Oil vs. gas / rig count - basic market logic curiosity

General Mineral Rights Discussion
1

Friday's rig count has Oklahoma's Roger MIlls county having 17 rigs and Pawnee county has only 4 rigs.

Recent completion report posts at OCC indicated mississippean horizontal wells in Pawnee county are producing mostly oil 300-400 bopd and maybe some gas;

http://imaging.occeweb.com/OG/Well%20Records/1DD072D0.pdf

http://imaging.occeweb.com/OG/Well%20Records/1DD06F22.pdf

Today's posted- Oil and gas, livestock prices for Sept. 29 has this completion report indicating mostly gas and little oil in Roger Mills county;

Roger Mills: Chesapeake Operating Inc.; Scott G 15-11-23 No. 1H Well; S1/2 S1/2 SE1/4 SE1/4 (SL) of 15-11N-23W; 1,693,000 cu-ft gas per day, 42 barrels oil per day; TD 15,997.

Read more: http://newsok.com/oil-and-gas-livestock-prices-for-sept.-29/article/3714127#ixzz27sIqgsK5

My curiosity = if companies - especially Chesapeake - are moving away from gas rich areas to oil rich areas because of gas' undervaluation, why does Roger Mills county still have 17 rigs (one of the most in Oklahoma, second only to Grant county maybe) and Pawnee county which is proving a mostly oil area of the mississsippean still only have 4 rigs?

2

I'm no expert in this area, but I can say this. All gas molecules are not created equally. What is reported to the state is wellhead production and you can have a significant liquids stream that falls out or is processed out further downstream.

There could be significant value in NGLs and Condensate production that is not seen at the wellhead.