Ultra Petroleum Takes $650M Stake In Utah's Uinta Basin

The properties are located in the Uinta Basin in northeast Utah. Company officials say the properties currently produce about 4,000 barrels of oil per day from thirty-eight wells. The deal gives Ultra a 100% working interest in the tract.

Company CEO Michael Watford says the properties should be able to turn a strong profit, even if oil prices fall below $75 a barrel. Watford addressed investors in a conference call earlier today.

“What I really like is the asset is immediately self-funding in year one and pays for itself in about five years.”

The deal is expected to close in December.

 

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