Sunday, April 8, 2012

Haynesville Shale Rig Count: -3 to 51

The Haynesville Shale rig count fell by three this week to 51.  Louisiana was down four to 34, while Texas was up one to 17. This week, Chesapeake (7), which has easily topped the rig count for the past four years and has had as many as 36 rigs working at once over the past two years, has fallen to third place behind Petrohawk (9) and EXCO Resources (8).

It is interesting to see that Petrohawk has bolstered its presence in the Haynesville Play after its acquisition by BHP Billiton.  El Paso, whose E&P division is in the process of being purchased by private equity investor Apollo, dropped off the chart this week after four weeks of zero rigs.  The company was working four rigs as recently as mid-January 2012.  All eyes will be on Apollo to see how they proceed post-acquisition.

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