History of Reedsburg and the Upper Baraboo Valley, by Merton Edwin Krug, Publ. February 1929 by the author. Printed by Democrat Printing Company, Madison, Wis., Page 371

In the spring of 1865 indications of oil were found on the surface of a spring on the farm of J. C. PIPER, Section 36, Washington. Two companies were at once organized with a view of developing the oil business in this town. Each leased about a thousand acres in the vicinity of the discovery. One was composed mostly of parties from Sauk City; the other of citizens of the town and different parts of the county. The Sauk County Oil Company procured an engine, boiler and drilling apparatus; an expert was employed and drilling commenced. Excitement ran high. Fabulous prices were asked for the land in the vicinity. Parties by the name of LONG and PERKINS built a hotel by the proposed well.

The drilling progressed to the depth of 138 feet, when the drill was lost. Shortly afterward the work was abandoned. Excitement abated, and citizens awoke from their dreams of sudden prosperity to the fact that they were only an agricultural people, and that in that calling lay their only riches.
Submitted by Carol