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Ultra Petroleum To Buy Oil-producing Properties In Uinta Basin For $650 Mln

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Ultra Petroleum Corp. (UPL: Quote) announced Monday that it has signed a definitive purchase and sale agreement to acquire oil-producing properties located in the Uinta Basin for $650.0 million.

The firm expects to finance the acquisition through debt at the subsidiary and parent level. It anticipates the transaction will close December 2013, subject to closing adjustments and customary terms and conditions, with an effective date of October 1, 2013.

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by RTT Staff Writer

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