Indiana Man Drills His Own Oil Well And It Produces

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http://cnews.canoe.ca/CNEWS/WeirdNews/2008/05/19/5609201-cp.html

SELMA, Ind. - An Indiana man is capitalizing on high crude oil prices with his own oil well - in his back yard.
Greg Losh tells WISH-T-V in Indianapolis the well that produces three barrels of oil a day is "a money-maker."
He says it comes from the Trenton oil field that fuelled growth in east-central Indiana more than a century ago.
He says it costs about $100,000 to drill an oil well, but that at today's prices, it's worth it.
Losh expects to drill four more wells on his property in the town of Selma, about 90 kilometres northeast of Indianapolis.
Losh says the oil is stored in a tank and transported to Ohio for sale.
The well also produces natural gas to heat his home and several others.
 

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The next....what was the character's name...Jed Clampett(?).
 

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I dont see how he can pull that off for only 100K.

It cost at least 4 million to drill the cheapest well I have ever seen.
 

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it would not surprise me if this is not similar to the wells we see dotting southeast Ohio. They are small, the well aparatus itself doesn't take up much more than 15 by 15 feet, plus a small storage tank. Pumps out maybe a few dozen barrels a week, maybe a bit less. They don't cost much. In Ohio, this is generally oil that was left over from bigger operations, and wasn't worth the effort at lower prices. They call 'em stripper wells here...
 

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it would not surprise me if this is not similar to the wells we see dotting southeast Ohio. They are small, the well aparatus itself doesn't take up much more than 15 by 15 feet, plus a small storage tank. Pumps out maybe a few dozen barrels a week, maybe a bit less. They don't cost much. In Ohio, this is generally oil that was left over from bigger operations, and wasn't worth the effort at lower prices. They call 'em stripper wells here...

Yea, im not familiar with those.

You are probably talking about the wells that use suction with sucker rods for wells with no bottom hole presure. Never dealt with that. Dont know what that would cost. If the well does not have any BHP you dont have to use drilling mud and completion fluid which is the part the causes the price to rise so much.

At 3 barrells a day he is making over 10K per month. If the well only cost 100K he will get his money back in less than a year.

Not bad.
 

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Energy Commodities at 11:37 AM CST
Contract Last Trade Change Bid Ask TR Time Volume

June 2008 CRUDE OIL R NYMEX (Chart) 129.45 +2.40 11:07:04 AM 213089
June 2008 CRUDE OIL E NYMEX (Chart) 129.41 +2.36 129.41 129.43 11:07:14 AM 30066



if this shit keeps going we all need to be drilling wells.
 

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Energy Commodities at 11:37 AM CST
Contract Last Trade Change Bid Ask TR Time Volume

June 2008 CRUDE OIL R NYMEX (Chart) 129.45 +2.40 11:07:04 AM 213089
June 2008 CRUDE OIL E NYMEX (Chart) 129.41 +2.36 129.41 129.43 11:07:14 AM 30066



if this shit keeps going we all need to be drilling wells.
No we need to press for Hydrogen powered fuel cell cars. Oil is going the way of the doh doh bird soon.
 

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What until the EPA and Osha come and see him Im sure his cost will really go up then.
 

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What until the EPA and Osha come and see him Im sure his cost will really go up then.

The sorry SOB...Is he aware of the enviromental damage he is causing to our planet?????? I bet there is already not a polar bear or a pelican anywhere near that well....Why hasnt this toxic dump been closed yet is my only question????? Bet he's selling it to Halliburton of Ohio.. If Janet Reno was still around this shit would not be allowed, his wife would be shot and his house burnt to the ground like all other enviromental destroyers should be............Theres only i answer for this blatant attempt at making a profit....

371802653
 

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