Aug. 14, 2014, 8:44 AMUltra Petroleum to acquire Pinedale properties from Shell in exchange for Marcellus Shale properties and $925M
- Ultra Petroleum (NYSE:UPL) agrees to acquire all Pinedale field properties from Royal Dutch Shell (RDS.A, RDS.B) affiliate SWEPI in exchange for a portion of UPL's Marcellus Shale properties and $925M in cash.
- Shell's interest in the Pinedale field in Wyoming produces ~189M cfe/day of natural gas and condensate; as a result of the deal, UPL will operate 1,577 gross wells, or ~68% of the Pinedale field.
- In exchange, Shell will receive $925M and ~155K net acres in the Marcellus Shale, which produces ~100M cfe/day of natural gas.
Oct. 21, 2013, 7:40 AM
- Ultra Petroleum (UPL) agrees to acquire oil-producing properties located in the Uinta Basin in Utah for $650M.
- The company says the asset is cash flow positive starting in year one and completely pays for itself in five years followed by decades of free cash flow.
- UPL plans to finance the deal through debt at the subsidiary and parent level.
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