The high price of oil is driving some homeowners to drill for black gold on their own property. Greg Losh of Indiana drilled one well that now produces three barrels of crude a day. While it cost him $100,000, it's a moneymaker and the natural gas heats his home and several others. Losh has plans to drill four more wells on his property. I never thought of Indiana as a big oil producer, but it just goes to show you how far people will go to avoid paying close to $4 a gallon. Expect to see more innovative alternative energy production as the price of oil and gas continues to rise.
I wonder what I need to put this on my property. I wonder how loud it is?
three barrels a day is 153,300 a year at $140. You would need to pay to transport it to the refinery. I wonder how he found out he had oil under his property?
This oil well was drilled by the operator R&S drilling, Inc and his investment group. I am one of the partners in this well. You can find more information at http://www.youngoilcompany.com
