I grew up in a family of "oil field trash" and worked on drilling rigs and for other oil field related companies for most of my adult life, and it is true; it isn't very realistic. That said, I've not seen too many movies that WERE realistic.
Many of the rotary rig scenes were nothing like I've been around (if the swivel hose broke like in the movie, there's no man on Earth that could've wrestled with it) and the "spudder" rig drilling was ludicrous. The two of them arguing about letting the rig become a "gusher" was silly....but it all was enjoyable.
Just a sweet little love story with some memorable scenes and lines: "You oughta see it when it's REALLY blowin'!"