CASS COUNTY, Ind. (WLFI) - The Indiana-based oil company CountryMark is hitting the roads of Cass, Carroll and Tippecanoe counties to search for oil. CountryMark CEO Charlie Smith said the main focus is around southern Cass County, near the old Trenton Gas Field. Smith said seismic trucks driving around the county are detecting potential areas where oil may be by using vibrations underground. If oil is found on your property, Smith said you're entitled to royalties.
"They're entitled to a share of what comes out of the ground.," Smith said. "They pay none of the costs and the terms are always negotiable, but the standard term across the state would be 12 percent."
The catch? You sign a lease with CountryMark giving them permission to drill on your land.
So what are your chances of striking it big? Smith says nine times out of 10, wells come up dry, but thanks to new technology he's hopeful those chances will improve.
"We think with the proper technology we can probably get to only seven being unsuccessful, three being successful. A 30 percent chance of finding oil is the risk we live with in this industry," Smith said.
An industry Smith said helps drive our local economy even if only a small amount of oil is found.
"It's just a drop in the bucket, but it does drive jobs," Smith said. "If we can find more jobs here and find oil here that helps our local economy and it helps our national economy."
Smith said he hopes crews can start drilling wells sometime this year.
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