Ultra Petroleum Announces Second Quarter 2018 Results, Provides Update on Horizontal and Vertical Program
ULTRA PETROLEUM CORP COMMON (UPL)
Last ultra petroleum corp common earnings: 5/9 06:00 am
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US:NYSE Investor Relations:
ultrapetroleum.com
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Source: GlobeNewswire
HOUSTON, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Ultra Petroleum Corp. (NASDAQ: UPL) announces financial and operating results for the quarter ended June 30, 2018. Financial and Operating Highlights: Second quarter production of 70.9 Bcfe increased 6% compared to second quarter 2017, Drilled and completed 11 horizontal wells targeting multiple intervals within the Lower Lance formation, Increased intervals within the Lower Lance formation from four to five, with each interval further subdivided into two distinct zones to land horizontals, The six horizontal wells the Company drilled in the Lower Lance A1 zone (90 feet below the top of the Lower Lance) had an average 24-hour IP rate of 27.3 MMcfe/d with other targeted zones providing more variable results, Brought 18 vertical wells online with highest average 24-hour IP rate over the last seven quarters at 8.8 MMcfe/d,Plan to run 3 operated rigs (1 horizontal and 2 vertical) for remainder of 2018 to focus on free cash flow generation un
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