Texas Historical Marker #03202
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. #3202
US 190/SH 349, Iraan, TX, United States
Texas Historical Marker #03634
O. W. Parker Ranch Headquarters. O. W. Parker (1876-1962) moved to Crockett County in 1902 and worked for local ranchers until he eventually established his own ranch. Parker had this house built for his family after the 1926 Yates oil field discovery brought prosperity to the region. Completed in 1930, it is a fine example of Spanish Colonial Revival architecture. The property was also known for its orchards and gardens, tended by O. W.'s wife, Mildred (d. 1970). Recorded Texas Historic Landmark-1994 #3634
?, Iraan, TX, United States
Texas Historical Marker #02650
Iraan. 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. #2650
6th and Farr St., Iraan, TX, United States