Alta Marcellus Development’s $115 Million Acquisition of Ultra Petroleum’s asset


Kirkland & Ellis advised Alta Marcellus Development, LLC on the acquisition of Ultra Petroleum Corp.’s (NASDAQ:UPL) non-operated asset in the Marcellus Shale for $115 million.

Ultra Petroleum Corp. has reached a definitive agreement and closed on the sale to divest the Company’s non-operated asset in the Marcellus Shale to Alta Marcellus Development, LLC for a purchase price of $115 million in cash. The divested assets include current net production of 30 million cubic feet per day, which contributed PDP PV-10 of $79 million to the bank syndicate’s borrowing base, and associated gathering assets. This transaction will have no impact on the Company’s current borrowing base which remains at $1.4 billion.

The Kirkland team include corporate partners Anthony Speier (Picture), John Pitts and Rahul Vashi and associates Barrett Schitka and Adam Whitehouse; tax partner Chad McCormick and associate Joe Tobias; and environmental transactions partner Jonathan Kidwell.

Involved fees earner: Anthony Speier – Kirkland & Ellis; John Pitts – Kirkland & Ellis; Rahul Vashi – Kirkland & Ellis; Barrett Schitka – Kirkland & Ellis; Adam Whitehouse – Kirkland & Ellis; Chad McCormick – Kirkland & Ellis; Joe Tobias – Kirkland & Ellis; Jonathan Kidwell – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Alta Marcellus Development, LLC;

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Author: Ambrogio Visconti