There was a very poor man down in West Texas in the 1930s who barely made a living on a very poor sheep farm around Odessa and Midland. His name was E. L. Yates and he was so poor that he was contemplating bankruptcy and allowing the bank to repossess his farm. He was constantly worrying about how he could pay his bills and feed his family.
One day a survey crew from an oil company came to him and asked for permission to drill for oil on his property. The contract stated that he was to receive every eighth barrel if any oil was found. At 1,115 feet they hit a gusher. The well produced 80,000 barrels of oil a day! Wells soon followed that could produce twice that capacity. Even thirty years later government surveys showed wells with a capacity for 125,000 barrels a day. It proved to be one of the richest veins of oil ever found on the North American continent.
Mr Yates owned it all! When he purchased the land the oil came with it.
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