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|About the Marcellus Shale||History|
Ultra Petroleum is poised to unlock significant value in the Marcellus Shale, one of the largest domestic resources of natural gas in the U.S.
Ultra Petroleum expanded its footprint across the United States to the Northeast, focusing on the Marcellus Shale opportunity in Pennsylvania. In 2008, Ultra began evaluating the play, subsequently initiating a horizontal drilling program in 2009 with encouraging early well results.
As of year-end 2012, Ultra Petroleum’s Marcellus position consists of 500,000 gross (260,000 net) acres of leases across five counties in north central Pennsylvania: Potter, Tioga, Clinton, Centre and Lycoming counties. Ultra operates over 60,000 net acres and shares an area of mutual interest (AMI) with two joint venture partners consisting of approximately 200,000 net acres. Ultra Petroleum's drilling program has successfully assessedn early its entire leasehold position with the company's engineering and geoscience teams working collaboratively to broadly evaluate and de-risk the acreage position.
Ultra's independent reservoir engineering firm has identified 1,700 future net wells and 7.4 Tcfe of proved, probable and possible (3P) reserves. Today, production from the region has grown to nearly 30 percent of corporate annual natural gas volumes produced.
A second shale natural gas play, in the slightly shallower Geneseo formation, is gaining momentum in northern Pennsylvania. Early well results indicate this play extends under large portions of Ultra's Pennsylvania leasehold position. The company has identified over 3 Tcfe of net risked resource potential additive to the company's 3P reserve base.