Geologists for many years have recognized that North Carolina is "dry hole country" with almost no potential for hydrocarbon reserves. Despite this fact, several individuals and companies have drilled for oil within the borders of the state. The search for oil in North Carolina began in 1924 when a well was drilled to a depth of 2,404 feet in Craven County. The well found no indications of hydrocarbons and was the first of 126 dry holes drilled in the state.