Eagle Ford Regional Drilling Rig Count Adds 6 - Crosses 260 Rigs - Feb. 24, 2012

drilling rig 8
drilling rig 8

The Eagle Ford Shale drilling rig count passed 260 for the first time in a month. 6 rigs were added to bring the total to 263. That's getting close to the 265 rig record we set in January. We've had several operational updates in the past week and all point to increased activity in 2012. Add the number of Eagle Ford Pipeline and Midstream expansion announcements we've had in the past couple of months, and it's easy to be confident about the long-term sustainability of the play. Midstream companies aren't willing to take the risks an upstream company might, so big expansions plans mean confidence.

Eagle Ford Oil & Gas Rigs

The natural gas rig count fell 3 to 78 this week. That matches the lowest level seen in the past year. The oil rig count jumped 9 rigs to 184 working. That puts us right back at the record 185 oil rigs we had working the second week of January.

Natural gas feel back to approximately $2.50/mmbtu this week and oil prices rallied over $109 per barrel (WTI). Higher oil prices will only attract more Eagle Ford development. Horizontal wells account for activity from 245 rigs and we have 1 disposal well being drilling in Leon County (not a core Eagle Ford area) by GSI Oil & Gas.

La Salle County's lead stayed at 1 with 39 rigs working. Karnes (38),Webb (35), DeWitt (25), Gonzales (25),McMullen (22), Dimmit (16), and Live Oak (11) make up the top Eagle Ford targeted counties.

We had several operators announce earnings and we'll be adding to the list we've covered so far in the coming days. Major news this week included:

News

If you're traveling to San Antonio soon, be sure to visit our Eagle Ford Hotels page.  We've negotiated discounted rates with hotels that are welcoming the Oil & Gas Industry.

Come back weekly for updates on the South Texas drilling rig count.

Drilling Rig Count by Operator

What is the Rig Count?

The Eagle Ford Shale Rig Count is an index of the total number of oil & gas drilling rigs running across a 30 county area in South Texas. The South Texas rigs referred to in this article are for ALL drilling reported by SmithBits and not solely wells targeting the Eagle Ford formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count and/or Smith Service Co's (Schlumberger) Smith Rig Count.

Drilling Rigs by County