According to Baker Hughes, U.S. oil rig counts rebounded to a two and a half year high during the week ending Mar 16^th. Mar 16^th U.S. oil rig counts finished 0.5% above the previous week while remaining higher on a YOY basis for the 63^rd consecutive week, finishing up 28.6%. Mar 16^th week ending crude oil production increased to a new record high level while oil production per rig remained slightly above 12-month rolling average figures. Crude oil production is expected to strengthen throughout coming months according to drilling productivity estimates compiled throughout areas accounting for 95% of recent production gains. Oil Rig Counts Followed Crude Oil Prices Lower but Have Begun to Rebound Since Mid-2016 Oil Rig Counts Peaked in Late 2014, Prior to Declining Sharply in Early 2015 Mar 16^th Oil Rigs Finished up 0.5% Week-Over-Week and 28.6% YOY The Declines in Oil Rig Counts Since the Nov ’14 Peak Remain Significant Declines in Vertical Rigs Remain the Most Significant on a Percentage Basis Mar 16^th Weekly Crude Oil Production Increased to a New Record High Level Mar 16^th Crude Oil Production per Rig Remained Slightly Above 12-Month Rolling Avg. Figures