The Baker Hughes rig count Friday showed another significant increase in exploration for oil and gas. The rig count went from 712 to 729, an increase of 17. Of those rigs, 583 are exploring for oil and 145 are exploring for gas. All the additions this week were looking for oil.
Alaska, Arkansas, Colorado and Wyoming each added one rig. New Mexico and Texas each added 4, and Oklahoma’s count increased by 6. Louisiana lost one rig.
The greatest increase in rigs was in the Cana Woodford basin, located in Oklahoma. Major counties in the Cana Woodford play include Blaine, Caddo, Canadian, Custer, Dewey, Garvin, Grady, Kingfisher, McClain and Stephens. According to Natural Gas Intelligence (NGI), there were 37 rigs operating in the play in early October 2015. Friday’s Baker Hughes counts showed 56 rigs in operating in the Cana Woodford. While this number is still significantly lower than the 295 Permian basin rigs count, it is still a steadily increasing number to keep an eye on, boasting the same number of rigs as the Eagle Ford, which also has 56.