Word: westcoast
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With those details accomplished, Frank McMahon, 55, went on to the business at hand. From Texas and Montreal, from London and Manhattan, McMahon had invited some 400 bankers, oilmen, businessmen and their wives to a razzle-dazzle two-day blowout in celebration of the link-up of his Westcoast Transmission Co. Ltd. pipeline to the U.S. Northwest. Chartering five four-engine aircraft (at a cost of $13,000 each), McMahon got the wingding off in high gear by serving cocktails with breakfast on the flight to Fort St. John. There the guests were provided with more clothing-350 pairs...
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...
...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 with other promoters total something close to $500 million...
...eight common shares of Pacific Northwest. If stockholders approve, deal will make El Paso largest natural-gas supplier in U.S., give it unlimited supply of dry gas from reserves in San Juan Basin on Colorado-New Mexico border plus Pacific Northwest's future dry-gas supplies from Westcoast Transmission's Peace River field in Canada. Combined assets of both companies: $1.1 billion...
Next November, Pacific Northwest will also become an international pipeline. Hooking into Canada's half-completed $90 million Westcoast Transmission Co. line at Sumas, Wash., the Scenic Inch will draw 300 million cu. ft. of gas daily into the U.S. from the Alberta-British Columbia Peace River field. Thus assured of virtually limitless supplies at either end of the line, the $363 million in lines in 1957 will deliver more thermal energy than all the Northwest's hydroelectric dams, and at less cost than gas in New York. Ultimately, says Fish, the line may carry 2 billion...