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Indiana Man Operates Oil Well in Backyard, Producing Three Barrels of Crude a Day
Fox News ^ | 5/19/2008 | FoxNews

Posted on 05/19/2008 2:24:21 PM PDT by Domandred

SELMA, Ind. It's just a drop in the global oil bucket, but an eastern Indiana man is operating an oil well in his backyard in an effort to capitalize on soaring crude prices.

Greg Losh's rig produces three barrels of crude oil a day, though he told FOX News that he hasn't started selling it yet. For now, he and his partners are keeping it in storage containers.


(Excerpt) Read more at foxnews.com ...


TOPICS: News/Current Events
KEYWORDS: crudeoil; indian; makemoneyslow
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I wonder how much this guy will actually be able to sell his oil for. I figure at $100,000 to build and pulling $400 a day he should be able to pay off one rig in less then a year.

And it's on his property so...build more I say!

1 posted on 05/19/2008 2:27:03 PM PDT by Domandred
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To: Domandred

Hmmm. Perhaps a new home business has been created (at least for those who have oil in their own property and own the mineral rights).


2 posted on 05/19/2008 2:32:13 PM PDT by SoldierDad (Proud Dad of a 2nd BCT 10th Mountain Soldier home after 15 months in the Triangle of death)
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To: Domandred

interesting


3 posted on 05/19/2008 2:32:13 PM PDT by meanie monster
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To: Domandred

Once this gets out, Al Gore and the radical environmental psychopaths are sure to try to force this poor guy to shut his little rig down.


4 posted on 05/19/2008 2:32:49 PM PDT by jpl ("Don't tell me words don't matter." - Barack Obama, via Deval Patrick)
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To: Domandred

Refine it and use it. Can you imagine the regulation nightmare of refining in your home?


5 posted on 05/19/2008 2:33:09 PM PDT by Resolute Conservative
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To: Domandred

Looks like one price that might come down is the cost of backyard oil rigs.


6 posted on 05/19/2008 2:33:28 PM PDT by Rennes Templar ( Never underestimate the difficulty of changing false beliefs by facts.)
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To: Domandred
This will be the next cottage industry, there are untold thousands of wells in our country that were capped &/or abandoned in the last century when gasoline was free, and many have filled back up &/or re-pressurized in the meantime.

Now that it costs an arm & a leg to fill your gas tank, and drilling is more high tech., the home enthusiast has a new profitable hobby, yeah!

7 posted on 05/19/2008 2:35:38 PM PDT by norraad ("What light!">Blues Brothers)
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To: Domandred

Oil derrick by John Deere?


8 posted on 05/19/2008 2:37:59 PM PDT by Excellence (Daughter of the American Revolution, niece of the Civil War (North).)
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To: norraad
the home enthusiast has a new profitable hobby, yeah!

Yea but I'd hit water a LONG time before I hit oil where I live.

9 posted on 05/19/2008 2:38:17 PM PDT by Domandred (McCain's 'R' is a typo that has never been corrected)
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To: norraad

Don’t worry some democrat will find a way to stop it.


10 posted on 05/19/2008 2:39:15 PM PDT by Empireoftheatom48 (Tag line under construction Please watch your step, not responsible for any accidents)
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To: Domandred

You could bottle the water and sell it for almost just as much. lol


11 posted on 05/19/2008 2:40:56 PM PDT by CJ Wolf
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To: Rennes Templar

And don’t forget “Mr. Home HydroCarbon Cracker” units at Home Depot for $99...


12 posted on 05/19/2008 2:44:14 PM PDT by AmericaUnited
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To: Domandred
Why is this news?

I've got one, my neighbor down the road has one and my neighbor across the road has one--all gas-producing wells. There are about 2-3 per year being put in within 5 miles radius from my place.

13 posted on 05/19/2008 2:45:23 PM PDT by Rudder ("There is only one chief. Obey him." [Rush Limbaugh, April 30, 2008])
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To: Domandred

Just like with the oil industry as a whole—the ‘environmentalists’ will be all over this guy like ‘stink on ****’!


14 posted on 05/19/2008 2:46:45 PM PDT by stockstrader (CHANGE--a euphemism for further dividing our country along racial, social and economic lines)
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To: CJ Wolf

More actually. Bottled water @ 1.49 X 4 = Rich!


15 posted on 05/19/2008 2:47:20 PM PDT by commonguymd (Let the socialists duke it out. All three of them.)
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To: norraad
"This will be the next cottage industry...the home enthusiast has a new profitable hobby, yeah!

Just wait 'til they see my home grown supertanker for transporting the stuff!


16 posted on 05/19/2008 2:47:44 PM PDT by Joe 6-pack (Que me amat, amet et canem meum)
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To: Domandred
There are lots of costs involved with keeping a small pumping unit like that working.

In many cases the cost of lifting the oil out of the formation is more than the oil is worth.

The paperwork involved is enough to drive a drunk to AA meetings.

Only three barrels a day is a risky investment.

I wonder what his allowable is from the government?

Did he own the mineral rights?

If not he's probably going to have to pay the owner at least 12.5% of the oil taken.

Makes for a good story but if he spills any oil or salt water on the property it's Katy bar the door for the environmental hazard people and law suits from neighbors.

If all goes well he might be able to pay off the debt plus interest in a few years, that is if the formation doesn’t give out.

17 posted on 05/19/2008 2:50:10 PM PDT by OKIEDOC (Kalifornia, a red state wannabe. I don't take Ex Lax I just read the New York Times.)
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To: Joe 6-pack

When they first started in western New York & Pa. etc., they used to just float it down the river (oil floats on water).


18 posted on 05/19/2008 2:52:25 PM PDT by norraad ("What light!">Blues Brothers)
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To: Domandred

And just how long with this enterprising capitalist be able to continue? I’ll bet some liberal (Democratic Socialist) with the EPA will cite him for storing toxic substances.


19 posted on 05/19/2008 2:55:21 PM PDT by BuffaloJack
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To: OKIEDOC
All very interesting points, if only the government helped the small producer (as the farm subs. help the farmer?).

Someone told me it's stack against the small producer right now due to years of influence by the big oil lobby ( big surprise ).

This is likely one of the many big stupid reasons we're in such a bind.

20 posted on 05/19/2008 2:56:51 PM PDT by norraad ("What light!">Blues Brothers)
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