Gulf Oil and Gas accountACCOUNT

Ultra Petroleum Operations in Marcellus Shale (Low)

Onshore Development & Production - Execution

Location  Pennsylvania - United States
Announced  12/30/2007
Scope  Ultra Petroleum had 500,000 gross (260,000 net) acres targeting Marcellus shale in five counties in north central Pennsylvania: Potter, Tioga, Clinton, Bradford, Centre and Lycoming counties. Ultra has 100% WI in almost 60,000 acres in Tioga and Potter Counties. The company has 50/50 JV working interest partners share in area of mutual interest (AMI) consisting of approximately 200,000 net acres.

The first production in the Marcellus horizontal program began in late July 2009.
The cost to drill and complete a horizontal Marcellus well during 2009 was $3.5 million.
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