Eastern Indiana man taps into oil in his backyard

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By Beth Boehne

Story Created: May 17, 2008 at 6:47 PM EST

Story Updated: May 17, 2008 at 6:47 PM EST

SELMA, Ind. (AP) — An eastern Indiana man is capitalizing on high crude oil prices with a backyard oil well that produces three barrels of crude a day.

Greg Losh told WISH-TV in Indianapolis that the oil his well produces comes from the Trenton oil field that fueled the growth of east-central Indiana cities more than a century ago.

He said it costs about $100,000 to drill an oil well, but that at today's oil prices, it's worth it. Losh expects to drill four more wells soon on his property in the town of Selma about 55 miles northeast of Indianapolis.

"It's a money maker," he told WISH.

Losh says the oil is stored in a tank and transported to Ohio for sale. His oil well also produces natural gas to heat Losh's home and several others.

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