Canadian oilfield services provider Forbes Energy Services Ltd said it is looking to deploy its drilling rigs in the oil-rich Bakken shale in the United States, even as rig hours in June rose 21 percent.
The company, which deploys its drill rigs and trucks in oil fields across the United States and Mexico, said it bought equipment that was held under lease and rent contracts for $20 million last month, and now plans to deploy these assets in other geographies.
Total rig hours in June stood at 41,587, up 21 percent from a year ago. Total trucking hours rose 34 percent to 121,069.
"Oil and liquids directed activity in the Eagle Ford Shale and Permian Basin continue to drive growth," Chief Executive John Crisp said in a statement.
The Bakken shale, a more than 500,000 sq km formation beneath the U.S.-Canada border, has the highest crude oil content among the tight rock formations known as shales, making it a hotbed of M&A activity as gas prices slumped and oil prices began to rise. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Sriraj Kalluvila)
Source: Reuters
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