L.P. and Ruth Bennett moved to Yoakum County in 1916 to take over the ranching operation they had inherited from Ruth's father, Dr. J.R. Smith of Munday. In 1927 they leased part of the ranch to the Texas Pacific Coal and Oil Company for exploratory drilling. By the mid-1930s, their cattle business was declining because of the economic depression and a severe area drought, and they were in danger of losing the property through foreclosure when oil was discovered on the ranch. The discovery came on October 10, 1935, at the Ruth Bennett No. 1-678, a well supervised by Fort Worth wildcatter Red Davidson and crews of the Honolulu Oil Company. The find enabled the Bennetts to pay all claims against their land. Increased drilling activity in the area created a boomtown atmosphere and led to the founding of Denver City in 1939. Petroleum remains the major industry in Yoakum County, a national leader in crude oil production. In 1964, Gene H. Bennett, the youngest son of L.P. and Ruth Bennett, donated this portion of the Bennett Ranch to the county for use as a park.