The oil well that changed Texas — and funded UT

On May 28, 1923, a well called the Santa Rita No. 1 struck oil in the southwest corner of Reagan County. The well sat on University of Texas land and was operated by Carl Cromwell for the Texon Oil and Land Company. The well had been spudded (meaning drilling started) back in August 1921, so it took nearly two years to hit oil.

The discovery opened the Permian Basin to widespread exploration and changed West Texas permanently. By 1926, the peak production year, the Big Lake Oilfield had sent $4 million to the University of Texas Permanent University Fund. By 1987, the field had produced over 129 million barrels of oil. The county seat of Big Lake became the county seat in 1925, largely because of the boom the oil discovery set off. Reagan County's economy had shifted almost overnight from sheep and cattle to petroleum.