Ultra Petroleum (UPL) discussed the Marcellus Shale during its quarterly earnings conference call held on July 30, 2010. The company is accelerating development in the Marcellus Shale and has seen excellent results to date on its acreage.
Ultra Petroleum hinted during the call that based on recent results of developed wells, the company may raise the estimated ultimate recovery (EUR) for wells on its Marcellus Shale properties.
“Well declines have been flatter than we originally projected in our 3.75 Bcf EUR-type curve… If the trend continues, we will likely push our EUR estimates upward.”
“The producing rate for our wells on their 60th-producing day is currently averaging 3 million cubic feet per day. This is a factor that speaks to the flatter decline rates.”
“Our results in the newly acquired acreage in Clinton and Centre counties where we're partnering with Anadarko are confirming our view that the resource will be more prolific in this area. We have previously stated that we expect EURs in this area to average about 5 Bcfe per well. So far, we have initial flow test on four wells averaging in excess of 7 million cubic feet per day.”