Ultra Petroleum reports 3rd Quarter growth
Had 11 operating rigs drilling in the Pinedale Field; Wyoming growth increased 26% from same period in 2006
November 3, 2007
Ultra Petroleum Corp. reported 22% organic production growth in the third quarter of 2007. Total production in the third quarter was 28.7 billion cubic feet equivalent (Bcfe) which compares to 23.6 Bcfe in the third quarter of 2006, including China operations. Third quarter 2007 production in Wyoming alone, at the company's core asset, increased 26% from the same period in 2006.
During the third quarter of 2007 there were 54 gross (25.0 net) new producing wells in Wyoming. Since the first of the year 144 gross (67.5 net) new producing wells were placed on production. This compares to 90 gross (42.2 net) for the same time period in 2006.
The average 24-hour delivery rate of the new Pinedale wells was 8.7 million cubic feet of gas per day (Mmcfg) with a maximum of 22.1 Mmcfg per day. The maximum was achieved on the Ultra operated Mesa 2B-34D. The average of the Ultra operated wells was 9.8 Mmcfg per day while the average of the Ultra interest non-operated wells was 8.0 Mmcfg per day.
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