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Ultra Petroleum divests Marcellus assets for $115 million

Ultra Petroleum Corp. closed the divestment of its nonoperated assets in the Marcellus Shale to Alta Marcellus Development LLC for $115 million.

The assets sold included net production of 30 MMcf/d and associated gathering infrastructure, according to a Dec. 21 news release. The deal will not impact Ultra's borrowing base, which is at $1.4 billion.

"This transaction is consistent with our previously announced intention to monetize our non-core assets and streamline our portfolio to focus on our higher returning Pinedale assets," said Chairman, President and CEO Michael Watford.

Sale proceeds will be used to help Ultra reduce leverage and improve liquidity. Ultra is an independent exploration and production company focused on the Green River Basin in Wyoming. It emerged from Chapter 11 restructuring in April.