Ultra makes $400-million move into Marcellus

摘要

Houston-based, Rockies-focused Ultra Petroleum Corp. (NYSE: UPL) plans to acquire approximately 80,000 net acres in the Pennsylvania Marcellus shale from an undisclosed private company for $400 million, further expanding its position into Appalachia.The assets include a 50% nonoperated working interest in 160,000 gross acres (43.75% net revenue interest per Ultra's interest) in Centre, Clinton and Lycoming counties in north-central Pennsylvania. Ultra estimates total resource potential of 3.5 trillion cu. ft. equivalent. Anadarko Petroleum Corp., Houston, (NYSE: APC) is operator.