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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: AL R who wrote (6031)	2/14/1999 10:06:00 AM
From: Lorne Larson	Read Replies (1) \| Respond to of 24892

Al, if 60% of the rigs in Canada are now drilling for gas, as opposed to 60% for oil last year, and if the total number of rigs drilling in Canada now is at 341, down from 511 as per Baker Hughes, then it appears that exactly the same number of rigs are drilling for gas this year as last - 204. This would put the lie to my theory that gas drilling has dropped because of the cash crunch caused by low oil prices. However I do note that according to Baker Hughes, rigs drilling for gas in the U.S are down 27% from a year ago. I would suspect the difference between Canada and U.S. is because of the Alliance pipeline becoming operational in 2000 and the expectation that this will substantially raise prices for Canadian gas.