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In determining which oilfield service company stocks to buy in the current bear stock market, it is key to review the current US drilling activity.

The U.S. rig count was up 8 rigs last week to finish at 1,874 rigs. The gas rig count continues its move lower with natural gas prices remaining near 10 year lows and is close to going under 500 rigs, after finishing last week at 509 active gas rigs. The oil rig count picked up some of its prior week losses, gaining 15 rigs to close last week at 1,338 rigs.

The Permian rig count picked up 7 rigs to finish at 408, up from 401 rigs last week but down from the recent high of 423 that was realized in mid-May.

The U.S. rig count has declined 3% in the last 12 weeks, from 1,934 to 1,874. Trinidad (OTCPK:TDGCF) and Ensign (OTC:ESVC) have managed to outperform, seeing their rig counts fall by 2% and 1%, respectively. Precision's (PD) total active rig count has fallen in line with the industry.

Nabors Industries (NYSE:NBR) continues to be a stock that controls about 10% of the drilling contractor market share in the US and had 196 rigs running for the week ended June 8, 2012 which is up 2% over the prior week.

Helmerich & Payne (NYSE:HP) continues to be a stock that controls about 11% of the drilling contractor market share in the US and had 207 rigs running for the week ended June 8, 2012 which is down 3% over the prior week.

Precision Drilling (PD) continues to be a stock that also controls about 5% of the drilling contractor market share in the US and had 91 rigs running for the week ended June 8, 2012 which is up 1% over the prior week.

Additional information which is of value to investors investing in oil stocks trading on the North American stock markets are drilling results and related production information for the various oil and gas stocks. To view this data see Oil Stocks Western Canadian Drilling Results.

Source: Which Drilling Stocks To Buy In The Current Bear Market - Weekly U.S. Drilling Activity Update