Word: williston
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Dates: during 1950-1959
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Miller first met Oilman Alfred Jacobsen last March when he was working on a story about Amerada Petroleum Corp.'s successful wildcatting in the Williston Basin (TIME, March 24). Impressed by Jacobsen's candor and executive ability and by Amerada's phenomenal success, Miller later suggested Jacobsen as the cover subject for a story on the oil industry...
...operates Talara, is a major Sechura bidder. Other foreign applicants: Peruvian Gulf, a subsidiary of Gulf Oil Corp.; Richmond Petroleum, subsidiary of Standard Oil Co. of California; Conorada, jointly owned by Continental Oil, Ohio Oil and Amerada Petroleum Corp., principal wildcatter in North Dakota's new and gushing Williston Basin. All of these except Peruvian Gulf have asked for both exploration and exploitation concessions, indicating that they think the oil is there and are ready to lay out considerable sums right away...
Oilmen acknowledge Alfred Jacobsen, Amerada Petroleum's president, as king of the explorers. After others had vainly scouted the Williston Basin since the early '20s, Jacobsen last year sank the well that tapped one of the country's richest oil pools. But shrewd Oilman Jacobsen did not rest on the triumph; he already had his seismograph crews roaming north west Alberta in a hunt for new treasure. Oilmen have long guessed that an oil-rich coral-reef formation underlies Alberta's Peace River Basin, about 200 miles northwest of Canada's vast Leduc field...
...prices have risen from 10? an acre to as high as $235. Such famed wildcatters as Texas' H. L. Hunt, often called "the richest oilman in the world," and Hugh Roy Cullen hustled in to get in on the play. Centers of the drilling, e.g., Glendive, Mont, and Williston, N.D., burst at the seams...
...Nobody yet knows how vast the basin's oil pools may be, but Amerada, Shell, Texaco and others have already brought in wells as far as 115 miles apart. Since oil has also been found across the Canadian border in Saskatchewan, oilmen suspect that the Williston pool extends there, think they may find fields rivaling Alberta's great Leduc and Redwater fields...