Ultra Petroleum Corp. operates as an independent oil and gas company. The company engages in the acquisition, exploration, development, production, and operation of oil and natural gas properties. The company’s principal business activities are developing its long-life natural gas reserves in the Green River Basin of southwest Wyoming — the Pinedale and Jonah fields, its oil reserves in the Uinta Basin in northeast Utah and its natural gas reserves in the north-central Pennsylvania area of the Appalachian Basin. Oil and Gas Properties The company targets sands of the upper Cretaceous Lance Pool in the Pinedale and Jonah fields. The Lance Pool, as administered by the Wyoming Oil and Gas Conservation Commission, includes sands of the Lance formation at depths between approximately 8,000 and 12,000 feet; and the Mesaverde formation at depths between approximately 12,000 and 14,000 feet. The company’s operations in the Uinta Basin in Utah have focused on developing its oil-producing properties and undeveloped acreage covering approximately 9,000 net acres. The primary geologic target is the Eocene aged Green River formation found between subsurface depths of approximately 4,000 and 7,500 feet. The company’s operations in north-central Pennsylvania have focused on its position in the Devonian aged Marcellus Shale and other horizons at depths between approximately 4,500 and 8,500 feet. The company’s assets are located primarily in Lycoming, Clinton and Centre counties. As of December 31, 2015, the company owned interests in approximately 150,000 gross (74,000 net) acres in Pennsylvania. Exploration and Production Green River Basin, Wyoming As of December 31, 2015, the company owned oil and natural gas leases totaling approximately 104,000 gross (68,000 net) acres in southwest Wyoming’s Green River Basin. Most of this acreage covers the Pinedale and Jonah fields. Of the total acreage position in Wyoming and as of December 31, 2015, approximately 32,000 gross (21,000 net) acres were developed, and 72,000 gross (47,000 net) acres were undeveloped. The company operates 90% of its acreage position in the Pinedale field and 87% of its production. The company owns 73 leases totaling 80,000 gross (53,000 net) acres that are held by production and activities (HBP). The HBP acreage includes all of the company’s leases within the productive area of the Pinedale and Jonah fields. Development Wells: During 2015, the company participated in drilling 184 gross (132.3 net) productive development wells on the Green River Basin properties. As of December 31, 2015, there were 14 gross (9.9 net) additional development wells that commenced during 2015 and were either still drilling or had operations suspended at a depth short of total depth. Exploratory Wells: During 2015, the company participated in drilling a total of 7 gross (3.8 net) productive exploratory wells on the Green River Basin properties. As of December 31, 2015, there was 1 gross (0.3 net) additional exploratory well that commenced during 2015 that was either still drilling or had operations suspended at a depth short of total depth and thus a determination of productive capability could not be made at year-end. Uinta Basin, Utah As of December 31, 2015, the company owned oil and natural gas leases covering 9,000 gross (9,000 net) acres in the Uinta Basin. This acreage is located in Uintah County in the eastern portion of the Uinta Basin. As of December 31, 2015, approximately 4,000 gross (4,000 net) acres were developed, and 5,000 gross (5,000 net) acres were undeveloped. The company operates 100% of the properties. The company owns approximately 7,000 gross (7,000 net) acres held by production or activities in Utah. Development Wells: During 2015, the company participated in drilling a total of 14 gross (14.0 net) productive development wells on the Utah properties. Exploratory Wells: During 2015, the company participated in drilling a total of 5 gross (5.0 net) productive exploratory wells on the Utah properties. Waterflood: In 2015, the company initiated a pilot waterflood project in the Utah asset. The company plans to continue
ultra petroleum corp (UPM:Frankfurt)
400 North Sam Houston Parkway East
Houston, TX 77060
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