Texas Haynesville Shale rig count has dropped significantly from 2010. If gas prices stay low through this fall, it isn’t likely that trend will reverse any time soon.
“The prolific Haynesville Shale has been a source of interest for natural gas drilling since the first well was fractured just a few years back. If activity in the Haynesville turns out to be a good proxy for the rest of the state, then we should expect another year of depressed natural gas drilling activities. Looking specifically at permit applications and approvals for Texas portion of the Haynesville shale, 2011 is tracking below 2010 results so far.”
“In similar fashion to what is occurring on the Louisiana side of the border, the overall rig count in the Texas Haynesville counties has fallen 33% to 47 rigs versus 70 a year ago. The most dramatic drop is in the vertical rig count that has decline to just one rig from eight working in June 2010. The horizontal rig count drilling for natural gas totals 43 versus 58 rigs last year.”
Read the full article at rigzone.com