Ultra Petroleum’s horizontal drilling program in El Paso County, Colorado is on hold pending drill core analysis results from three wells that were drilled and cased earlier this year. The announcement that the core results are expected in November 2012 was given at the Johnson Rice Energy conference on October 2nd, 2012 in their Investor Presentation.
Ultra Petroleum has accumulated over 136,000 net acres of Niobrara Play acreage with a majority of the acreage located in El Paso County. The company’s acreage position includes leases on the Banning Lewis Ranch. Ultra has over 21 square miles of 3D seismic data and has estimated that it has the potential to recover over 200,000 – 400,000 Bbls of oil per well.