Profile: Ultra Petroleum Corp (UPL.N)
20 Dec 2013
Ultra Petroleum Corp. (Ultra), incorporated on November 14, 1979, is an independent oil and gas company engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. The Company's operations are primarily located in the Green River Basin of southwest Wyoming and the north-central Pennsylvania area of the Appalachian Basin. Ultra's operations in southwest Wyoming are focused on developing its natural gas reserves in a tight gas sand trend located in the Green River Basin with targets in the sands of the upper Cretaceous Lance Pool in the Pinedale and Jonah fields. In December 2012, CorEnergy Infrastructure Trust, Inc acquired a liquids gathering system (LGS) from Ultra. Effective December 12, 2013, Ultra Petroleum Corp acquired an undisclosed oil and gas producing properties, located in Uinta Basin.
As of December 31, 2012, Ultra owned interests in approximately 84,000 gross (49,000 net) acres in Wyoming covering approximately 190 square miles. Ultra's operations in north-central Pennsylvania are focused on assessing, exploring and developing its position in the Marcellus Shale and other horizons. As of December 31, 2012, the Company owned interests in approximately 497,000 gross (261,000 net) acres in Pennsylvania. In eastern Colorado, at December 31, 2012, the Company owned interests in approximately 154,000 gross (139,000 net) acres.
During the year ended December 31,2012, the Company participated in the drilling of 135 wells in Wyoming and continued to improve its drilling and completion efficiency on its operated wells as measured by spud to total depth. During 2012, the Company averaged 11.5 days to drill a well, as measured by spud to total depth. During the year, the Company participated in the drilling of 59 horizontal wells. At the end of 2012, approximately 71% of the Company's acreage holdings in Pennsylvania were covered by three-dimensional (3D) seismic data. Ultra expanded its acreage position in eastern Colorado's Denver Julesburg Basin to 154,000 gross (139,000 net) acres. The Company drilled three vertical wells during the year to evaluate oil potential in the Cretaceous aged Niobrara formation.
Ultra Petroleum Corp
400 North Sam Houston Parkway Ea
HOUSTON TX 77060