Piceance Basin: Colorado



As of January 2013, our Piceance Basin position consisted of approximately 260 producing wells, associated pipeline and equipment, and 60,000 net acres of leasehold. The Piceance is predominantly a gas producing province. However, Ursa’s position contains some of the most liquid rich gas in the basin. Portions of Ursa’s acreage have condensate yields as high as 25 Bbl/Mmcf and NGL yields as high as 50+ Bbl/Mmcf. Our primary development target is the Williams Fork (Mesa Verde) reservoir. This is a well established reservoir with highly repeatable results. Secondary targets include the Mancos and Niobrara. Recent well results from WPX indicate that the Niobrara could be a highly prospective resource play in this basin. Ursa sees tremendous upside in the Piceance associated with enhanced completion design and horizontal development. Ursa understands the environmental and community concerns associated with development in this area and is committed to engaging with local stakeholders.

Ursa Piceance Basin
Garfield County, Colorado



Key Highlights -
391 Producing wells = baseline portfolio of strong cash flow

35% Liquids = Gas & NGL upside exposure with a liquid balance

1 TCF+ Proved Reserves =Large future development portfolio

5 TCF+ Resource potential = A long and prosperous future of clean natural gas ahead
60,000 net mineral acres under lease

Average WI=96% on existing development wells

All acreage with proved undeveloped drilling locations is predominantly held by production
Ursa composes full field development plans for its asset base. These long term plans ensure proper stewardship of the resource and the environment. The plans are then translated into the current year budget plan. For 2016, Ursa plans to and drill approximately twenty (40) new vertical development wells.
The Piceance Basin is, and will continue to be, an extremely important source of gas for the United States of America. Natural gas is abundant, clean, and comparatively inexpensive to other energy sources. It should be a cornerstone of our national energy supply plans.

Ursa believes that its position in the Piceance could yield up to 5 TCF of natural gas in the long term. This is a significant amount of gas that could be supplanting high carbon coal or foreign oil imports. When it comes to energy policy, Ursa strives to be part of the dialogue, and part of the solution.



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