Ultra Petroleum reported on February 15th 2013 at its Q4 2012 Earnings Conference Call, that it’s Niobrara drilling results from El Paso County near Colorado Springs were disappointing. The company reported that core and log data indicate the presence of oil in the rock, however the Petroleum System is immature, under-pressured, and not commercial. The results have been verified by the completion of both a vertical and horizontal well. Ultra has acquired over 139,000 acres in the play and does not have any significant lease renewals coming up. Ultra will continue to monitor industry activity in the area but has no further plans for exploration in the area.
Click to listen to the Earnings Conference Call.