With the 1928 discovery of oil, the town exploded into existence as hastily constructed buildings and tents. The name, chosen in a contest, combines names of the town site owners, Ira and Ann Yates. At the city park see a historical marker with details about the Discovery Well A No. 1. A gusher blew in more than a half-century ago with a jet of oil that sprayed the tent city four miles away. It remains one of the largest producing wells in North America.