U.S. Rig Count Edges Up

"U.S. E&P rigs totaled 1,685—the highest level achieved this year."

In its weekly release, Houston-based oilfield services company Baker Hughes reported a rise in the U.S. rig count, primarily reflecting an increase in the inland water rig count.

U.S. E&P rigs totaled 1,685 for the week ended November 12, 2010—up by two rigs from the previous week and represents the highest level achieved this year. The current nationwide rig count is 92% higher than the 2009 low of 876 (set in the week ended June 12, 2009) and significantly exceeding the prior-year level of 1,101. It rose to a 22-year high in 2008, peaking to 2,031 in the weeks ending August 29 and September 12.

Rigs engaged in inland waters climbed by two rigs to 20, while land operations and offshore activity remained steady at 1,642 and 23, respectively.

The natural gas rig count, which has fallen three times in the last five weeks, remained unchanged from the previous week at 955. The current number of gas-directed rigs is just 37 short of an 18-month high reached during mid-August rebounding strongly after bottoming out to a 7-year low of 665 on July 17, 2009. Still, the rig count remains 41% below its peak of 1,606 in late summer 2008. In the year-ago period, there were 728 active natural gas rigs.

The oil rig count was up by 2 rigs to 720, the 14th gain in the last 17 weeks. The current tally is considerably higher than the previous year’s rig count of 361. It has recovered nicely from a low of 179 in June 2009, more than quadrupling in number.

The miscellaneous rig count (primarily drilling for geothermal energy) at 10 remained unchanged from the previous week.

The number of vertical drilling rigs was up 14 to 536, while the horizontal/directional rig count fell by 12 to 1,149.

Announcing Streetwise Live! Events
Source: Streetwise Reports (07/13/2020)

Streetwise Reports is offering 100 investors—at no charge—the opportunity to meet via Zoom with executives of precious metals companies as they discuss recent developments at their companies and upcoming catalysts.

"China's export quota could be opportunity for Canadian miners"

Latin America: Six Gold Juniors Amass 100M+ Ounces
Source: Marc Davis, BNW News (05/25/2010)

Latin America, the world's last great mineral frontier for prolific gold discoveries, is proving a godsend for some lucky investors.

Mexico: Gold's Next Powerhouse Player
Source: Marc Davis, BNW News (11/03/2009)

As the world's key gold producing nations struggle mostly in vain to replenish dwindling below-ground supplies, Mexico is bucking the trend in a big way.

Where Have All the Gold Mines Gone?
Source: Brent Cook, Exploration Insights (04/14/2009)

Given the declining global gold production, mining companies’ demand for reserve replacement and the acute dearth of new gold discoveries, there is no doubt that real economic discoveries will be exceptionally valuable. . .the opportunity for stellar profits is the best it has probably ever been. Identifying the few successes, however, will require vigilant and constant technical assessment of geology and drill results, always with an eye to mine economics.

Congo Completes Mining Review, Says Majors Quit Talks
Source: Reuters (12/20/2008)

"Review process is extended an additional 45 days to allow six companies to return to the negotiating table for direct talks with government ministers."

I haven’t spoken to my old mining stock friend, noted and universally respected gold stock guru, Bob Bishop, about Rare Element in a year, but I hear he is still a supporter and very large shareholder. I don’t believe he will hold it against me to remind you that this was one of his favorite holdings when he left the newsletter writing business. . .

It's Only the Beginning for Uranium
Source: www.financialinsights.com (06/03/2005)

Dr. Richard S. Appel, author of Financial Insights, first became bullish on uranium in mid-2003, when it appeared obvious that its supply versus demand equation was fated to seriously drive higher its price. Since then, a series of events in the uranium industry has led Appel to believe that uranium prices will reach never before seen levels.

(00/00/0000)