Dramatic oil price drop hasn’t affected Saskatchewan rig count yet

Estevan – The dramatic decline in the price of oil, down to the mid-US$50s by Nov. 13, has not yet been reflected in Saskatchewan’s active drilling rig count on that same day.

According to sister publication Rig Locator (riglocator.ca), there were 61 of 119 rigs working in Saskatchewan. This resulted in the highest percentage of active rigs in Western Canada, at 51 per cent. Alberta had 152 of 419 rigs going, for 36 per cent. British Columbia had 20 of 51 rigs going, for 39 per cent, and Manitoba had two of six rigs making hole, coming in at 33 per cent utilization.

Nationwide, Tourmaline Oil Corp. had 15 rigs working, putting it in top spot for active operators. Husky Energy Inc. had one of its highest numbers in many years, with 14 rigs drilling, eight of which were in Saskatchewan. Crescent Point Energy Corp. was tied with Husky at 14, and all of Crescent Point’s rigs were in Saskatchewan. Canadian Natural Resources Limited (CNRL) had 13 rigs going in fourth place, but just one in Saskatchewan. Seven Generations Energy Ltd. rounded out the top five with eight rigs, none of which were in Saskatchewan.

In recent months, the total drilling fleet has declined some more, and has crossed the threshold to under 600. The fleet now stands at 597. That’s a decline of just over a quarter, as the rig fleet hovered over 800 units during the boom years.

This November has seen substantially more activity for Saskatchewan rigs that it has for the previous two years. Both 2016 and 2017 saw 31 rigs working as of the end of the first week of November. However, there are indications that Crescent Point is currently releasing some rigs in southeast Saskatchewan, a move similar to what it did last year.

In southeast Saskatchewan drilling was generally widely distributed.

Aldon Oils Ltd. had one rig at Benson. Astra Oil Corp. had one rig at Pinto.

Burgess Creek Exploration Inc. had two rigs going, at Kingsford and Hassard Lake, north of Arcola

CNRL employed one rig going at Glen Ewen. 

Deep Earth Energy Production Corp. had a rig at Torquay.

Highrock resources Ltd. had one rig at Minard. Spectrum Resource Group Inc. had one rig at Viewfield.

Hummingbird Energy Inc. was drilling sue south of Weyburn with one rig. Ridgeback Resources Inc. had one rig at Star Valley.

Torc Oil & Gas Ltd. saw rigs making hole at Cantal and Browning.

Vermillion Energy Inc. had four rigs going. One was at Glen Ewen, another at Alameda, a third at Hastings and the fourth at Oungre.

Mosaic Potash listed one rig at Esterhazy.

Crescent Point’s 14 rigs included eight in southeast Saskatchewan, four in southwest Saskatchewan and two in west central Saskatchewan. Two were listed at Viewfield, and another at Innes. Two were at Bromhead and three were at Torquay. In the southwest, two rigs were at Rapdan and one at Clintonville and another at Battrum. Two rigs were working at Dodsland

Whitecap Resources Inc. had one rig at the Weyburn Unit, two rigs at Kerrobert, one at Coleville and one at Whiteside.  

NAL Resources Limited was drilling between Kyle and Elrose at Lacadena.

Tiene Energy Ltd. had five rigs going. Three were at Dodsland, one at Brock and another at Plato.

Baytex Energy Crop. utilized four rigs, two at Forgan, one at Dodsland and one at Prairiedale.

Turnstone Energy Inc had a rig working at Totnes, smack dab in the middle between Eston and Rosetown.

Caltex Resources Ltd. had rigs working at Cosine and Cosine Lake.

Cona Resources Ltd. had one rig at Winter. Ish Energy Ltd. had one rig at Kindersley.

In the Northwest, Husky dominated with eight rigs. They were spread out at Alberfeldy, Edam, Livelong, Lashburn, Spruce Lake, Golden Lake and two at St. Walburg

Serafina Energy Ltd. had one rig at Prince, north of North Battleford.

© Copyright 2018 Pipeline News

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