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Operator Adds 4th Rig To Pinedale; Well Cost Down 10%
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Ultra Petroleum provided the following Q3-2016 update:
Since the end of the third quarter, we have added a third rig and plan for a fourth rig to move into the field in the next few weeks. The average cost of $2.6 million to drill and complete a well in Pinedale was maintained during the third quarter, which represents a 9% decrease when compared to $2.85 million per well in the third quarter of 2015.
Reorganization Update
The company continued to make progress during the quarter in its in-court financial restructuring process. As previously reported, the company stabilized its business operations through various operational, first-day motions and orders, and has continued production operations and its development program with no interruptions.
2016 Guidance
Capital Expenditures: The capit…
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