Indiana man drilling for oil – in his backyard

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May 20, 2008 by Joseph Krohn

An Indiana man is capitalizing on high crude oil prices with his own oil well – in his back yard. Greg Losh tells WISH-T-V in Indianapolis the well that produces three barrels of oil a day is “a money-maker.”  He says it comes from the Trenton oil field that fuelled growth in east-central Indiana more than a century ago. He says it costs about $100,000 to drill an oil well, but that at today’s prices, it’s worth it.  Losh expects to drill four more wells on his property in the town of Selma, about 90 kilometres northeast of Indianapolis. Losh says the oil is stored in a tank and transported to Ohio for sale.  The well also produces natural gas to heat his home and several others.

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