Headquarters: Regional Offices: Employees: History In the 1980's the "Oil Bust" took place and the price of crude oil plummeted and almost broke the spirit of Theodore & the bank of TulsOil. Because of timing, TulsOil didn't have as much capitol invested in drilling rigs and other equipment so they were able to survive the financial setback. TulsOil concentrated on oilfield engineering until this lean period passed. In 1995, TulsOil's engineers, discovered a vast oil reserve just to the south of Glenpool, OK. they decided not to drill since the price of crude was still in the decline and it would be cheaper to operate and maintain the current wells. They decided to save this discovery for another day. That other day came in 1997 during a nuclear
exchange in the middle east. TulsOil, Phillips Petroleum (who also discovered an
oil reserve to the west of Bartlesville, using technology on lease from TulsOil),
and several other oil producers managed to keep production up to 75% for the
United States. |