In eastern Lamb County, the town was founded in 1908 by W.P. Soash of Waterloo, Iowa. Soash resold 87,000 acres of ranch land to pioneers. Soash persuaded the Adam Powell family to move their post office south to the new town site and named it after their son, W. Olton Powell.
Bed-and-breakfast facilities are available in a historic building downtown.
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