On May 28, 1923, the Santa Rita No. 1 well struck oil in Reagan County, Texas, forever changing the economic future of West Texas and the University of Texas System. After nearly two years of drilling through hard rock, the Texon Oil and Land Company finally brought in the gusher, producing over 100 barrels of oil per day. The discovery came on land that had been granted to the University of Texas, and royalties from Santa Rita No. 1 would eventually help fund the Permanent University Fund. The well's success confirmed the vast petroleum potential of the Permian Basin, leading to one of the largest and most productive oil regions in the U.S. Santa Rita No. 1 pumped oil for nearly 70 years before being capped in 1990.