Exxon Mobil Corp. (XOM) is moving ahead with current plans to develop natural gas fields in Colorado's Piceance Basin, despite the excess of natural gas supply that is currently depressing markets, an executive said Thursday.

"We don't foresee, as we look at the business today, any stalling or delay" in Exxon's Piceance projects, said David Rosenthal in a conference call with reporters.

The number of rigs drilling natural gas fields has dropped significantly in recent months as prices for the commodity have fallen due to lack of demand.

The Piceance Basin, in northern Colorado, contains trillions of cubic feet of tight natural gas.

- By Angel Gonzalez, Dow Jones Newswires;713-547-9214;

angel.gonzalez@dowjones.com