Ultra Petroleum is poised to unlock significant value in the Marcellus Shale by growing reserves and production.
Ultra Petroleum expanded its footprint across the United States to the Northeast, focusing on an emerging Marcellus Shale opportunity in Pennsylvania. As of year-end 2011, 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 with the potential for 2,500 future net wells and 9.5 Tcfe of net resource. Ultra has 100 percent working interest in almost 60,000 acres in Tioga and Potter counties. Ultra and its joint venture partners share an area of mutual interest (AMI) consisting of approximately 200,000 net acres with approximately 50/50 working interest. In 2008, Ultra began evaluating the play, subsequently initiating a horizontal drilling program in 2009 with encouraging early well results. Today, production from the region has grown to almost 20 percent of corporate annual natural gas volumes produced.