And now for some nitpicking. Sorry, I can't help myself.
Have you considered therapy?
There's a pi missing, or something like that. The area is actually about 56.75 square inches. (I'm assuming 8.5" is the diameter and a barrel is 42 US gallons, because then 70 barrels / 1000 ft. is right.)
Incidentally, try asking Google what is "70 oil barrels / 1000 feet in square inches". It will say, "56.59500 square inches". (Help, it's a conspiracy!)
Sorry. Hoist by my own shortcut. The area is, as you say 56+in^2.
The reason for that slip up is as follows.
Volume of a 1 foot cylinder of 1inch diameter is 0.00097142barrels
For 1000 feet, that's 0.9714 which is near enough 1 for most quick calculation.
To get there, I (30 odd years ago) , calculated the volume per foot in cubic feet and converted to barrels by dividing by 5.6146
And there, I suppose, lies the source of my confusion.
To get a volume/1000ft, I square
the diameter- not the radius. We are interested in the diameter of the drill bit and these are mostly standard sizes- 26", 17.5", 12.25", 8.5" etc. Over the years I have memorised the relevant squares- of the diameters- 8.5 equates to 72.25-and simply taken that number as being near enough the volume in barrels for 1000ft.
But -it is indeed NOT the area of the hole. It's the square of the diameter.
I've been using the approximation so long, I had forgotten that.
Although I've used cubic metres often over the years, I did so by mentally estimating the volume in barrels and then dividing by a constant. (6.2898, rounded to 6.3)
One day recently I realised this was a long road for a short cut and worked out the equivalent constant for converting standard diameters to cubic metres/km. That forced me to see the obvious- that I was calculating an area.
A 1 inch diameter hole contains .5067m3/km, so a quick & dirty conversion is diameter squared/1.97 (or even d^2/2)
I'd remind you, these are mental calculations. For accurate stuff we would use preprogrammed software, which has the effect of stopping one thinking about what is actually being calculated. I rarely carry a calculator as the environment simply wrecks electronics- hence the rules of thumb.
I'll go back and reread your other post now.