Marathon Oil Company Discovery Well
US 190/SH 349, Iraan, TX, USA
Texas, USA
MARKER
TICKETED:
NO
PARKING:
NO
RESTROOMS:
NO
EST. 1926
EST. 1926
1926
HISTORIC PEOPLE WHO WERE HERE
0
HISTORIC PRESERVATION at Marathon Oil Company Discovery Well.
The Texas Historical Commission Atlas records this marker as in situ at the listed location. It remains part of the state marker inventory; the placement description and coordinates in this row follow the current official Atlas record and should be field-verified before publication.
About Marathon Oil Company Discovery Well
Mid-Kansas Oil and Gas Company, a subsidiary of Ohio Oil, later Marathon Oil, brought in the I. G. Yates A No. 1 well on October 29, 1926, disproving claims that no oil lay west of the Pecos. Within a year the Yates field held one hundred wells. In 1928 operators adopted the first proration plan, a milestone in petroleum conservation.
HISTORY HAPPENED HERE at Marathon Oil Company Discovery Well
Opening one of greatest oil fields in the world, Mid-Kansas Oil and Gas Company (a subsidiary wholly owned by the Ohio Oil Company, whose name has now been changed to Marathon Oil Company) brought in the I. G. Yates "A" No. 1 well on October 29, 1926. The well at the shallow depth of 1,150 feet had a rated potential daily flow of 72,869 barrels. Previously oil men had said: "You won't find any oil west of the Pecos." This did not stop the work of Mid-Kansas Oil and Gas Company and its partner, Transcontinental Oil Company, later acquired by Marathon Oil Company. The strike was sensational. Scarcely more than a year later, the Yates field had 100 wells--two of which had higher yields than Yates No. 1. Under the 20,000-acres Ira G. Yates ranch and adjoining lands lay one of the largest oil reserves in the world. The many developers voluntarily adopted proration. Their plans for allocating and restricting Yates fields production were approved by the Texas Railroad Commission in 1928. This was the first complete commission in 1928. This was the first complete proration of an oil field in the state --and an important milestone in petroleum conservation. The Yates field now has 607 wells. Source: https://atlas.thc.texas.gov/Details/5371003202
HISTORIC PLACES NEARBY
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