Skip to comments.Indiana Man Operates Oil Well in Backyard, Producing Three Barrels of Crude a Day
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 ...
And it's on his property so...build more I say!
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).
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.
Refine it and use it. Can you imagine the regulation nightmare of refining in your home?
Looks like one price that might come down is the cost of backyard oil rigs.
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!
Oil derrick by John Deere?
Yea but I'd hit water a LONG time before I hit oil where I live.
Don’t worry some democrat will find a way to stop it.
You could bottle the water and sell it for almost just as much. lol
And don’t forget “Mr. Home HydroCarbon Cracker” units at Home Depot for $99...
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.
Just like with the oil industry as a whole—the ‘environmentalists’ will be all over this guy like ‘stink on ****’!
More actually. Bottled water @ 1.49 X 4 = Rich!
Just wait 'til they see my home grown supertanker for transporting the stuff!
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.
When they first started in western New York & Pa. etc., they used to just float it down the river (oil floats on water).
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.
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.
Was he shootin’ at some food?
slippery, but cool.
More power to him!
No good deed goes unpunished. With the publicity, the authorities will quickly act to carry out their mission in life: to enforce every law this guy had the gall to not ask them about. He will soon find out how expensive free oil really is.
He drinks his OWN milkshake!
And you can get “cat crackers” for cheap at Pets Plus.
I can’t wait to get home, do some drilling and see if someone wants to play with my catalyst balls.
You drilled yours yourself?
In the late 80s, when oil dropped to $10 a barrel many of these 3-barrel-a-day wells were abandoned, but instead of repressuring, the shafts filled in and now it's too expensive to redrill them. There were a few articles warning that this would happen. I understand that they made a decent contribution to our oil supply as there were so many.
The enviros have yet to weigh in on his enterpreneurism yet. Morelike he will be enjoined from this because of environmental concerns.
Yes and no, I went into a partnership with an oil and gas developer and we contracted the rig, crew tanks, valves, gauges, pumps, etc.
No, Green Bay Packers oil derrick - green and gold!
I own some mineral rights. We leased them a couple years ago, but nobody’s doing any drilling. We’ve been wondering if some companies lease the rights so that nobody else can drill on the land.
Western KY has some similar rigs and a host of capped wells as does Southern Indiana. A little here, a little there may add up to surprising total.
You got that right, follow this link to Greka Petroleum in Santa Barbera, CA, that is having problems. It is a pleasant dream to have an oil well in your back yard, but unless handled well, it is ugly and stinky as well (Boy 3 words all spelled well!)
I worked for a jackleg mining/milling operation with the same disregard as the refinery at your link.
Some folks are so greedy that refuse to maintain their equipment, becoming their downfall.
You, among, all people, should know if you have leased away your mineral rights. Have you? If so, you should be receiving lease checks (money) annually.
That question is, how much would the corporate raiders take over of smaller and middle size petroleum companies like Texaco, Gulf,Cities Service and others hurt Americas energy dependence?
I still maintain to this day that Congress should have stepped in and shut down the raids on these smaller companies thereby maintaining much needed competition.
Just the lowly opinion of a red state wannabe.
So, what do ya'll do with your oil?
Not much oil-—natural gas is what we went after and got. I built a big greenhouse and heat that and I have two houses on my land and heat them both. I sell the rest to the gas co. and get a check in return. I’m in the process of putting in a rather large electric generator which is gas-powered, so I can have “free” electricity.
Wow! Awesome! Absolutely Awesome! Thanks.
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