A RANK WILDCAT
Oil wells are classified by the risk involved in drilling and finding oil. There are wells drilled in proven fields (within eyesight of another well bore). In fact, in the old days (before mineral rights were established) a well could be drilled with an oil derrick’s legs touching the legs of another well.
If one chose to drill a well that is in an oil field with ‘proven’ production on all four sides – the likelihood that there will be oil found in the middle of ‘the bunch’ is pretty high. The calculated return on this type of well can be projected with a small degree of error.
When one chooses to ‘step out’ of a proven field and drill a well…perhaps a mile out from any production…it is called a ‘Wildcat’. Then again….if one chooses to step out even further…..2 miles or more (where no production has been established)….it is called “A RANK WILDCAT”.