Indiana Man Operates Oil Well in Backyard, Producing Three Barrels of Crude a DaySELMA, 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, he hasn't started selling it yet. For now, he and his partners are keeping it in storage containers.
He declined to say how much oil they've collected in the two weeks they've been pumping.
But as oil is going for about $127 a barrel on the international market, three daily would yield just under $400 a day for Losh on the global spot market — or 1/100,000 of the daily production increase the Saudis agreed to earlier this month.
Still, in spite of those returns and the $100,000 it costs to drill a well, it's worth it to Losh considering the current price of oil. The oil his well produces comes from the Trenton field that fueled the growth of east-central Indiana cities more than a century ago.
He expects to drill four more wells soon on his property in the town of Selma about 55 miles northeast of Indianapolis.
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