Wildcat drilling is a risky but potentially lucrative process of oil and gas exploration and production. As the name implies, wildcatting involves drilling in untested or high-risk areas seeking new reserves of oil or natural gas that may be profitable for smaller firms. It is usually undertaken by start-up companies or small energy companies, and involves a considerable amount of risk and reward for the stakeholders.

Wildcatting is typically identified as exploratory drilling, meaning that the driller has only limited information about the area and so may face higher risks than if he/she had enough information to use conventional methods. The driller may be searching for oil or natural gas that has not been found before, or may be exploiting an existing well that the larger oil companies have deemed no longer profitable.

The risk involved in wildcat drilling is considerable, given the uncertainty around finding viable reserves of minerals or other resources. If a well is unsuccessful, the driller may have to bear the cost of the venture, as well as any environmental damage done to the area. However, if the driller is successful, they stand to reap substantial rewards as reserves that would previously have been too costly or hard to find can be successfully exploited.

Despite the risks involved in wildcatting, some of the most profitable oil and gas fields have been discovered by smaller firms taking the plunge and going on exploratory drilling forays. Such ventures can be difficult to undertake given the lack of resources and expertise available, but the rewards for successful wildcatters can greatly outweigh the risks.

Overall, wildcat drilling is a risky but potentially very rewarding form of oil and gas exploration and production. However, it should only be undertaken by those who understand the risks and have the resources and expertise to assess the potential of a well before embarking upon it.