WPX drills on
Back in 2007 or so, the news that an energy company working locally was going to increase its rig count by two drill rigs would have been barely noteworthy.
But seven years on, when WPX is the only major company still drilling for natural gas in the Piceance Basin, the announcement this week that the company is going to increase its rig count by two, while other major companies have withdrawn from the region, is welcome news indeed.
Furthermore, the fact that the company is going even deeper than previous efforts and tapping into what is believed to be the vast resources of the Niobrara formation is also encouraging. It is an indication that the resources available in this region are still valuable enough to warrant drilling, and they will be for a long time into the future.