Rig counts fall

Operators continue to slash the number of drilling rigs they are using to search for oil and natural gas.

Baker Hughes reported Friday the working number of rigs declined this week by 35 nationally and by one in Oklahoma.

Oklahoma's count of 12 is down 91 from 103 a year ago.

Nationwide, the active rig count decreased to 339, down 648 from one year ago.

The count for rigs drilling for oil is 258, off 34, week-over-week. The number of rigs searching for natural gas fell by one, to 79. The number of operating miscellaneous rigs remained unchanged at two.

In the Cana Woodford, this week' s number of working rigs is four, unchanged from the previous week.

A year ago, 48 rigs were operating there.

The most active basins this week, Baker Hughes said, are the Permian in west Texas and southeast New Mexico at 175, the Haynesville at 32, the Marcellus at 30, the south Texas Eagle Ford at 24 and the Williston at 16.

TULSA Laredo reverse split approved

Laredo Petroleum reported this week its shareholders approved a reverse stock split that gave the company's board the discretion to combine anywhere from five to 20 shares into one.

Board members chose the one-for -20 ratio, officials said, adding the company expects the reverse split to become effective on or about June 1, with cash compensations paid to shareholders with fractional shares after the move is executed.

They said shares with a revised value after the split will commence trading on the New York Stock Exchange under the ticker LPI the day following the reverse split's effective date.

Officials said the reverse stock split aims to increase the market price of the company's stock in order to regain compliance with the exchange's continued listing standards.

Once effective, the number of authorized share soft he com pany's common stock will decrease from 450 million to 22.5 million, they stated.