Canadian well completions tumble

Canadian well completions totaled 19,272 in 2007, down from 23,184 in 2006 and the lowest level since 2002 when the count tallied 14,570 completions.

The industry exited 2007 on a sour note, reporting 1,239 completions, the poorest showing in December since 1998, resulting in a fourth quarter total of 5,226 compared with 6,769 in the same period of 2006.

Oil completions were 5,429, off 171 from 2006, which was the highest total since the turn of the century. Alberta accounted for 2,900 oil completions and Saskatchewan posted 2,182.

Natural gas activity made its expected nosedive to 12,621 completions from more than 15,000 in each of the preceding three years, hitting its lowest point since 9,041 completions in 2002.

Of last year’s count, only 20 percent of gas wells were exploratory, a 10-year low, with companies reporting 2,491 gas finds, off 37 percent from 2006.

Oil discoveries tallied 809 in 2007, a drop of 112 from the previous year.

—Gary Park