Zacks.com submits:
In its weekly release, Houston-based oilfield services company Baker Hughes Inc. (BHI) reported a rise in the U.S. rig count (number of rigs searching for oil and gas in the country), reflecting intensified drilling activity by the natural gas producers that more than offset a decline in the oil rig count.
Rigs exploring and producing in the U.S. totaled 1,518 for the week ended May 21, 2010 (as clear from the first chart below from Baker Hughes). This is up by 12 from the previous week’s tally and represents the highest level since the week ended January 16, 2009. The current nationwide rig count is 73% higher than the 2009 low of 876 (set in the week ended June 12) and significantly exceeds the prior-year level of 900. It rose to a 22-year high in 2008, peaking at 2,031 in the weeks ended Aug. 29 and Sept. 12. 
The natural gas rig count increased the most in 11 weeks to reach 969 (a gain of 18 from the previous week), just shy of the 14-month high of 973 hit during the week ended April 16. The U.S. gas drilling rig count has rebounded strongly after bottoming to a 7-year low of 665 on July 17, 2009. Still, the rig count remains 40% lower than its peak of 1,606 in late summer 2008. In the year-ago period, there were 711 active natural gas rigs. This is shown in the following chart, also from Baker Hughes.
The oil rig count was, however, down up by 6 to 538, the first decline in 3 weeks. Still, the current tally is considerably higher than the previous year’s count of 180, as shown in the following chart from Baker Hughes. It has recovered nicely from a low of 179 in June 2009, more than tripling in number.
The miscellaneous rig count, at 11, remains unchanged from the previous week.