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Friday, March 29, 2013

COP Suspending Natural Gas Drilling in San Juan Basin -- Citing Low Prices

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.