The global oil glut is pushing companies to let go of workers and cut production across the state.
The money is the result of an agreement between Indiana State University and Pioneer Oil.
The Sisters of Providence agreed to let CountryMark search for oil on their property, but the company did not find enough to start drilling.
After months of negotiations and preparations, Pioneer Oil Company is beginning drilling this week on the property it is leasing from Indiana State University.
ISU approved oil drilling on its property after an Illinois oil company expressed confidence there is substantial oil beneath the surface.