Cyrus Iba was born in Pennsylvania in 1831. Little is known about his early life. Iba made his first appearance in Wyoming in 1851, passing through on his way to investigate mining prospects in California. Taking note of the oil seeps around the spring at Poison Spider, Iba was among those who participated in what was probably the first commercial marketing of Wyoming’s petroleum; he collected oil and mixed it with flour, selling the product to emigrants for axle grease.

Cyrus Iba and family, 1895. Front row, left to right: George Iba, Cyrus Iba, Lilly Iba, Mary Iba and Ed Iba Back row, left to right: Harry Iba, Mary Iba and C.W. Iba

Disappointed in his attempts to strike it rich with gold or copper in both California and the Black Hills, Iba returned to Wyoming in the early 1880’s. In 1883 he placed his first location stake in the area know known as the Salt Creek Oil Field. Abiding by the strictures of the placer mining law, Iba dug trenches, sunk shafts and made open cuts to develop oil seeps for assessment purposes.

Iba financed his oil claims by means of a "grub stake", obtaining food and other supplies from local merchants in return for placing their names on the location notices of claims. This haphazard way of securing titles led to many legal battles over claims in the Salt Creek area. Beginning in 1892 Iba became entangled in a prolonged legal battle with a group of New York investors, headed by H.D. Schoonmaker, over four rich oil claims in the Jackass Springs area. After ten years of litigation, the parties reached a settlement and divided the land, with Iba retaining the rights to what later became known as the Iba 80.

Iba died in Cheyenne, Wyoming on June 7, 1907.