September 9, 2006
Reported By: Lee Peck
Unlike some other states, Louisiana has allowed the petroleum industry to drill for crude oil for decades. But it is the place where Jordan Oil Company CEO Steve Jordan has chosen to drill that has brought him national attention. "I think a lot of people found it of interest that a member of the petroleum industry would chose to actually drill a well in close proximity of their home, where they reside," said Jordan.
So just how close to home is it? "Actually it's in my front yard," said Jordan. "When I walk out of my front door I of course can see the rig."
Just 200 yards from his front door, the well stretches 85-hundred feet below his home and swimming pool as well as the nearby Calcasieu River. Jordan expects to drill up to 300,000 barrels of oil.
"Hopefully we can make a well and have a tank battery and a facility that would take up about an acre of land. So that will be a good problem to have," said Jordan.
With multi-million dollar profits, it is a problem we would all like to have. But it takes money to make money. Drilling alone will cost Jordan two million dollars. But with gas prices fluctuating at all time highs, Jordan says it is a risk that is worth while.
"Higher prices make something like this feasible, where as 5-to-6 years ago it wouldn't have been worth it because you would have lost money on a venture like this," recalls Jordan.
Jordan says it is a venture other states should consider permitting U.S. oil drilling. "I think this country needs to become a lot more energy dependent and not be dependent on foreign oil. This is one small step for energy independence for this country," said Jordan.