What Was He Thinking?by Michele Cheplic | More from this Blogger 10 Sep 2006 05:46 PM How far would you go to save or make money? I told you about my neighbor Joe's grand plan to conserve money on gas. I thought he was ambitious, but Joe's efforts to save cash pale in comparison to what one Louisiana man is undertaking to strike it rich. Steve Jordan of Lake Charles, Louisiana has just announced that he is drilling an oil well near his home to combat skyrocketing oil prices. The 52-year-old oilman told local reporters that the well would stretch 8,500 feet under his house and swimming pool and below the adjacent Calcasieu River. He says he hopes to strike oil in about 10 days on a prospect that wouldn't have been worth drilling when prices were lower. "I'm not trying to prove anything," Jordan said. "I'm trying to make money." It sounds strange enough to make the news, but Jordan's drilling is also gaining national attention because the Independent Petroleum Association of America, which he belongs to, is publicizing the project. Before you start thinking Jed Clampett and "The Beverly Hillbillies;" think again. Jordan owns an 8,000-square-foot house, which sits on a 63-acre lot that accommodates a trucking operation and an oil barge terminal on the river. Jordan says the drilling rig is located 200 yards from his front door and will drill for what he hopes will be "200,000 to 300,000 barrels of Light Louisiana Sweet and maybe some natural gas." Oh, and by the way, Jordan says the project will cost about $2 million, but he hopes to earn profits several times that. "It's not a sure thing," Jordan said, recalling a $900,000 "dry hole" he drilled not far away. That project yielded only 130 barrels before petering out. "Still, it's worth a try," he said. Well, you've got to admire his ingenuity... In case you are interested in drilling your own well, oil closed at about $65 on the futures market at the end of last week. Learn more about Michele Cheplic  Michele Cheplic was born and raised in Hilo, Hawaii, but now lives in Wisconsin. Michele graduated from the University of Wisconsin-Madison with a degree in Journalism. Relevantpopular culture tags User Comments  Sheri Fresonke Harper (4092) 10 Sep 2006 08:04 PMInteresting article, Michele. To make money you have to spend some, was always one of the rules of thumb I never understood well. It helps to have it.  Michele Cheplic |
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