The University of Texas was established in 1881 by the Texas Legislature, on 40 acres of land north of the State Capitol. It was known as "College Hill" and construction of what was known as the "Old Main Building" began late in 1882. Today, the entire campus is fondly referred to by many as "The 40 Acres." The University was also given some land in West Texas, to generate what revenue it could.
By 1916 it was thought the region might be rich in oil and natural gas deposits and exploration began in 1919. On August 21, 1921 Santa Rita No. 1 was spudded in in Section 2, Block 2, University Lands in Reagan County. In oil industry jargon a well is spudded when the drilling begins. On May 23, 1923 rumbling was heard from the well bore and a fountain of oil burst forth on the Texas Prairie. On August 24, 1923 the University received its first royalty check for $516.58.
Santa Rita No. 1 was the first producing oil well on University owned land, and oil and gas royalties would make the University of Texas one of the wealthiest universities in the world. These pictures are what remains of Santa Rita No. 1, not a replica.