Longtime Midland resident Bill Wallace created this fund for undergraduate students at the University of Texas at Austin, Cockrell School of Engineering, who are pursuing a degree in Petroleum or Mechanical Engineering. Open to students in Petroleum and Mechanical Engineering; applicants must reside in one of the following counties Andrews, Borden, Crane, Dawson, Ector, Gaines, Glasscock, Howard, Loving, Martin, Midland, Pecos, Reeves, Terrell, Upton, Ward or Winkler. The scholarship is awarded based on: demonstrated capacity to succeed in academics, acceptance to the University of Texas at Austin, Cockrell School of Engineering, expressed interest in pursuing a professional career in the field of petroleum or mechanical engineering. The scholarship is renewable based on responses to the Foundation's Renewal Application and the following: sustained achievement of grade point average of at least 2.5 in major of petroleum or mechanical engineering, available funds.