In this week's news, the North American rig count jumped up 10 last week for its eighth straight week of increases, and Continental Resources announces the sale of more acreage in the Bakken
The number of rigs operating in the U.S. rose for an eighth straight week to the highest level in six months, according to data released by oilfield services company Baker Hughes on Aug. 19.
The rig count increased by 10 to 491 last week with all 10 new rigs being oil searching. The number of rigs searching for oil was 406, while 83 searched for natural gas and two rigs were listed as miscellaneous. Last year 885 rigs were active.
Of the major oil-producing states, Texas climbed eight rigs to 238, while Pennsylvania went up two. West Virginia, Oklahoma and Louisiana all went up by one. North Dakota declined two rigs to 27.
Continental Resources to Sell More Acreage
Continental Resources announced Aug. 18 that it has agreed to sell acreage in North Dakota and Montana for $222 million.
The deal includes 68,000 net acres in Williams County and 12,000 net acres in Roosevelt County, Montana. The properties have net production of about 2,800 barrels of oil equivalent per day.
The announcement is the oil and natural gas company’s third announced sale this year, totaling about $613 million. The company, based in Oklahoma City, plans to use the proceeds from the sale to pay down.