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White Walker Profile picture
White Walker
@OldWhiteWalker
If it ain't drillin', it ain't thrillin'... Not Investment Advice. Retired/Energy/Capital Markets
Aug 24, 2022 • 7 tweets • 4 min read
An OFS Thread:1/n The Canadian drilling sector is breaking out of its 5 year range. The industry is running more than 213 rigs. Q1 22 saw a similar number of rigs running. Looking forward the 5 year high in Q1 is 350 rigs. Will Q1 23 be more than 300 Rigs? Likely. 2/n How are we so confident? Let's drop by Prairie Sky. They lease land to hopeful operators. in Q1 and Q2 it reported ~100 new leases. Those are record leasing rates. It takes 9 months to work up locations, so suggests to a burgeoning well count in 2023.