Cooperatives and Oil and Energy & Environment

Indy-based cooperative strikes oil at Terre Haute well

February 25, 2011

An Indianapolis-based farmer-owned oil cooperative says it has made a "significant" oil find at a well site in western Indiana.

CountryMark says the well in eastern Vigo County near Terre Haute is producing about 400 barrels of oil a day and could produce more if opened wider.

The property is owned by the Hulman family, which owns the Indianapolis Motor Speedway, according to WTHI-TV of Terre Haute.

The Tribune-Star of Terre Haute said CountryMark says it is seeking to provide a reliable supply of Midwestern crude for its refinery in southern Indiana's Mount Vernon.

According to a May 2010 IBJ story, CountryMark employs 350 workers, mostly at its Mount Vernon refinery. The company has about 20 workers at its Indianapolis headquarters at 225 S. East St.

The well is part of the Illinois Basin, which rests beneath southern Illinois, western Indiana and western Kentucky and which CountryMark says produces about 35,000 barrels of oil a day.

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