Defining Moments: 1967 Fagerness No. 1

Apache's first major oil discovery occurred in July 1967 when the Fagerness No. 1 well, near the town of Recluse, Wyoming, flowed 1,200 barrels per day from the Muddy formation of the Powder River Basin.

Ultimately accumulating a sizable leasehold position, Apache developed the Recluse Field with 28 wells, 24 of which were productive. The Field was the springboard to Apache's recognition as an independent producer of oil. It was also the foundation that assured Apache's survival in oil and gas when most explorers were throwing in the towel.

The discovery's effect on Apache's capitalization was significant. At the beginning of 1967, the company's stock was trading on the smaller exchanges at levels below $10 per share. By the end of the year, share value had doubled and, by 1969, it had reached the mid-$30s.

Eloquent in his brevity, Plank summarized the impact on Apache of the Fagerness well and the Recluse Field: "Wall Street took notice." In the summer of 1969, Apache Corporation was listed on the New York Stock Exchange.