In 1922 three local businessmen, O. W. Parker, George Thompson, and I. G. Yates, leased the drilling rights on twenty sections of ranch land to Transcontinental Oil Company. After two dry holes were drilled the I. G. Yates well No. 1 blew in on October 28, 1926. The area around ranch headquarters became a boom town. Because it was isolated, support of the increased population became difficult. Yates converted a barn into a hotel and the area became known as Red Barn Community. In April 1927 Yates commissioned H. L. George of San Angelo to survey a townsite at this location, 3 miles north of Red Barn. A contest was held to choose a name for the new town. The winner was "Iraan", submitted by C. R. Hallmark who combined the names of Ira Yates and his wife Ann. His prize was a city lot. The first business to operate in Iraan was a service station run by K. P. Looney. A Post Office was opened in 1928. A nondenominational chapel known as union church was set up from contributions by Yates and Mid-Kansas Oil Company. During the boom days of Iraan, V. T. Hamlin worked as a free-lance writer. It was here that he created the comic strip "Alley Oop" . A park honoring his cartoon characters is located in the city. Source: https://atlas.thc.texas.gov/Details/5371002650