Word: oiled
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Dates: during 1940-1949
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Less than a year ago, Redwater, Alta., 35 miles northeast of Edmonton, was a place to pick blueberries. Last week it was the center of the biggest oil boom in Canadian history...
With estimated reserves of 300 million barrels, the Redwater field already has 135 producing wells; new wells are being completed at the rate of 45 a month. Dozens of oil companies are in the field, the largest, Imperial Oil Ltd. of Canada, which is spending $500,000 on workers' housing alone...
...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...
These two fields, plus strikes in the surrounding area, add up to one of the major North American oil developments in recent years. Alberta's known reserves are generally estimated at a billion barrels, its potential as high as five billion. If it should prove to be five billion, Alberta might eventually rival west Texas, today the biggest oil-producing area in North America...
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...