It's a reasonably common bawdy song known as "Drilling For Oil" that may have stemmed from an older one called "Digging for Gold."

Check Llewtrah's website, he has "Oil" under the title "Boring For Oil" and one of "Gold."

Here's my text, goes to tune, more or less, of "Sweet Betsy." My tune's a little closer to the Irish original and has a different sound.

Bob

DRILLING FOR OIL

It's not an uncommon but an unpleasant thing
To be asked for a song and have nothing to sing,
This world's always looking for something that's new,
But I'll sing you an old one if an old one will do.

I went to Oil City, it's a place of renown,
To view the oil wells and look all around,
I had a notion of prospecting the soil,
In search of someplace to go drilling for oil.

So I was out searching for oil wells one day,
When I met a young lady and to her did say,
I'm seeking my fortune and willing to toil,
If you'll show me someplace to go drilling for oil.

I know of one place, sir, she said with a smile,
Which I've guarded and protected since I was a child,
My mama told me this place not to despoil,
And if you drill there you are bound to strike oil.

She lifted her skirts up for fear they might soil,
And showed me the spot to go drilling for oil,
My heart it did tremble, my blood it did boil,
I pulled out my auger to go drilling for oil.

I hadn't bored more than six inches or so,
The maiden cried out, have a care, please go slow,
My character you've ruined, my clothes you did soil,
I'm awful afeared you're about to strike oil!

But on I bored deeper, I could not go slow,
The oil from my auger so swiftly did flow,
She screamed and she hollered and tried to recoil,
You've busted my bedrock in your drilling for oil!