Who was “Colonel” Drake?
The truth was, Edwin Drake was not a “Colonel” of anything. He and his financiers simply invented the title to impress the locals, many of whom laughed at what was, for a time, known as “Drake’s Folly”. With the financial backing of the newly formed Pennsylvania Rock Oil Company (soon to be renamed Seneca Oil Company), Drake set off to Titusville, Pennsylvania in 1857 to survey the situation. Drilling began in the summer of 1859. There were many problems with this well, and progress was slow and financially costly. The initial money the investors had fronted Drake ran out, and he had to borrow more to keep drilling. “The Yankee’s Struck Oil!” On August 27, 1859, Drake and Smith drilled to a depth of 21.18 m (69 1/2 feet). It was not until the next morning, on August 28, when the driller, “Uncle Billy” Smith, noticed oil floating in the hole they had pulled the drilling tools from the night before. By today’s standards, it was a pretty unremarkable hole, probably producing 20 barrels or
