The first publicized report of oil in Nebraska came in 1883, when a newspaper account told of a "vein of petroleum" discovered in Richardson County. Over the next 57 years, the search for oil consumed thousands of dollars, and hundreds of wells were drilled throughout Nebraska. Although traces of oil were reported at various locations across the state, Nebraska did not have a producing well until 1940. In 1939 and 1940, the Pawnee Royalty Company made two encouraging but unsuccessful drillings near Falls City. A third well, Bucholz No. 1, was begun near here on April 22, 1940. On May 29, 1940, it began producing and averaged 169-1/2 barrels daily for the first 60 days, easily qualifying for a $15,000 bonus offered by the Nebraska Legislature for the first oil well in the state to produce at least 50 barrels daily for 60 consecutive days. Bucholz No. 1 stood about five miles east of the site of the 1883 petroleum report, and these pioneer efforts in this area made a major contribution to Nebraska's economy even though the state's oil production is now largely centered in the southwestern panhandle.