine. Weight...
...JOSEPH McMAHON...