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Ultra Doubles Down on Pinedale Rigs; Will Add Fourth in Q4
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Ultra Petroleum reported its results for the third quarter of 2016.
Key Points: Since the end of the third quarter, Ultra added a third rig and plan for a fourth rig to move into the field in the next few weeks. Highlights include: Reduced lease operating expense to $0.29 per Mcfe, a 24% reduction from 2015, Increased cash balance to $343.5 million at September 30, 2016, Produced volumes of 69.3 Bcfe of natural gas and oil, and Generated operating cash flow(1) of $129.0 million. WyomingDuring the third quarter, Ultra Petroleum and its partners drilled 21 gross (14 net) Pinedale development wells and placed on production 50 gross (25 net) wells. The third quarter average initial production (IP) rate for new operated wells brought online was 8.1 million cubic feet equivalent (MMcfe)…
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