Ultra Petroleum Pays $650M For Utah Oil Fields

Law360, New York (October 21, 2013, 1:00 PM EDT) -- Ultra Petroleum Corp. announced Monday that it will buy acquire oil-producing properties in the Uinta Basin in northeast Utah for $650 million, boosting the Houston-based oil exploration company’s holdings in the U.S.

The properties that Ultra is acquiring have a current net production of 4,000 barrels of oil per day from 38 producing wells and will serve as an operated asset with 100 percent working interest, the company said in a statement. The properties, which are part of Ultra’s Three Rivers Project, have a net risked...
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