Ultra

Ultra Petroleum Corp. dipped its toe into the oil patch Monday, signing an agreement with an undisclosed seller to acquire oil-producing properties in northeast Utah, in the Uinta Basin, for $650 million, the company said Monday.

An appraisal well in the Lower Tertiary Trend of the deepwater Gulf of Mexico (GOM), as well as early results from some other ultra-deep prospects, are pointing to big reserves gains in the years ahead, according to energy analysts.

An appraisal well in the Lower Tertiary Trend of the deepwater Gulf of Mexico (GOM), as well as early results from some other ultra-deep prospects, are pointing to big reserves gains in the years ahead, according to energy analysts.

Chevron Corp. is targeting a production goal of 3.3 million boe in 2017, fueled by the start-up of massive natural gas projects in Australia and new wells in the ultra-deep waters of the Gulf of Mexico, executives said last week.

Chevron Corp. is targeting a production goal of 3.3 million boe in 2017, fueled by the start-up of massive natural gas projects in Australia and new wells in the ultra-deep waters of the Gulf of Mexico, executives said Tuesday.

Wyoming Gov. Matt Mead is considering a pre-drilling water testing requirement for oil and natural gas operators in the state.

Chesapeake Energy Corp. CEO Aubrey McClendon appeared to take it on the chin Wednesday, refusing to bow down to reports about the “unprecedented scrutiny” of the company and of himself in recent days, and promised shareholders that the management team is focused on becoming a U.S. oil-weighted giant. However, it’s going to take some time, he said, especially because the turnaround has little operational support from its natural gas-weighted portfolio.

Prospects for offshore drillers look promising over the next few years, especially for ultra-deepwater (UDW) rigs, which are “essentially sold out” until 2014, according to Raymond James & Associates Inc.

Natural gas produced from Marcellus Shale wells owned by Shell Upstream America and Ultra Petroleum Corp. has begun flowing through a UGI Central Penn Gas Inc. supply pipeline that feeds some 15,000 customers in Tioga, Bradford and Potter counties in Pennsylvania, according to the UGI Utilities Inc. subsidiary.