Oil and gas companies are getting off to a fast start in 2010 as 20 more operators entered the field in recent weeks. With respect to rig activity, The Land Rig Newsletter Biweekly Report’s
first issue of 2010 noted a 6% surge in the overall rig count compared to yearend.
The good news is that gains were generally widespread. The shallow rig count (<5,000 ft) grew as operators sought oil, lifting the count by 41 to 148 rigs, with 32 of the additional rigs chasing oil. The deeper rig count also rose, up 28 to 1,065 rigs. Rigs seeking gas in deeper pay rose by 50 to 758 rigs; however, oil-seeking rigs in the Traditional count (>5,000 ft) dropped by 22 to 307 rigs. Top gains were in the Permian Basin and the Rockies, with increases of 9 rigs and 13 rigs, respectively. Major unconventionals remain in the driver’s seat—notably the Haynesville, up 10 rigs to 114, and the Marcellus, up 5 to 70.