Finding Oil in your backyard !?

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Well, first you should get one of these, Ebay is a good source:

drilling-machine4.jpg


Seriously, you would need permission from the local authorities for drilling and some kind of geological survey could give a rough estimate...But they can be wrong so I assume it is really a try and see thingy...

After all, if anyone knew it for sure, they would be drilling already...
 
I found this on Yahoo Answers or something.



OK, Let's just presume you do have oil on your property, and you own the mineral rights to your land (In the east you probably do , in the west probably not) it can cost several MILLION dollars to drill for the oil, so you had better have several times that underground to make drilling for it worthwhile for the oil company that drills for it. When I was buying oil leases from property owners it was presumed that each well would extract from the 160 acres around the well, and the owners would get their royalties prorated based upon the amount of land they owned and whether all of the land was part of that 160 acres. Standard for the industry (and not negotiable) the royalties are 1/8th the value of the oil and gas extracted, with a nice little bonus for the person who had the actual well on their property of enough free natural gas per year, to run a small farm.
Now if there was any likelihood that there was gas or oil in the area there would be seismic studies done and the oil companies would decide where they wanted to drill, and they would send leasing agents to lease your (and your neighbor's) oil and gas rights for maximum period of something like 10 years at a nominal fee of a dollar per acre per year until the decide to drill or not.
2 months ago
Source(s):
(former)Petroleum Geologist; Oil Leasing agent etc., etc.
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Yes, I guess the most comfortable thing is to let the gascompany do the drilling and you take the royalties...

Now here in the East, most landowners don't own the mining rights (oildrilling is considered mining). So one day a company can show up on your farm and drill away and you can't do anything about it. They mess up your farm and you won't even get anything for it....
 
If you think you have oil or gas (gas is easier to get) then get a permit to lock the land from external miners. About 5 houses down on our street, they drilled for gas and now they have a tank there to collect it. We have a water well with oily water...but I was told that there is not much oil close to the surface. One has to do an electric log which is expensive....
 
The other issue here is: if you own some land, and it has say a lake on it, supplied by a watercourse that isn't on your property, do you own the water in the lake? The lakebed?
Do you own everything under your area of land?
All the way to the centre of the planet? Maybe through to the other side as well?
 
Vkothii said:
The other issue here is: if you own some land, and it has say a lake on it, supplied by a watercourse that isn't on your property, do you own the water in the lake? The lakebed?
Do you own everything under your area of land?
All the way to the centre of the planet? Maybe through to the other side as well?
Click to expand...

You would need a lot of land too.
 
clusteringflux said:
What are the steps to take in order to find out if/how much oil can be extracted from your property?
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The first step to take would be to look and see if there are any dinosaur nests on your property. If there are no dinosaur fossils you can forget about it because every chemist and astronomer in the world knows that hydrocarbons take 100 million years to form a bond...:rolleyes:
 
Once during digging in the house yard my friend found Oil. He used this Oil several days and after a month our local anchorites found that i was coming form the underground Oil Pipeline :bawl:
 
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