Paramount Resources Ltd. has set its sights on finishing its fifth walking rig after higher natural gas and oil prices more than doubled 2022 earnings.

paramount map

The independent reports earnings in Canadian dollars (C$1.00/US 75 cents).

The Calgary firm’s 2023 budget enables subsidiary Fox Drilling to finish building the high-tech rig for $16.8 million. The program revives a bygone tradition of production companies owning field service operations instead of relying on contractors.

“The walking rigs have the capability of moving across a lease with the derrick and drill pipe remaining vertical, significantly increasing efficiencies,” according to Paramount. “All of the Fox Drilling rigs are bi-fuel capable, enabling the use of company-produced natural gas to save costs and...