Oklahoma's low producing oil wells working hard again

Gas prices keep rising to record highs, but some Oklahoma oil wells are rising from the dead. For the first time in 10 years, one well in Creek County is running. <br/><br/>Until now, it didn't produce

Thursday, April 7th 2005, 7:08 am

By: News On 6

Gas prices keep rising to record highs, but some Oklahoma oil wells are rising from the dead. For the first time in 10 years, one well in Creek County is running.

Until now, it didn't produce enough to make a profit. But that was before the price of crude topped $55 a barrel. At two barrels a day, it brings in $110. But it goes fast. Stan Noble with Noble Resources Inc: "There are royalty owners that take 20 percent in this case, then there's the state of Oklahoma for 7.1 percent per day, then there's electricity and operating expenses."

The vast majority of oil wells in Oklahoma are what they call marginal wells, making two or three barrels of oil per day.