Ultra Petroleum Corp
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| Englewood, Colorado-based '''Ultra Petroleum Corp.''' (UPL) is an oil and gas exploration and production company. Its [[Marcellus shale]] leases are exclusively in the northcentral [[Pennsylvania]] counties of Bradford, Lycoming, Potter, Sullivan and Tioga. | Englewood, Colorado-based '''Ultra Petroleum Corp.''' (UPL) is an oil and gas exploration and production company. Its [[Marcellus shale]] leases are exclusively in the northcentral [[Pennsylvania]] counties of Bradford, Lycoming, Potter, Sullivan and Tioga. | ||
| - | Ultra was reported in September, 2008 as having a 270,000 gross acre leasehold in Pennsylvania. {See update below). It had several wells either drilled or in the process of being drilled in Potter County, Pennsylvania in an isolated location approximately 20 miles west of Wellsboro called Marshlands. They are testing both the Oriskany and [[Marcellus shale]] horizons. One of two Oriskany test wells has potential estimated production of 5 million cubic feet per day. Ultra owns a 50% working interest. [[East Resources]] who operates the wells is an equal 50% joint venture partner with Ultra. | + | Ultra was reported in September, 2008 as having a 270,000 gross acre leasehold in Pennsylvania. (See update below). It had several wells either drilled or in the process of being drilled in Potter County, Pennsylvania in an isolated location approximately 20 miles west of Wellsboro called Marshlands. They are testing both the Oriskany and [[Marcellus shale]] horizons. One of two Oriskany test wells has potential estimated production of 5 million cubic feet per day. Ultra owns a 50% working interest. [[East Resources]] who operates the wells is an equal 50% joint venture partner with Ultra. |
| A May, 2009 report found Ultra applying to the [[Susquehanna River Basin Commission]] to withdraw water from Pine Creek in Tioga County, in north central Pennsylvania. The water was to be use for [[Hydro-fracturing|hydro-fracturing]] gas wells in the area. The Commission approved Ultra's withdrawal plan. | A May, 2009 report found Ultra applying to the [[Susquehanna River Basin Commission]] to withdraw water from Pine Creek in Tioga County, in north central Pennsylvania. The water was to be use for [[Hydro-fracturing|hydro-fracturing]] gas wells in the area. The Commission approved Ultra's withdrawal plan. | ||
Revision as of 18:18, 7 August 2009
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Englewood, Colorado-based Ultra Petroleum Corp. (UPL) is an oil and gas exploration and production company. Its Marcellus shale leases are exclusively in the northcentral Pennsylvania counties of Bradford, Lycoming, Potter, Sullivan and Tioga.
Ultra was reported in September, 2008 as having a 270,000 gross acre leasehold in Pennsylvania. (See update below). It had several wells either drilled or in the process of being drilled in Potter County, Pennsylvania in an isolated location approximately 20 miles west of Wellsboro called Marshlands. They are testing both the Oriskany and Marcellus shale horizons. One of two Oriskany test wells has potential estimated production of 5 million cubic feet per day. Ultra owns a 50% working interest. East Resources who operates the wells is an equal 50% joint venture partner with Ultra.
A May, 2009 report found Ultra applying to the Susquehanna River Basin Commission to withdraw water from Pine Creek in Tioga County, in north central Pennsylvania. The water was to be use for hydro-fracturing gas wells in the area. The Commission approved Ultra's withdrawal plan.
According to Ultra's second quarter, 2009 update, issued in early August, 2009, the joint venture with East Resources had drilled four net (eight gross) wells in the Oriskany sandstone. The company had already shot 100 square miles of 3-D seismic and planned to shoot another 92 square miles before the end of 2009. All told, this represented 40% of Ultra's acreage in northeast Pennsylvania.
At the time of the August report, Ultra and East Resources had drilled 13 vertical test wells and nine horizontal ones in the Marcellus shale formation. 7 of the wells had been completed and two were awaiting completion. A tenth horizontal was being drilled. The horizontal wells had laterals ranging from 3,500 to 4,000 feet. Each well was to be shared on a 50-50 basis with East with the latter continuing on as well operator. Several of the horizontal wells were producing to sales as was one of the vertical wells. Five of the horizontal wells had initial flow rates averaging 5.3 Mmcfe/d. East amd Ultra planned to drill 24 additional wells on their joint acreage by the end of 2009.
In Ultra's leasehold the Marcellus averages about 150 feet thick and the formation is at a depth of 4,000 to 7,000 feet. There is good pressure at this depth and the gas is dry. Gas production on Ultra's leasehold is considered to be as good as that of the sweet spot in the Barnett shale.
By August, Ultra's leasehold had increased to 320,000 gross and 170,000 net acres. The individual leases there are all largely contiguous. Ultra owns 100% of the lease on 30,000 acres. This wholly-owned land is on the Potter-Tioga County line. The acreage co-owned with East Resources is due east of the county line in Tioga County. It stands in an area 30 miles across and 40 miles wide. Ultra had pipeline capacity there of 80 Mmcf/d and planned to have a capacity of 300 Mmcf/d by the end of 2009. Ultra also expected to have 50 miles of gathering system installed by the end of 2009. Ultra had 4 pipeline interconnects: one was with Dominion South and three were with Tennessee.
Ultra had two wells on the 30,000 acres for which it owned all of the working interest. It planned to do micro seismic on these two wells in August, 2009.
- Mike Watford is Ultra's Chairman, President, and CEO.
- Sally Zinke is Director of Exploration.
- Mark Smith is the company's CFO.
- Bill Picquet is Vice President of Operations, Rocky Mountains.
