Bill and Liz Armstrong are the definition of true wildcatters—oil explorers who bet big and drill deep. From meeting in a geology class at SMU to navigating oil booms, busts, and blowouts, their journey is one of guts, grit, and a whole lot of geology. In this episode, they unpack wild stories from Alaska’s North Slope, how a gas well made front-page news, and why they’ve never taken on debt in their business. It’s about risk, resilience, and the romance of chasing something big—with plenty of laughs along the way.

In This Episode

[00:01:00] SMU Sparks: How Bill and Liz met and bonded over geology.

[00:05:00] Oil Mentors: Caddying for Boone Pickens and early influences.

[00:10:00] Field Camp Flames: From classmates to couple.

[00:13:00] Bankruptcy Lessons: Liz’s family story and debt-free mindset.

[00:15:00] Startup Grind: Launching Armstrong Oil from scratch.

[00:23:00] All In: A near-foreclosure and a bold pitch.

[00:26:00] Boom & Blowout: Big risks and a gas fire in California.

[00:31:00] Alaska Gold: Finding a 3-billion-barrel oil field.

[00:43:00] Staying Independent: Why they said no to buyouts.

[01:03:00] Legacy & Values: Family, faith, and what really matters.

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Wildcatters, Blowouts & Big Bets with Bill and Liz Armstrong