U.S. Drilling Estimates hit 22-year high in 2007.

Press Release Summary:



According to API's 2007 Quarterly Well Completion Report: Fourth Quarter, estimated 52,731 oil wells, natural gas wells, and dry holes were completed in 2007. Natural gas remained the main driver of U.S. exploration and production activity. Estimated all-time high of 30,625 natural gas wells were completed in 2007, about 7,785 of those in fourth quarter. API also reported that total estimated footage drilled in 2007 was highest in more than 2 decades.



Original Press Release:



U.S. Drilling, Completion Estimates Hit 22-Year High In 2007



WASHINGTON D.C. - U.S. drilling estimates for 2007 show that oil and natural gas exploration remains robust as activity was twice the level recorded during the lows of the early to mid-1990s, API said. Estimated natural gas drilling was at a record high.

According to API's 2007 Quarterly Well Completion Report: Fourth Quarter, an estimated 52,731 oil wells, natural gas wells and dry holes were completed in 2007, a 22-year high. The fourth quarter's estimated 13,737 completions were the highest since first quarter 1986.

In 2007, natural gas remained the main driver of U.S. exploration and production activity. An estimated all-time high of 30,625 natural gas wells were completed in 2007 - an estimated 7,785 of those in the fourth quarter, an all-time quarter high for natural gas drilling activity in the U.S.

APIs estimates show that the resurgence in oil well completion activity that began in 2000 continued into 2007. At 17,223 estimated wells in 2007, annual oil well completion activity was the most active since 1990.

In 2007, exploratory gas well estimates rose for the fifth straight year to 3,613 - an all-time yearly high. The estimated 981 exploratory oil wells are at 1986 levels.

API also reported that total estimated footage drilled in 2007 was the highest in more than two decades. According to API estimates, some 306,424,000 feet were drilled in 2007; 77,812,000 feet were drilled in the fourth quarter alone.

The API Quarterly Well Completion Report is available for an annual subscription from API, Publications and Distribution Section ORDER DESK, 1220 L Street, N.W., Washington D.C. 20005. Telephone (202) 682-8499. Fax: (202) 962-4730.

The report is also available from Jeff Obermiller at 202-682-8508 or through API's Internet-based on-line services, ACCESS* API or API DATA. For information, contact ACCESS* API or API DATA at (202) 682-8511.

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