The Eagle Ford Shale rig count held flat at 265 rig running over the past week. The natural gas rig count rebounded from an Eagle Ford era low of 23 to 26 running this week and the oil rig count fell from it’s all-time high of 241 to 238.
Forest Oil released its 2014 capital budget and provided production guidance this week. The company plans to spend 77% of its $290-310 million capital budget in the Eagle Ford and expects production from the play to double over the next 12 months.
Forest will operate three rigs in the region next year. Read more in the article: Forest Oil Will Double Oil Production in 2014 – Securing Eagle Ford Acreage
The U.S. rig count increased 12 rigs from 1,763 to 1,775 running over the past week. A total of 375 rigs are targeting natural gas (8 more than last week) and 1,397 (6 more than last week) are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 842 or 47% of rigs active in the U.S. are running in Texas. [Read more...]