Ultra Petroleum successfully drills 2-mile horizontal well on Pinedale Anticline
by Pinedale Online!
November 12, 2017
Ultra Petroleum announced their 3rd Quarter 2017 results in a press release on November 7, 2017. One of the highlights they mention is the successful drilling and completion of a two-mile horizontal well on the east flank of Pinedale. They report this is currently flowing at 21 MMcfe/d (10% condensate) and increasing. Their production is up 6% compared to the second quarter of 2017.
Pinedale Horizontal Program Update
The Company recently drilled and completed a two-mile horizontal well on the east flank of Pinedale. This well targeted the Lower Lance A section and encountered significant gas shows throughout the entire 10,300’ lateral. Flowback was initiated on November 1st and the well is currently flowing at 21 MMcfed (10% condensate) and is still increasing. The Company expects the clean-up period of the flow-back operation to continue for 2-3 weeks. The total well cost is estimated at $9 million, which is expected to decrease over time as more horizontals are drilled.
Currently, the Company is drilling another horizontal well on the east flank that is targeting a deeper interval in the Mesaverde formation. This well should be drilled and completed by year-end 2017. A third well, designed as a half-mile offset to the recent well in the Lower Lance A, is scheduled to spud by the end of December 2017.
Wyoming Operations
During the third quarter, the Company and its partners brought online 63 gross (45.2 net) vertical wells in Pinedale with an average initial production (IP) rate for new operated vertical wells brought online of 6.8 million cubic feet equivalent (MMcfe) per day. The average condensate yield from these third quarter wells was 10.5 barrels per million cubic feet (MMcf). Contributing to this increase in production and activity was the Company’s ramp up to eight operated rigs in Pinedale by the end of August.
The Company averaged 8.4 days to drill an operated vertical well in the third quarter, as measured by spud to total depth (TD). This compares to 9.4 days to drill an operated vertical well in the second quarter. The decreased cycle time of one day reflects improved efficiencies now that the new rigs have been fully integrated into the fleet. Total days per vertical well, measured by rig-release to rig-release, averaged 10.6 days in the third quarter, which compares to 11.4 days in the second quarter of 2017.
Ultra Petroleum Corp. is an independent exploration and production company focused on developing its long-life natural gas reserves in the Green River Basin of Wyoming – the Pinedale and Jonah Fields. In addition, Ultra Petroleum currently has an oil development project underway in the Uinta Basin, Three Rivers area in Utah. Maintaining natural gas optionality, Ultra has a position in the heart of the Marcellus shale in the Appalachian Basin of Pennsylvania.
Click on this link to read Ultra’s full 3rd Quarter report: Ultra Petroleum Announces Third Quarter 2017 Results, Successful Horizontal Well and Updated Investor Presentation
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