Ultra Petroleum Corp. has signed a purchase and sale agreement to acquire all Pinedale field properties from SWEPI, LP, an affiliate of Royal Dutch Shell, plc (Shell) in exchange for a portion of Ultra's Marcellus Shale properties and cash consideration of $925.0 million.

Ultra Petroleum expects to finance the acquisition through the issuance of new debt at the subsidiary and parent level. The transaction is expected to close in the third quarter with an effective date of April 1, 2014.

Tags: Ultra Petroleum Corp.