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.

Notes:
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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