Drilling activity grows in southeast Oklahoma

Southeast Oklahoma’s Arkoma Woodford basin was the fastest-growing oil and natural gas field in the country over the past week as investment continues to grow in the area.

Also known as the east STACK, southeast Oklahoma has attracted growing attention over the past few months. Edmond-based Tall Oak Midstream last month announced plans for a $400 million natural gas gathering and processing facility in Hughes County and parts of six surrounding counties.

The basin added two rigs this week, or up 22 percent, to 11. The count is up 175 percent from four one year ago. All 11 rigs in the areas are considered natural gas rigs, although executives from Oklahoma City-based Antioch Energy last month said the company’s wells in the region so far have produced about 45 percent oil and natural gas liquids.

The Arkoma Basin is one of the few parts of the country that gained drilling rigs this week. The nationwide count slipped by four this week to 936, which still is up 79 percent from 524 one year ago. The number of rigs drilling for oil declined by two to 748 while natural gas rigs fell by two to 187. One rig was listed as “miscellaneous.”

Oklahoma’s count increased by three, marking the biggest state gain of the week. Oklahoma now has 127 active rigs, up 81 percent from 70 one year ago. The state’s

Cana Woodford basin remained the country’s third most active field,

despite giving back two rigs to 60, up from 35 one year ago.

The Permian Basin in west Texas and southeast New Mexico remained the most active field, dropping by two rigs this

week to 383, up from 203 one year ago. The south Texas Eagle Ford gained one rig to 69, up from 35 one year ago.

Texas remained the country’s most active driller despite giving

back three rigs this week, slipping to 448. Colorado gained one rig while Pennsylvania and Wyoming each gave back two rigs and Louisiana’s rig count dropped by one.

Friday’s rig count

report arrived at the end of a tough week for commodity prices.

Domestic benchmark West Texas Intermediate crude tumbled $1.50, or 3 percent, Friday to close at $49.29 a barrel,

down 4.6 percent from $51.67 one week ago. The benchmark natural gas price slipped 6 cents Friday to $2.86 per thousand cubic feet, down 15 cents from $3.01 one week ago.