Ultra Reports Exploration Success in Pennsylvania
Ultra Petroleum Corp. said that its Marshlands #1 exploration well in Tioga County, Pa. is on-stream producing natural gas.
Production over the last 4 weeks has stabilized at 3 million cubic feet per day at 3,800 pounds flowing casing pressure. Consistent with this exploration success, Ultra would like to announce a significant increase in its acreage position in the play. Current gross acreage totals approximately 246,617 acres, up from 26,868 at year-end 2005. Development plans call for up to two additional wells to be drilled later this year.
Additionally, the company’s board has elected Stuart E. Nance as an officer to the company with the title of vice president-marketing. Nance joined Ultra in 2002 as director of oil and gas marketing, bringing with him more than 25 years of experience in product marketing and land management. He has demonstrated superior commercial skills and focused strategy development in directing's rapidly expanding marketing efforts.
"We are encouraged by the successful results of our long-awaited first deliveries of gas from our Marshlands #1 well,” said Michael D. Watford, Ultra’s chairman, president, and CEO. “The increase in our acreage position underscores our confidence. Also, I look forward to Stuart joining the executive team with his integrity, capability and track record continuing to serve the corporation and our shareholders.”
Ultra Petroleum is an independent, exploration and production company focused on developing its long-life natural gas reserves in the Green River Basin of Wyoming and oil reserves in Bohai Bay, offshore China. It is listed on the American Stock Exchange under the symbol "UPL" with 155,244,664 shares outstanding as at March 31, 2006.
- Houston Court Cuts into Delaware's Bankruptcy Business (May 11)
- Midstates Petroleum, Ultra File for Bankruptcy Amid Weak Oil Price (May 02)
- Oil Boom Built on Junk Debt Sees $19B Default Wave (Mar 11)