While the first discovery of
petroleum along the Mackenzie River is typically attributed to
Alexander Mackenzie during his exploration of the river in 1789, Mackenzie's journal describes a waxy, yellow substance that may instead be
fossilized plant resin. On his 1888 trip up the Mackenzie River the explorer Richard McConnell noted that the
Hudson Bay Company was using "tar springs" for
pitch and observed
bituminous limestone in the areas around
Bear Rock and
Fort Good Hope. But it was not until 1911 that an oil bearing formation was discovered. The first wells were drilled by
Imperial Oil, now a major employer in the town, in 1919. In January 2026 Imperial Oil announced it would be shutting down its operations in the third quarter of 2026, because of declining production combined with the low price of oil. Their operations employ about 80 people in Norman Wells, paying about $6 million in taxes, about 70% of the town's budget. ==Indigenous people==