Business: Midnight Oil

Boom in hot gear

At 3 o'clock one morning last April, the five-man crew of an isolated oil-drilling rig near Chickasha, Okla., was suddenly surrounded by three bandits wearing ski masks and brandishing shotguns. Without uttering a word, the gunmen removed twelve tungsten carbide drill bits worth about $27,000 from the rig's storage shed and then fled with their booty in the crew's pickup truck.

Thievery in various forms has become all too frequent over the past three years in the production fields and exploration areas of the South...

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