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Indy-based cooperative strikes oil at Terre Haute well

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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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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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