Boom for 'wildcatters' in America's Oil Patch

But what's even more significant is the number of wells that are being completed each month, says Mr. Matthews. In February, for instance, there were 680 gas-well completions - a 30-year high. In March, there were 705. "We are seeing companies [being] much more productive than they were before," he says. "The difference is that they don't have the large staffs they used to have. Now they hire consultants and subcontractors."

But even that's become difficult; worker shortages have been a growing problem. But experts are hopeful. For the first time in years, interest at colleges is up. Mr. Baxter, for instance, advises the Energy Club at SMU's Cox School of Business, and says more students are asking him about careers in energy. "For a long time, fathers, uncles, aunts that had been laid off were not encouraging their children to go into the industry. But that seems to be turning around. I'm sure the news of these high prices is making a difference."

The Energy Club was revived last year after a long dormancy, and it's grown to 25 members - many with stories like club president Jonathan Parker's. He'd planned to use his MBA in banking or consulting, but as he learned of the industry's opportunities he changed his focus to energy. "The opportunity for MBA students is enormous," says Mr. Parker, who will graduate next May.

The shift is even clearer at larger Texas universities. During the heyday of the '80s. schools like the University of Texas (UT) and Texas A&M graduated 1,000 and 400 petroleum engineers a year, respectively. Last year, UT graduated 40; A&M graduated 30. This fall, 140 UT freshman are enrolling as petroleum engineers - "the largest freshman class in years," says Matthews. His job as railroad commissioner includes speaking to high schoolers about the business. "For the first time in a long time, we're beginning to see young people take a second look."

Sullivan's youngest son, now in high school, talks of getting into the industry as well - though his older siblings, more aware of the ups and downs, chose other careers. Sullivan says $40 a barrel is nice, but he'd be happy with a consistent $30 - as it's been for the past 18 months. "It drives you crazy. You can't plan or budget. You just have to be adaptive because at any moment, your paycheck could be cut in half."

He's not your stereotypical wildcatter. Shy and unassuming, he admits to crying at his daughter's recent college graduation. But like any small producer still left in the business, he's smart. Even before oil prices reached $40, he was drilling for more - and branching out, exploring for more environmentally friendly natural gas. He survived the last downturn without much debt and took advantage of high prices faster than most. He's increased his staff from seven employees four years ago to 21 today. Asked if all the ups and down are worth it, he nods. He can't explain why, but he loves the business. Maybe because he's good at it.

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