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Ultra Hits 1Q Guidance with Pinedale, Jonah Fields Assist

Ultra Petroleum Corp. produced 803 MMcfe/d in the first quarter, exceeding the midpoint of its 790-810 MMcfe/d guidance and increasing volumes by 13% from the year-ago period.

The producer said in an update first quarter volumes included 68.2 Bcf of natural gas and 677,800 bbl of oil and condensate. While an improvement from 1Q2017, output was down from 70.1 Bcf and 736,600 bbl in the fourth quarter.

The Houston producer operates primarily in the Pinedale Anticline and Jonah fields of Sublette County, WY, where it has more than 69,000 net acres. First quarter financial results are scheduled to be issued on May 10.

Ultra sold the last of its Marcellus Shale assets late last year to an affiliate of Alta Resources LLC. The company also said at the time it was marketing its 8,000 acres in the Uinta Basin of Utah.

The company, which emerged from bankruptcy early last year, also said its bank group has reaffirmed its $1.4 billion borrowing base.

 

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