The discovery and development of crude oil and gas in Nigeria has been a burning issue, especially how the proceeds has been appropriated by the Nigerian government and its people in terms of allocation, distribution and utilization. This paper seeks to investigate and take into consideration the neglect and deplorable position/status of Oil Well 1 at Itokopiri by the Nigerian government as well as the multinational oil corporations in Ogbia local government of Bayelsa State, where crude oil was first discovered in commercial quantities in the whole of West Africa. The position of oil well one is discussed and qualified with Ogoiny parable. The study adopted empirical, expository and analytical method. The findings of this study revealed that oil well one has not received the desired attention in terms of the development of the area and in particular, the site/location of oil well one. It therefore recommends that the Nigerian Government as well as the multinational oil companies embark on pragmatic and people orientated projects for the common good through a deliberate policy. This will lead to the improvement of the standard of living of the people of the area, the state and Nigeria at large.