Total drilling activity in North America increased in 1976 compared with 1975. The 47,480 total wells drilled in the United States, Canada, and Mexico is an increase of 8.7% compared with 1975, and the 39,145 mi of footage drilled is a 5.9% increase over 1975.

Canada showed an increase of 34.1% in total wells drilled (5,689) and a 31.9% increase in the amount of footage drilled (18,373,281). The 169 new-field wildcat discoveries represented a success of 35.6%, an all-time high. Of these discoveries, 131 were in Alberta and 24 were in Saskatchewan. The new-field wildcats, and new-pool wildcats accounted for 905 of the 1,307 exploratory discoveries. In Canada 53.2% of the 2,459 exploratory wells drilled were successful.

In 1976 Mexico drilled a total of 336 exploratory and development wells. This number represents a 4.8% decrease compared with 1975. Of this number, 79 were exploratory and 257 were development. New-field wildcat drilling accounted for 18 discoveries with a success of 28%. Overall exploratory success was 30%, resulting in 24 discoveries, 10 of which were in the Northeast Zone, and 9 in the South Zone.

In the United States drilling activity increased 6.03% and footage drilled increased 3.85% compared with 1975. There were 986 new-field discoveries -- the highest since 1956. The ratio of dry holes to producers was the lowest in history, 4.92:1, and inversely the success was the highest, 16.88%, which is substantially higher than the normal 9 to 11%.

Estimates of ultimate reserves discovered in 1976 in the United States showed a decrease in volume over those discovered in 1975. The new fields in 1976 discovered an estimated 513.04 million BO and condensate and 4.9 TCFG; 1976 production remains significantly greater than the amount found.