Project Profile
Value: Undisclosed
Location: Appalachian Basin, Potter, Tioga, Clinton, Centre and Lycoming counties, Marcellus Shale area, Pennsylvania, USA
Area: 500,000 gross (260,000 net) acres
Reserves: 7.4 Tcfe of proved, probable and possible (3P) reserves
Start-up Year: -
Ultra Petroleum expanded 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\'s independent reservoir engineering firm has identified 1,700 future net wells and 7.4 Tcfe of proved, probable and possible (3P) reserves. Production from the region has grown to nearly 30% 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.
Operators:
Ultra Petroleum Corp.: Operator with 100% interest