Ultra to spend $650M to acquire Utah producing properties

10/21/2013 | Oil & Gas Journal

Ultra Petroleum will spend about $650 million to buy assets in Utah's Uinta basin from an undisclosed company. The transaction covers 38 wells that produce 4,000 barrels per day of oil and 575 future well locations. Ultra will "apply the same drilling techniques used in Pinedale (Wyoming) due to similar geologic characteristics," the company said.

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