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Natural gas drillers lead the exodus from Piceance Basin


http://www.glgroup.com/News/Natural-...


Few places seem to be hit as hard as northwestern Colorado. New drilling technology and rising energy prices caused exploration to flourish in the region in the past few years. The Piceance Basin alone drew dozens of exploration firms, including large companies like Chevron. Now those firms are pulling back. Harpole expects the number of rigs in the Piceance Basin, which energy experts say is one of the largest natural-gas reserves in North America, to drop 40% in the coming months. "There is a systematic change in thinking among energy companies that you could not have guessed just six months ago," says Harpole. "The places with the highest drilling costs will see a reduction first, but rig counts are going to decrease everywhere."

http://www.time.com/time/business/ar...


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