07-02-2008
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moderate?
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Join Date: May 2002
Location: East Coast
Posts: 13,899
Rep Power: 12
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Since this IS about the Baken Formation...here's a nice story. Nice to see some good Americans getting rich instead of the Saudis!!
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BEULAH, N.D. - Oscar Stohler was raised in a sod house in western North Dakota and ranched there for nearly seven decades. He never gave much thought to what lay below the grass that fattened his cattle.
When oilmen wanted to drill there last year, Stohler, 83, doubted oil would be found two miles underground on his property. He even joked about it.
"I told them if they hit oil, I was going to buy a Cadillac convertible and put those big horns on the front and wear a 10-gallon hat," Stohler recalled.
He still drives his old pickup and wears a mesh farm cap — but it's by choice.
In less than a year, Stohler and his wife, Lorene, 82, have become millionaires from the production of one well on their land near Dunn Center, a mile or so from the sod home where Oscar grew up. A second well has begun producing on their property and another is being drilled — all aimed at the Bakken shale formation, a rich deposit that the U.S. Geological Survey calls the largest continuous oil accumulation it has ever assessed.
Landowners in western North Dakota have a much better chance of striking it rich from oil than they do playing the lottery, say the Stohlers. Some of their neighbors in the town of about 120, from bar tenders to Tupperware salespeople, have become "overnight millionaires" from oil royalty payments.
"It's the easiest money we've ever made," said Lorene Stohler, who worked for decades as a sales clerk at a small department store.
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