Ultra Petroleum (UPL) reported earnings for the first quarter of 2010, and held a conference call to discuss the results. During the call, the company made comments on its activities in the Marcellus Shale in Pennsylvania.
Ultra Petroleum has seen excellent results from the horizontal wells that it has drilled on its acreage in the Marcellus Shale.
“Since Q2 2009, Ultra has drilled or participated in a total of 74 horizontals, 20 vertical Marcellus wells. Currently, 41 of these horizontal wells have been completed and 22 are producing. The average IP rate for these horizontal Marcellus wells is over 7.7 million cubic per day. The average 30-day production rate for these wells is in excess of 4.6 million cubic feet per day, with the highest average 30-day rate at 7.86 million cubic feet a day.”
“In the first quarter of 2010, Ultra drilled or participated in the drilling of a total of 26 horizontal wells. Our drilling and completion programs have continued, and we have added an additional 13 drilled wells since the end of Q1.”
“The highest IP of these three wells was over 13.5 million cubic feet a day. We expect to drill an additional 110 horizontal Marcellus wells, 70 net and 90 -- 45 net vertical wells in the remainder of 2010.”
Source: Seeking Alpha