Word: williston
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...where it has never been found before, the hunt is transforming whole regions. Denver, center of the furious drilling activity in the new Denver-Julesburg oilfields (see map), is already talking cockily of eclipsing Houston as the oil capital of the world. In Montana and North Dakota, whose saucerlike Williston Basin contains immense oil treasures, the Big Sky country's cattle and wheat economy is getting ready for a tremendous upsurge of industry. Men in the area foresee pipelines, refineries and plants turning out "petrochemicals" (TIME, May 12), oil's new frontier...
Prize Pop. No oilman is scared by the long odds. Amerada's Alfred Jacobsen, one of the industry's great pioneers in scientific oil exploration (TIME, March 24), decided to chance it in the Williston Basin, after other oilmen had been drilling there sporadically and futilely for about 30 years. Jacobsen drilled to 11,000 ft. before discovering that "core samples," removed at 8,000 ft., indicated the presence of oil. By a new technique (using hydrochloric acid to flush oil out of close-pored limestone), Jacobsen found the oil that others had missed, and the great Williston...
...bull market's pacesetter has been a famed old speculator's favorite, Northern Pacific, which shot up because of its vast land holdings in the Northwest's Williston oil basin. Last week Texaco's Chairman W.S.S. Rodgers told his stockholders at their annual meeting that the basin is going to be a major producing area, but that the cost of development will be high because wells must be drilled deep. It will be "several years" before oil is flowing in quantity. Result: Northern Pacific tumbled nearly ten points to 74⅛, scaring the whole market into...
...annual meeting. Said he: Socony is finding good oil at depths as shallow as 3,000 ft. and will drill eight to ten wells there this year. Result: Northern Pacific shot up nearly five points, and the whole market rose. Other oilmen explained the seeming contradiction in Williston estimates: Texaco's holdings are near the center of the basin, where the oil is more than 9,000 ft. down, whereas others on the rim (like Socony) can strike it as shallow...
Surprise Snub. Last year, when oil was struck in Williston Basin, Simon took a direct hand in the railroad. He used Ohio Match's voting power to elect himself to Northern Pacific's board of directors, and began making his presence felt. Simon insisted that Northern Pacific's haphazard way of handling its oil leases be improved, got the board to hire Dallas' famed geologist E. De Golyer (TIME, March 24) to survey the railroad's oil lands, and brought in Standard Oil Co. of California's former assistant vice president LeRoy Hines...