Ultra Petroleum sells Marcellus acreage to Alta
Friday, January 5, 2018
Houston-based Ultra Petroleum Corp. recently unloaded its Marcellus Shale acreage in a $115 million deal with Alta Marcellus Development LLC, a subsidiary of Houston-based Alta Resources, according to the Houston Business Journal.
The company had a 50 percent working interest in 72,000 acres of the Marcellus Shale in Centre, Lycoming and Clinton counties, but did not operate it. The acreage produced about 30 million cubic feet per day of gas.
Ultra divested the Marcellus Shale acreage to focus on its portfolio in the Pinedale fields of Wyoming, according to a statement from the company.
Learn more: Houston Business Journal > Houston Energy co. sells Marcellus acreage for $115M
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.