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Ultra Petroleum

Membership Level

Paradox

Company Type

Exploration & Production

Utah Office

Corporate Office

304 inverness Way South, Suite 295
Englewood, CO 80112

Key Contacts

Mary Sharon Balakas, Director of Land
(303) 645-9828

Company Profile

Ultra Petroleum is a natural gas focused company with primary operations in southwest Wyoming.
Ultra Petroleum is an independent exploration and production company focused primarily on developing its long-life natural gas reserves in the Pinedale and Jonah Fields of Wyoming’s Green River Basin. In addition, Ultra has an oil development project underway in the Three Rivers Field of Utah’s Uinta Basin, and a second natural gas position in the Marcellus Shale Play of Pennsylvania’s Appalachian Basin.
In Wyoming, Ultra controls more than 104,000 gross (68,000 net) acres in and around the prolific Pinedale and Jonah Fields.  The two field complexes produce from the Upper Cretaceous aged Lance and Mesaverde Formations, and together cover an area 30 miles long by 6 miles wide.  In 2015 they combined to produce an average of 725 million cubic feet equivalent of natural gas per day.  Ultra is the top natural gas producer in the State of Wyoming.

In Utah, Ultra controls approximately 9,000 gross (8,600 net) acres in the Eocene-aged Lower Green River Formation oil play.  Ultra is the sole operator in the field with 100% working interest.  The property is well delineated with a waterflood pilot project currently underway to assess secondary recovery potential.
In Pennsylvania, Ultra controls over 149,000 gross (74,000 net) acres in the Devonian-aged Marcellus Shale gas play.  This asset provides long term gas optionality with additional proven gas potential in the shallower Geneseo Formation and significant exploration potential in the rapidly expanding Utica Formation play.

The company’s head office is in Houston, Texas, with an operations office in Denver, Colorado and field offices in Pinedale, Wyoming and Vernal, Utah. Ultra Petroleum stock trades over-the-counter under the symbol "UPLMQ”.

Uinta Basin
Ultra Petroleum’s Uinta Basin asset consists of 8,000 acres over the Three Rivers Field in northeast Utah’s Uintah County. Ultra is the sole operator of the properties with 100% working interest.  Wells drilled to date have assessed the entire leasehold position and broadly de-risked the acreage.  Still in the early phase of unlocking the resource, the company is evaluating geologic and engineering data and conducting a waterflood project.  The company has identified over 100 MMBOE of total net resource.

Ultra Petroleum’s high quality acreage is in the expansive Lower Green River oil play in northeast Utah.
Ultra’s high quality leasehold in Three Rivers Field is located in northeast Utah near the town of Vernal in Uintah County. It lies in the middle of the Lower Green River oil play in the eastern part of the Uinta Basin, bounded by the Uinta Mountains to the north, the Wasatch mountains to the west, and the West Tavaputs Cliffs to the south.

Oil production in Three Rivers Field comes from a stacked series of sandstones and limestones in the Eocene–aged Lower Green River formation. Lower Green River Formation sediments were deposited around 50 million years ago in ancient Lake Uinta, a large, shallow, land-locked lake. The productive interval in Three Rivers Field is over 1,800 feet thick, containing oil generated from interbedded organic-rich carbonates, as well as from deeper source beds located north and west of the field.

Structurally, the field is very simple with reservoir beds dipping gently to the north at 2 to 3 degrees. There are no major faults in the field, but borehole image logs indicate a natural fracture network that likely contributes to enhanced production performance. Thicker and better developed sands occur in the northwest part of the field and generate higher production rates and volumes in that area.

Ultra is utilizing surface pad technology to develop the field, drilling multiple vertical wells from individual pad sites strategically located on the leases.  Drilling to date has assessed the majority of the leasehold position, with well depths ranging from 6,500 feet in the southern part of the field to approximately 7,500 feet in the northern part.  Numerous stacked reservoirs in the pay interval make vertical wells the most efficient method of development coupled with multi-stage fracture stimulation completions and artificial lift technologies.  The company continues to evaluate geological and well performance data to better understand the resource, and currently has a waterflood pilot underway to assess the viability of secondary recovery in the field.

Ultra entered the Uinta Basin through its acquisition of Three Rivers Field in late 2013. At the time of acquisition, the field had 37 wells producing 3,900 barrels of oil per day from the Lower Green River Formation. Ultra ramped up development during 2014 and early 2015, bringing the well count up to 122 producing wells. The company grew production to 11,000 equivalent barrels of oil per day before slowing its activity due to falling oil prices in early 2015.

Updated 12-2017