Oil was first discovered in the downtown part of Terre Haute back in the 1900s.
Over the years Indiana State University has had the idea to drill on campus.
Now, thanks to new technology, it can be done off-site.
The University owns the oil, and will be paid royalties based on how many barrels they produce.
ISU President says, they haven't really seen what the revenue stream looks like. So, it's hard to predict how much they will be able to do.
Officials do say any royalties will be used for university maintenance.