Approximately 80,000 (net) acres in the Pennsylvania Marcellus Shale has been acquired through a purchase and sale agreement by Ultra Petroleum. Through this acquisition UPL will hold approximately 250,000 net acres in this region, with the potential for 1,800 net drilling locations.
"We are strategically increasing the scale of our Marcellus position with assets that rival the returns of our current acreage. With this acquisition, we believe that our net recovered resource in the Marcellus alone will exceed 8.5 trillion cubic feet equivalent (Tcfe), an increase of 3.5 Tcfe from current estimates," stated Michael D. Watford, Chairman, President and Chief Executive Officer.
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About Ultra Petroleum
Ultra Petroleum Corp. is an independent exploration and production company focused on developing its long-life natural gas reserves in the Green River Basin of Wyoming – the Pinedale and Jonah Fields; and is in the early stages of exploration in the Appalachian Basin in Pennsylvania. Ultra is listed on the New York Stock Exchange and trades under the ticker symbol "UPL". The company had 151,443,094 shares outstanding on November 30, 2009.
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