Update on Ultra Pinedale horizontal well program
New well has more than doubled its historic field average
November 20, 2017
On November 15th, Ultra Petroleum Corp. (NASDAQ:UPL) issued an update on the performance of its two-mile horizontal natural gas well in the Pinedale Anticline. The well has doubled its historic field average.
On November 7th the Company announced a test rate of 21 million cubic feet equivalent per day (MMcfe/d) for its two-mile horizontal well targeting the Lower Lance A interval. Yesterday (Nov. 14), this well achieved a 24-hour test rate of 42 MMcfe/d. Flow-back parameters include a gas rate of 38 MMcf/d, a condensate rate of 700 barrels per day and a flowing casing pressure of 3,000 psi. This morning’s spot rate is 46 MMcfe/d.
"The well has steadily increased over the past week and remains on a controlled choke. With only 17% of the frac fluid recovered to date, and flowing pressures well above normal operating pressure, we expect to manage the flow-back for several more weeks," said Brad Johnson, Senior Vice President, Operations. "In addition to being excited about this well’s high productivity, we are also encouraged that it is generating a condensate yield of 18 barrels per MMcf, which is more than double the historic field average."
The Company is in the process of drilling two additional horizontal wells. Both wells are expected to be online by the end of January 2018.
Source: http://www.ultrapetroleum.com/phoenix.zhtml?c=62256&p=irol-newsArticle&ID=2317167 - Ultra Petroleum Provides Update on Horizontal Well, Asset Sales and Hedging Program, Ultra Petroleum Corp, 11/15/17