Ultra Petroleum Corp., Houston, has acquired nearly 100,000 acres targeting liquids in the Niobrara formation in the Denver-Julesburg basin in Colorado.
The company plans to drill and complete several Niobrara exploratory wells this winter. Inherent reservoir characteristics indicate significant resource potential in the leasehold, Ultra said.
The company said its new ventures team evaluated more than 125 projects to identify opportunities to complement its long-life, high-returning assets in Wyoming and Pennsylvania, and it chose the Niobrara as a potential third core area.