If it wasn't for Edward W. Haskell, I could be rich. Possibly.

Along with considerable support from Wells Fargo, I am the proud owner of my Santa Paula house and the land it sits on. It's my kingdom, my domain, and I hold sway over everything in it — except oil. That belongs to Edward W. Haskell, and has since 1864.

I have reference books on the early history of Ventura County, several of which focus on the oil industry here. Haskell is not in any of them. I did a Google search on him and the only thing I learned was that Edward W. Haskell was the full name of the character who was Wally's best friend, Eddie Haskell, on the old "Leave it to Beaver" TV show.

To be fair, I can't blame Mr. Haskell for my current dilemma. In 1962, the Socony Mobil Oil Co. (now a part of Exxon Mobil) took control of the oil and mineral rights on my property. Generously, the company quitclaimed its "right, title and interest" to the surface of the property, and 500 feet down, back to me.

In other words, it retained its rights only to the portion of my property where, conceivably, oil could actually be found. If I should happen to strike oil while planting roses, it's all mine. Any lower and my house becomes a service station.

Perhaps you're wondering why I bring this whole situation up. Well, gasoline is selling for about $4 a gallon and a guy in Indiana just struck oil, literally, in his own backyard.

Like me, Greg Losh lives in an area where the oil industry once boomed. Selma, Ind., about 50 miles northeast of Indianapolis, lies in the Trenton oil field that reached its peak production almost 100 years ago. But, at today's prices, Losh decided it was worth going after the oil that still remained.

It cost him about $100,000 to drill his well to a depth of 1,285 feet, which is where he found oil. The well is now producing about three barrels a day, an amount he calls profitable at the current price for crude oil.

Personally, I started losing interest when I read about the hundred grand price tag. Even at $4 a gallon for gas, that's 25,000 gallons. I'm not sure the return on my investment would be worth it since I'd still have to buy gas while paying for the oil well. And, of course, the drilling price would probably be higher in California.

Additionally, Losh struck oil almost 800 feet below where my oil rights end, and I certainly don't want to give Exxon Mobil a head-start on my property.

I can see the oil fields on South Mountain from my house, so I know there's oil nearby; I'm just not certain how my neighbors would feel about an oil derrick in my backyard. However, if I struck oil, I'd be rich, and then I wouldn't care what they think.

Still, it seems prudent to consider the fact that I'd have to dig up my avocado tree, and the drilling would probably destroy my lawn sprinkler system, so I've decided to hedge my bets. I'm going to contact Exxon Mobil and see if it would be willing to sell me my oil rights. There's no evidence that there's oil under my house, but if gas hits $5 a gallon, it might be worth looking.

— Contact Star columnist Bill Nash at bnash805@aol.com.