The number of rotary rigs drilling for oil was down 10 at 545. There are, however, 366 more rigs targeting oil than last year. Rigs currently drilling for oil represent 36.2 percent of all drilling activity.
Rigs directed toward natural gas were down 20 at 947. The number of rigs currently drilling for gas is still, however, 247 greater than last year's level of 700.
Based on these numbers, year-on-year oil exploration in the US is up 204.5 percent and gas exploration is up 35.3 percent.
Canadian rig activity has increased since our last report, by one, and is now at 192 for the week ending June 4, 2010 and is 91 (90.1 percent) higher than last year's rig count. Canadian drilling falls rapidly in the spring to avoid environmental damage during the spring thaw and rainy season. It should be noted, though, that the Canadian drilling industry experiences wide seasonal swings and even year-over-year comparisons can lead to incorrect conclusions.