I think that in the current climate with every man and his dog sinking holes in the ground, decent suitable rigs are at a premium (even groundwater ones! all the farmers are sinking new holes for water!)
If you look at say GDY and LNC and no doubt lots of others, they have gone to the extent of buying their own rigs so they can proceed at their own pace with their own configuration and protocol. The demand side for this type of equipment is through the roof and supply is not going to keep pace...so in the areas of interest, it may be that bigger fish are keeping rigs more than busy and any company (driller or not) is going to put the deep pocket clients first.
On the conspiracy theory side, maybe the majors are keeping rigs busy to hang the prospectors out to dry...then swoop for a takeover..
p.s that last bits a joke google
BIG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
