Define what a prospector is and does, and explain the pros and cons of prospecting in the oil industry.

A prospector is someone who is always looking ahead for new opportunities for success. Typically, prospectors are trying to find the next big thing that will make them lots of money. Gold prospectors searched for gold and oil prospectors looked for oil. Prospectors had to take chances, but they took good chances. They usually had to put a lot of money into a project in hopes of making much more in return. Some of the money was their own, and some of it was from other investors, who had to be paid back whether the prospectors made money or not. Good prospectors did their research. Many prospectors were either unprepared or unlucky. While Texas has many successful oil fields, there were just as many that were found dry. Some prospectors lost a little money, some lost a lot. A few struck it rich.

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