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Altamont

The Uinta Basin, located in northeastern Utah, has produced 577 MMBbls since its discovery in 1949 and is made up of naturally fractured, tight oil sands with multiple zones. Our operations in the Basin are focused on developing the Altamont Field (including the Bluebell and Cedar Rim fields), which is the largest field in the basin. We own 172,293 net acres in Duchesne and Uinta Counties, making us the largest lease owner in the Altamont Field.

Since their discovery, the Altamont, Bluebell, and Cedar Rim fields have produced a combined total of over 300 MMBbls from the oil-rich Wasatch and Green River sandstones. With gross thicknesses over 4,300 feet across multiple sandstone and carbonate intervals, the Wasatch and Green River formations are ideal targets for low-risk, infill, vertical drilling and modern fracture stimulation techniques. The commingled production from over 1,500 feet of net stimulated rock results in initial 30-day oil production rates of up to 900 Boe/d.

Our current activity is mainly focused on the development of our vertical inventory on 160-acre spacing. We have identified an inventory of 1,104 drilling locations, including 758 vertical locations and 346 horizontal locations. The industry is currently piloting 80-acre vertical downspacing programs in the Wasatch and Green River formations and horizontal development programs in the multiple shale and tight sand intervals. Because our acreage in the area is largely held-by-production, if these programs are successful, it will result in additional vertical and horizontal drilling opportunities that could be added to our inventory of drilling locations.