He grew up on family farms around New York state and Castleton, Vermont, before leaving home at the age of 19.

He spent the early parts of his life working the railways around New Haven, Connecticut, as a clerk, express agent, and conductor.

They created the company after hearing of reports that petroleum collected from an oil spring in Titusville, Pennsylvania, was suitable for use as lamp fuel.

Interest in the Pennsylvania Rock Oil Company was initially low until a report commissioned by Bissell and Eveleth showed that there was significant economic value in petroleum.

Due to a disagreement between the shareholders and the pair, the company was split and Seneca Oil was formed in 1858.

Before being offered a job by Bissell and Eveleth, Drake bought stock in Seneca Oil.

[5] James Townsend, President of the Seneca Oil Company, sent Drake to the site in the spring of 1858.

Drake had no military experience, but Townsend gave him the title of "Colonel" in order to impress the local townspeople.

[7] On August 27, 1859, Drake had persevered and his drill bit had reached a total depth of 69.5 feet (21 m).

The next morning Drake’s driller, Billy Smith, looked into the hole in preparation for another day’s work.

Alternative methods of digging large shafts into the ground also failed, as collapse from water seepage almost always occurred.

This allowed Drake to drill inside the pipe, without the hole collapsing from the water seepage.

Claims of prior art exist, including in Bóbrka, Poland in 1854, Wietze, Germany in 1857, and Oil Springs, Ontario, Canada[10] in 1858.

The importance of the Drake Well near Titusville was that it prompted the first great wave of investment and additional drilling that established petroleum as a major industry.

Drake failed to patent his drilling invention, and proceeded to lose all of his savings in oil speculation in 1863.