Posted: Mar 5, 2013 3:33 PM by Elaine Sheridan/Maddie Garrett
Updated: Mar 5, 2013 3:44 PM
The well has run dry so to speak. Ultra Resources is pulling out of its drilling operations in El Paso County.
The Houston based company has stopped looking for oil and gas in the Banning Lewis Ranch area, after the exploratory wells failed to turn up enough oil for commercial drilling.
Ultra has several permits for hydraulic fracturing , also known as fracking , within the county.
El Paso County says Ultra told them that they will not drill anywhere in the county because it would be uneconomic.
"What I can tell you is that knowing that this was an exploratory well it is not surprising that this is the result, " said Diana May, who serves as El Paso County's Local Government Designee with the Colorado Oil and Gas Conservation Commission.
Another company, Hilcorp is also fracking in eastern El Paso County, but they have not said whether or not their results were positive.