Ultra boosts Pennsylvania Marcellus stake

By OGJ editors
HOUSTON, Jan. 4
-- Ultra Petroleum Corp., Houston, plans to buy 80,000 net acres prospective for Devonian Marcellus shale gas in central and northern Pennsylvania from an undisclosed private company.

The $400 million deal, expected to close in late February and retroactive to Oct. 1, 2009, will boost the company’s holding in the play to 250,000 net acres with the potential for 1,800 net drilling locations, said Michael D. Watford, chairman.

“With this acquisition, we believe that our net recovered resource in the Marcellus alone will exceed 8.5 tcfe, an increase of 3.5 tcfe from current estimates,” Watford said.

Ultra Petroleum drilled 30 Marcellus horizontal wells in 2009, 13 of which were producing in late December. Initial production rates for the producing wells average 7.5 MMcfd, and preliminary estimated ultimate recoveries range from 3.5 to 4 bcf.

The company started 2009 with 288,000 gross (152,000 net) acres in the Marcellus. Through a combination of land acquisitions and swaps, including the acquisition to close in February, it has added more than 192,000 gross acres, nearly doubling its position to 480,000 gross (250,000 net) acres.

The company’s expanding core position is concentrated around Tioga, Bradford, Lycoming, Potter, Clinton, and Centre counties.

Related Articles

Shell completes Marcellus, Utica acquisition

09/26/2014 Royal Dutch Shell PLC has completed a previously reported deal in which it acquires 155,000 net acres in the Marcellus and Utica areas of Pennsylva...

Shell reshuffles US shale assets in two major deals

08/14/2014 Royal Dutch Shell PLC has agreed to two separate transactions in which it will exit its Pinedale and Haynesville onshore gas assets in exchange for...

Ultra Petroleum selects senior vice-president

04/01/2014 Ultra Petroleum Corp., Houston, has appointed Brad Johnson to succeed William Picquet, who will retire from the company at the end of the month, as...

Ultra to buy Uinta basin oil producing properties

10/21/2013 Ultra Petroleum Corp., Houston, will acquire oil producing properties in Utah’s Uinta basin that Ultra said will provide “exceptional returns at oi...

Low-quality pay could hike Pinedale reserves

08/06/2008 The placing on production of low-quality pay zones at giant Pinedale gas-condensate field in northwest Wyoming could increase the original gas in p...

BLM posts final EIS for Pinedale Anticline area

06/30/2008 The final supplemental environmental impact statement for the Pinedale Anticline Project Area in Wyoming is available, the US Bureau of Land Manage...

Ultra Petroleum sets $755 million capital budget

02/22/2008 Houston independent Ultra Petroleum Corp. approved a 2008 capital budget of $755 million compared with $714.5 million spent in 2007.

Pinedale deep test flares gas from Blair

10/31/2007 Ultra Petroleum said its Mesa 10D-33 deeper pool wildcat in Wyoming's giant Pinedale field is at 17,504 ft and has been flaring gas continuously wh...

Singapore Petroleum to acquire Sino-American Energy

09/28/2007 Singapore Petroleum Co. has acquired several producing properties in the shallow waters of China's Bohai Bay through its $223 million acquisition o...
White Papers

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...
Available Webcasts


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

When Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST



On Demand

Prevention, Detection and Mitigation of pipeline leaks in the modern world

Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST


Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


US Midstream at a Crossroads

Fri, Mar 6, 2015

Oil & Gas Journal’s Mar. 6, 2015, webcast will focus on US midstream companies at an inflection point in their development in response to more than 6 years shale oil and gas production growth. Major infrastructure—gas plants, gathering systems, and takeaway pipelines—have been built. Major fractionation hubs have expanded. Given the radically changed pricing environment since mid-2014, where do processors go from here? What is the fate of large projects caught in mid-development? How to producers and processors cooperate to ensure a sustainable and profitable future? This event will serve to set the discussion table for the annual GPA Convention in San Antonio, Apr. 13-16, 2015.

This event is sponsored by Leidos Engineering.

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected