I don't think that is possible, not for 5 dollars a barrel, 1 Caterpillar D399 generator engine will burn 1 gallon of diesel in @ 3 minutes. You cannot effectively drill a well with only one engine you need atleast 4running at all times in order for the rig to function properly. It takes an excess of 30 to 65 days to drill a well depending of the geological layout and the engineered wellsystem. You could not produce a barrel of oil for 5 dollars, when you take into consideration the diesel fuel, necessary to spud the well, ( begin the well), an average rig will use 4,500 liters of fuel in the first week, 26 liters per hour, or .43 liters per minute. Take these calculations and estimate how much fuel it will cost to drill A well 3, 000 meters at .46 meters per hour,
There's no way it can be done, the reason it is so cheap is because of the labor rates in third world countries as compared to Canada or the States. I've seen guys working the rigs in Mexico for 200 dollars every two weeks, while the Americans where being paid 478.00 perday just to watch over them and make sure they were operating correctly.
Now once you get the well drilled and it is flowing you might be able to maintain the wellhead and the pumps for five dollars a day, but it is impossible to get it going from nothing for 5 dollars a day,
Unless your Jed clampitt and your hunting for some food, you pop off a shot and up comes some bubbling crude, I don't see it happening