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WTHR - Indianapolis News and Weather - Indiana man drills for backyard oil

Indiana man drills for backyard oil

Updated: May 19, 2008 11:40 PM EDT



Chris Proffitt/Eyewitness News
Selma - An Indiana man is capitalizing on high oil prices with his own oil well - in his yard.
Greg Losh began drilling on his ten acre property for natural gas to heat his home and found it. Then he found more.
"Let's see if we can drill for oil. If there's gas here, there's got to be oil here," Losh said. "So, we drilled 300 feet deeper to see if we hit oil."
A camera shows where Losh and his fellow investors found oil, almost 1,300 feet below the surface. While he won't say how many barrels his well pumps each day, the $100,000 start-up cost will pay for itself in one year. The oil is pumped twice a day for 30 minutes into a tank, then it's sold.
Losh says his group of investors will drill four more wells nearby, confident that one of the nation's biggest oil fields in the late 1800's still has plenty of black gold. While he concedes that he's making money, Losh says there's another incentive for drilling at home.
"It's mainly that we don't have to depend on foreign oil. There's oil here, let's see if we can get it again," he said. "It's time to get our homegrown oil back to Indiana."
Losh adds that his goal will be to fill 100 barrels a day.
 

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Hope he has the mineral rights on that 10 acres. Here, most of the mineral rights were sold to oil companies many years ago.
 

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Hooray for him . . .

. . . yet as someone raised in the West Texas oil fields I advise others to study the geology of their area before trying this effort. 1,300 ft. is a very shallow find.
 

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We have Oil production in So.Arkansas. My Grand Father who was an Oil Man says there's oil on his land which I now own a portion of it.
You can go broke quick investing in drilling for oil...A.H
 

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Start digging y'all !
 

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I get a check every few months from a natural gas well. But I don't know about oil. I used to live in ozark Akransas and after I left and sold the land they found gas. And I didn't sell the mineral rights. Good for that guy!
 

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You see a few natural gas accumulator tanks from the interstate a few miles west of here, but the geology is wrong for where I live, I believe. And the town would take a dim view of my setting up a drilling operation in my backyard anyway!
 
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