The number of active oil and natural gas rigs in the United States fell 0.7% to 1,981 for the week ending February 24, 2012, hitting the lowest count since September 10, 2011.  However, the rig count is up 16.6% from the year-ago level.

The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.

The number of rigs in Canada this week decreased 0.6% from 705 last week to 701, but was 12.5% higher than last year.

The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.

Source: Baker Hughes Inc.