February 27, 2011
Indianapolis-based CountryMark, a farmer owned cooperative, announced one of the biggest oil discoveries in years has been made on the Hulman family farm near Terre Haute, Ind. The Hulman's own the Indianapolis Motor Speedway. The well has been flowing in a test for 21 days and is producing about 400 barrels of Indiana oil a day. The well could produce more; however, the flow is being held down to preserve the natural resource rather than let it run unchecked.
The new find is part of the Illinois Basin, an extremely dependable, secure supply of energy for Indiana and surrounding states. Approximately 35,000 barrels of crude oil are produced daily from this 53,000 square mile depression located underneath most of southern Illinois, western Indiana and western Kentucky.
CountryMark President and CEO Charlie Smith says efforts like this along with the drilling activities of the other producers in the area, are steps in the right direction for American energy security.
"Our strategy has been and will continue to be to invest in state-of-the-art oil exploration and drilling technology, which will sustain oil production in the Illinois Basin and provide a reliable supply of Midwest American crude oil to our refinery in Mt. Vernon, Indian," Smith said.
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