The climate of Salt Lake City varies widely. Lying in the Salt Lake Valley, the city is surrounded by mountains and the Great Salt Lake. The city has four distinct seasons: a cold, snowy winter; a hot, dry summer; and two relatively wet transition periods.
The price of oil rigs for land drilling in the United States typically starts at around $18 million to $20 million and goes up to around $25 million, but it can be nearly twice that amount depending on the specific rig purchased. The least-expensive rigs are those classified as U.S. small footprint land rigs.
Drilling costs have gone from roughly $40,000 per day in 2008 to up to $70,000 per day in 2013, but the drastic increase in estimated ultimate recoveries (EURs) and the impact of shorter drilling times has reduced overall drilling costs and improved internal rates of return (IRRs) for oil and gas companies.n addition to drilling an extra 5,000 feet or more, the time to drill a well to TD has decreased significantly. Five years ago, 16,000-foot wells were taking an average of 32 days to drill.