Rigzone is reporting:
ConocoPhillips said it is temporarily suspending new drilling in the
San Juan Basin in New Mexico and Colorado, citing low natural gas prices
that make it uneconomical to drill new wells in the area.
"Natural gas prices have continued to be rather low," Conoco
spokesman Jim Lowry said, adding that the company would be watching
natural gas prices and resume drilling "as soon as it becomes
economical," though he declined to set a specific target price.
COP has only three rigs in the area; employees have been told.