According to a recent article by the Associated Press, Petroleum producers in Colorado recently put another rig to work, bringing the total count of operational rigs in the state to 29.
The great news is that this is the highest number of rigs operating in the state since late November 2015.
Across the US
The U.S. rig count rose by seven this week to 665. A year ago, 664 rigs were active. Depressed energy prices have curtailed exploration, although the rig count has been rebounding in recent weeks.
Houston oilfield services company Baker Hughes Inc. said Friday that 529 rigs sought oil and 135 explored for natural gas this week. One was listed as miscellaneous.
New Mexico and Texas each gained three rigs, Louisiana added two and Colorado, Ohio and Pennsylvania each added one.
Wyoming declined by two rigs and Alaska lost one.
Arkansas, California, Kansas, North Dakota, Oklahoma, Utah and West Virginia were all unchanged.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May at 404.
An agreement among members of the Organization of the Petroleum Exporting Countries and other countries to lower output by 1.8 million barrels a day starting this year has lifted prices.
That in turn has left some domestic producers and their financial backers more confident about earning a return off new wells.
U.S. oil output is now at 8.95 million bpd, up from less than 8.5 million bpd in June last year and approx at levels in 2014.
Oilfield Jobs in Colorado
Indeed reports over 150 oil and gas jobs open. You can view them here.