Word: oilmen
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Dates: during 1950-1959
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...company Pemex (Petroleos Mexicanos). Capping a series of earlier achievements, the new field signified that Pemex, after the years of fumbling that followed its formation in 1938 from expropriated U.S. and British oil companies, had finally found the key to success. Oil Forum, a journal for U.S. oilmen, called Pemex' "remarkable achievement" a "record that cannot be approached by any other nationalized oil industry in the world...
Last week northwest Canada's barren muskeg was crawling with oilmen. To get in on the continent's hottest oil play, well over 200 companies will spend $160 million for exploration this year alone, and they are just getting started. Says Home Oil Geologist Alexander Clark: "This region is where Texas was 30 years ago. In the next 25 or 30 years, it is not unreasonable to expect there will be found hundreds of fields, some small, but others as big as anything yet found...
...huge lake far up in Canada's frozen Northwest Territories. The area was littered with natural oil seeps oozing from a rock strata identified as Devonian limestone. But as so often happens when oil-bearing strata touch the surface, the well proved a dud. Disappointed oilmen all but gave up on the formation's outcropping at Great Slave until last fall, when Phillips and Home Oil geologists decided that Imperial had tried to tap Windy Point's Devonian limestone in the wrong place. In a historic gamble, the two companies decided to drill near Lesser Slave Lake...
...Oilmen from coast to coast awoke to what Phillips and Home Oil had suspected: the entire area from Great Slave south to Lesser Slave Lake and west to the Rockies, some 100,000 sq. mi. in all, was probably underlain with a thick common bed of rich oil-bearing formations, forming a vast new oil domain, where a wildcatter could spend a lifetime drilling and not exhaust the chances of a new find. Said Phillips' divisional manager, D. L. Potter: "This opens up a virgin wilderness of vast potential...
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...