Sheridan, Wyo. – A Canadian-based oil company that
specializes in underground oil drilling is laying off more than half its work force, most of them in Wyoming.
Rock Well Petroleum spokeswoman Phoebe Buckland said the layoffs are the result of the weakening economy and postponement of the company's plans for initial public stock offering on the London Stock Exchange.
Rock Well announced Friday that it will lay off 180 people out of a total of 300 employees. Most of the layoffs are miners and drillers in Wyoming where the company's two largest projects are located.
The company has been producing oil by digging underneath old fields and drilling up into the oil, which then flows down for
Within the last year the company had acquired mineral rights in Pennsylvania and Texas.