Oil-drilling raises $350,000 for Indiana State University

File: Indiana State University

TERRE HAUTE, Ind. (AP) — An oil-drilling boom at Indiana State University’s downtown Terre Haute campus has generated about $350,000 in royalties for the school thanks to an Illinois company.

ISU vice president for business affairs Diann McKee tells the Tribune-Star the money from Lawrenceville, Illinois-based Pioneer Oil Co.’s drilling operations is going toward the western Indiana school’s maintenance needs. She says ISU is grateful to have the extra cash stream because it “will certainly help” complete some of the school’s deferred maintenance projects.

Pioneer Oil signed an oil and gas lease with ISU in 2012 and began drilling last May into oil reserves beneath Terre Haute.

Pioneer Oil also has other leases in Terre Haute that are sending royalties to the Vigo County School Corp., some businesses and churches.

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Information from: Tribune-Star, http://www.tribstar.com

 

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