Recent advancements in drilling and completion technologies have provided the means necessary to economically extract the natural resources from the Marcellus Shale.
Ultra Petroleum first acquired acreage in 2001 with plans to develop deeper-horizon plays. The first well was drilled in 2005; subsequently, the Company continued to acquire additional acreage, seismic and geologic data in the area to evaluate the potential for success. Based on results from the wells drilled thus far and ongoing geological, geophysical and engineering studies, the Company is optimistic about adding a second core property that possesses the cost structure, margins and scale essential to the Company’s business model of growing profitably and delivering industry-leading returns.
