The Calgary Petroleum Club was incorporated under the Societies Act of Alberta on June 28, 1949. For at least a year preceding this official date, however, there were a series of preparatory and conceptual meetings. These early meetings were held in the Sun Room of the Palliser Hotel.
The first President of the Club was Mr. John H. Bevel, who was the General Agent for the Canadian Gulf Oil Company. The first Vice-President was Mr. S.F. Heard, President of Royalite Oil Company Limited.
By September of 1950, the Petroleum Club and another local club, the Renfrew Club, merged and continued to operate under the name of the former. After the merger, business was conducted on the second floor of the Motor Car Supply building on Sixth Avenue South West.
During August of 1958, a new clubhouse was opened at 319 Fifth Avenue South West where the Club continues to operate today. In February of 1977, a second story addition to the building was completed. The Members own both the building and the land.