Ultra Petroleum Corp. Re-Affirms Production Guidance for the Fourth Quarter of Fiscal 2017; Provides Update on Horizontal Well Program in Pinedale
The company announced another successful horizontal well on the east flank of Pinedale. The Warbonnet (WB) 9-23 M-1H well is Ultra's first horizontal well to target the Mesaverde formation and produced at 17 MMcfed (10% condensate). The one-mile lateral was drilled to a total measured depth (MD) of 19,115 feet, which is approximately half the lateral length of the announced WB 9-23-A1H. With an average true vertical depth of 13,566 feet and estimated bottom-hole pressures of 11,400 psi, the resulting pressure gradient of 0.84 psi/ft is the highest among producing intervals in Pinedale. The company has also drilled and cased the WB 9-23 A-2H, an 11,000' lateral in the Lower Lance A interval. The well encountered significant gas shows and a net-to-gross sand percentage of 78%. The well was drilled one half-mile north of the WB 9-23-A1H, the well that posted an initial production rate of 51 MMcfed last quarter and recently produced a cumulative volume in excess of 3 Bcfe in its first 90 days of production. The A-2H well targeted the same stratigraphic interval and was drilled to a total depth of 22,690' MD. The spud-to-rig-release cycle time of 25 days was 7.5 days faster and the costs to date are $0.6 million less than the costs to drill and case when compared to the A-1H well. The company plans to complete and bring on-line the A-2H well in February.