Ultimate recovery factor (URF) becomes one of the main concerns for engineers to develop a field related to production optimization and economic feasibility. Estimating value of the ultimate recovery factor with sufficient accuracy is significant to predict the recoverable oil. In order to obtain the good ultimate recovery factor estimation, this paper intended to examine a related correlation, i.e. Guthrie and Greenberger. This paper investigates the recovery factor equation of Guthrie and Greenberger, for water-drive oil fields. There are five variables which affect the recovery factor: k (permeability), Swi (initial water saturation), uo (oil viscosity), f(porosity), and h (net pay). This study applies reservoir simulation study method to obtain the recovery factor values using field data. Finishing the initialization and history matching process, sensitivity analysis of the above variables were conducted to produce a new recovery factor equation. A new proposed equation in order to obtain more accurate ultimate recovery factor equation based on Guthrie and Greenberger general type of equation is introduced. The resulted equation is able to improve accuracy of the previous ultimate recovery factor equation more than 90%.