Project Profile
Value: US$650 million
Location: Uinta Basin, northeast Utah, USA
Reserves: 90+MMBO
Production: Net production of 4,000 barrels of oil per day from 38 producing wells
Start-up Year: -
Ultra Petroleum Corp. has signed a definitive purchase and sale agreement to acquire oil-producing properties located in the Uinta Basin northeast Utah for US$650 million. Ultra Petroleum expects to finance the acquisition through debt at the subsidiary and parent level. Ultra anticipates the transaction will close December 2013, subject to closing adjustments and customary terms and conditions, with an effective date of October 1, 2013. As the operator with 100% working interest, the company will apply the same drilling techniques used in Pinedale due to similar geologic characteristics. Current net production of 4,000 barrels of oil per day from 38 producing wells, while net risked reserves are estimated at 90+MMBO.
Bill Barrett Corporation has entered into an agreement with an unaffiliated third party to sell certain non-core assets located in the Uinta Basin for cash proceeds of approximately US$30 million. (03/05/2016)
Operators:
Ultra Petroleum Corp.: Operator with 100% interest