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CountryMark Energy Confirms Significant Indiana Oil Find

By Joe Hren

Posted February 25, 2011

An oil well in eastern Vigo County has the potential to produce at least 400 barrels of crude a day, according to officials with petroleum company CountryMark. The oil exploration is located on land near the Terre Haute International Airport and is part of The Illinois Basin -- roughly 53,000-square miles of land running from southern Illinois into areas of western Kentucky and Indiana.

CountryMark officials said the area produces about 35,000 barrels of crude oil daily. CountryMark President and CEO Charlie Smith said previously-drilled wells in western Indiana showed oil but never produced enough to be profitable. This prompted CountryMark to apply seismic technology, to find the root of the oil.

"And we hope that this shows that that technology can be successful. It takes the right people that understand how to do it and it takes geologists that understand how to interpret it. But we think it could really improve the chances of finding oil and minimize the footprint on the environment by increasing the probability of finding the oil," said Smith.

Smith said CountryMark is now developing a plan to expand oil extraction near Terre Haute.

"The next step is to going to be to drill a confirmation well to help us define at least how big we think the reservoir may be and then from that point we'll probably go ahead and put in permanent facilities and start producing the wells and taking the oil down to the refinery."

Smith expects to ultimately drill 6-8 wells in the area, but could not provide more details.

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