Ultra Petroleum Provides Update on Horizontal Well, Asset Sales and Hedging Program
ULTRA PETROLEUM CORP COMMON (UPL)
Last ultra petroleum corp common earnings: 5/9 06:00 am
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ultrapetroleum.com
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Source: GlobeNewswire
HOUSTON, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Ultra Petroleum Corp. (NASDAQ:UPL) announces the following updates: Pinedale Horizontal Program Update Last week, the Company announced a test rate of 21 million cubic feet equivalent per day (MMcfe/d) for its two-mile horizontal well targeting the Lower Lance A interval. Yesterday, this well achieved a 24-hour test rate of 42 MMcfe/d. Flow-back parameters include a gas rate of 38 MMcf/d, a condensate rate of 700 barrels per day and a flowing casing pressure of 3,000 psi. This morning’s spot rate is 46 MMcfe/d. “The well has steadily increased over the past week and remains on a controlled choke. With only 17% of the frac fluid recovered to date, and flowing pressures well above normal operating pressure, we expect to manage the flow-back for several more weeks,” said Brad Johnson, Senior Vice President, Operations. “In addition to being excited about this well’s high productivity, we are also encouraged that it is generating a condens
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