Ultra Petroleum to Sell Bohai Bay Assets for $223 Million
Ultra Petroleum announced the execution of a stock purchase agreement for the sale of Sino-American Energy for $223 million. This represents all of Ultra's interests in Bohai Bay, China.
The reserve volumes sold represent all of Ultra's international assets and comprise 1% of Ultra's year-end 2006 proved reserves. The sale is expected the fourth quarter of 2007. The purchaser of Bohai Bay is SPC E&P (China), a subsidiary of Singapore Petroleum Company Limited. Jefferies Randall and Dewey acted as advisors for Ultra.
"We are pleased with the value received for the non-core asset and plan to turn our full attention to Ultra's legacy asset the Pinedale Field, the nation's second largest natural gas field," commented Michael D. Watford, Chairman, President and Chief Executive Officer. "Even with the sale of these producing properties, we look forward to delivering over twenty percent organic production growth in 2008 and 2009," Watford added.
Ultra Petroleum is an independent, exploration and production
company with natural gas reserves in the Green River Basin of Wyoming-the Pinedale and Jonah Fields.
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