Ultra backing off drilling near Colorado Springs

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Associated Press

Posted on March 5, 2013 at 2:02 AM

Updated Tuesday, Mar 5 at 8:32 AM

COLORADO SPRINGS, Colo. (AP) — Ultra Petroleum Corp. has no immediate plans to drill for oil and natural gas in the Colorado Springs area, with CEO Michael Watford calling results from three test wells in eastern El Paso County "disappointing."

The Gazette reports (http://bit.ly/Y9v6kc ) Watford told stock analysts last month that test results showed oil in the rocks was immature and not commercial.

The Houston-based energy company owns most of the Banning Lewis Ranch in eastern Colorado Springs. It said in a regulatory filing that it has leased 154,000 acres in El Paso County with leases on 2,000 acres expiring later this year.

The company says it plans to monitor industry activity in the region.

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Information from: The Gazette, http://www.gazette.com

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