Even less than that in some places. Hard to believe how some kept in business.
Look at Average price Dec 1998 - Jan 1999:
Alaska North Slope First Purchase Price
Here in SE Texas a lot of independent operators on the domes run the cold gun-barrel separators.
The truck would show up to pick up a load, drop the thief and check the oil, oil wouldn’t meet specs, and the truck drove off without a load.
If the operator wanted to sell his oil he would first have to run it through a hot separator.
There were operators that offered the gathers their oil for $5, but they wouldn’t take it for that price without running it through a hot separator first.
A lot of people didn’t make it, myself included, there just wasn’t any money coming in to improve the production and it was costing more to produce from stripper wells than you were getting out of it.