[nerdsniper]

perhaps, but usually things like "which fossil species are present" are also utilized to figure out what's going on near the drill bit, like if you're trying to reach oil deposits right along the edge of an old riverbed.

Some shale formations in Michigan, for example, sometimes requires drilling to a 4" thick target. You don't know the exact depth because the depth of that 4" thick layer can vary by many feet from an another spot 100m north/south.

I'm aware that if you search "thickness of Antrim shale" or "thickness of Collingswood shale", Google will happily tell you that it's 20-40 feet thick, but for modern drilling techniques, the economics of the well depend on hitting a much more narrow target than that, which can be delicately guided in by analyzing fossils that come up.