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8-K - ULTRA PETROLEUM CORP | v174071_8k.htm |
NEWS
RELEASE
FOR
IMMEDIATE RELEASE
ULTRA PETROLEUM REPORTS
STRONG FINANCIAL AND OPERATING RESULTS AND RECORD PRODUCTION FOR
2009
HOUSTON, Texas – February 12,
2010 – Ultra Petroleum Corp. (NYSE: UPL) continued to deliver strong financial
and operating performance for both the fourth quarter and full-year 2009.
Highlights for 2009 include:
·
|
Record
natural gas and crude oil production of 180.1 Bcfe, an increase of 24
percent, or 26 percent on a per share basis, over
2008
|
·
|
Operating
cash flow(1)
of $637.6 million
|
·
|
Earnings
of $282.2 million, or $1.86 per diluted share –
adjusted
|
·
|
Superior
returns in 2009 (adjusted): 70 percent cash flow margin(3),
31 percent net income margin(2),18
percent return on capital employed, and 32 percent return on
equity
|
Total
natural gas and crude oil production for the year-ended December 31, 2009
increased 24 percent, or 26 percent on a per share basis, to a record high of
180.1 billion cubic feet equivalent (Bcfe) compared to production of 145.3 Bcfe
for 2008. This is the largest annual production level ever achieved by Ultra
Petroleum. For 2009, production is comprised of 172.2 billion cubic feet (Bcf)
of natural gas and 1.3 million barrels of condensate.
Ultra
Petroleum reported operating cash flow(1) of
$637.6 million for the year-ended December 31, 2009. Adjusted net income was
$282.2 million, or $1.86 per diluted share for 2009. The reported net loss of
$451.1 million included a non-cash ceiling test write-down ($673.0 million net
of taxes) of the company’s carrying value of natural gas and oil properties
stemming from significantly lower natural gas and condensate prices at the end
of the first quarter of 2009 as well as unrealized mark-to-market losses on the
company’s commodity derivative contracts ($60.3 million net of taxes). These
unrealized losses are typically excluded by the investment community in
published estimates.
“Margins
do matter in the oil and gas industry. Over the past four years, Ultra has
sustained healthy operating cash flow margins averaging 72 percent and net
income margins averaging 37 percent. These outstanding margins were achieved in
a widely fluctuating commodity price environment,” commented Michael D. Watford,
Chairman, President and Chief Executive Officer. “We have the dominant position
in a world-class asset that we operate at a very low cost, which provides us
with a competitive advantage in the consistency and sustainability of our growth
and returns. We intend to replicate these superior returns as we continue to
grow our position in the Marcellus,” Watford added.
Ultra
Petroleum Corp.
|
Page 1
of 10
|
2009
Results
|
For the
year-ended December 31, 2009, Ultra Petroleum’s average realized natural gas
price was $4.88 per thousand cubic feet (Mcf), including realized gains and
losses on commodity derivatives. Excluding those realized gains and losses on
commodity derivatives, the company’s average price realized for natural gas was
$3.49 per Mcf. The average condensate price realized by the company in 2009 was
$49.80 per barrel (Bbl).
Natural
gas and crude oil production for the fourth quarter ended December 31, 2009
increased 17 percent to 47.6 Bcfe compared to 40.6 Bcfe in the fourth quarter
2008. This is the largest quarterly production level ever achieved by Ultra
Petroleum. For the fourth quarter of 2009, production is comprised of 45.7 Bcf
of natural gas and 329.3 thousand barrels of condensate.
Operating
cash flow(1) for
the fourth quarter 2009 was $172.2 million. Adjusted earnings for the period
ended December 31, 2009 were $78.5 million or $0.51 per diluted
share.
In the
fourth quarter of 2009, Ultra Petroleum’s average realized natural gas price was
$4.86 per Mcf, including realized gains and losses on commodity derivatives.
Excluding those realized gains and losses on commodity derivatives, the
company’s average price realized for natural gas was $4.20 per Mcf. The average
condensate price realized by the company in the fourth quarter of 2009 was
$65.97 per Bbl.
Wyoming - Operational
Highlights
For the
year-ended December 31, 2009, Ultra Petroleum drilled 222 gross (113.9 net)
wells. The company continues to make significant progress in improving drilling
efficiencies. In Pinedale, the company averaged 20 days per well spud to total
depth (TD) as compared to its average of 24 days in 2008. This is a 17 percent
improvement over 2008. Ultra’s new measure of success is the number of wells
drilled in less than 20 days from spud to TD. In 2009, 73 percent of the wells
were drilled in under 20 days as compared to 27 percent of the wells in 2008.
During the fourth quarter of 2009, Ultra set a new Pinedale record in drilling
time from spud to TD of 13,500 feet in 11 days. Largely as a result of improved
drilling times, pad well costs continue to decrease year-over-year. For the
full-year 2009, pad well costs decreased to $5.0 million, as compared to $5.5
million for full-year 2008.
Improving Efficiencies
|
||||||||||||||||
2006
|
2007
|
2008
|
2009
|
|||||||||||||
Spud
to TD (days)
|
61 | 35 | 24 | 20 | ||||||||||||
Rig
release to rig release (days)
|
79 | 48 | 32 | 24 | ||||||||||||
%
wells drilled < 20 days
|
0 | % | 2 | % | 27 | % | 73 | % | ||||||||
Well
cost – pad ($MM)
|
$ | 7.0 | $ | 6.2 | $ | 5.5 | $ | 5.0 |
The
average estimated ultimate recovery (EUR) of the Ultra-operated wells completed
in 2009 significantly exceeded those completed in 2008. All of Ultra’s-operated
rigs remain in the better parts of the Pinedale field where the wells are more
productive, leading to higher average per-well reserve estimates. The table
below details the increase in average EUR of Ultra-operated wells completed, by
quarter, since 2008.
Ultra
Petroleum Corp.
|
Page 2 of
10
|
2009
Results
|
Ultra-Operated Average EUR
(Bcfe)
|
||||||||||||||||
Q1
|
Q2
|
Q3
|
Q4
|
|||||||||||||
2008
|
4.1 | 3.2 | 4.4 | 6.7 | ||||||||||||
2009
|
6.2 | 6.9 | 6.4 | 6.4 |
The
company continues to expand its resource assessment in the Pinedale Anticline.
In 2009, Ultra brought on-line 16 delineation wells. The EUR of these
delineation wells averaged 26 percent higher than the pre-drill reserve
estimates determined by the company’s independent third-party reserve
engineering firm.
The
company brought on-line nine five-acre wells in 2009. Results from the company’s
five-acre pilot program continue to demonstrate that significant incremental
reserves will be recovered from 5-acre wells. Ultra plans to continue conducting
5-acre pilots in 2010 in order to gain more data to support increased density
drilling in Pinedale.
“We have
a great team of folks executing daily on our legacy Wyoming assets with
consistently improving results,” stated Watford.
Pennsylvania - Operational
Highlights
During
2009, Ultra drilled 37 gross (22.5 net) wells in Pennsylvania. The company’s
first production in the Marcellus program began in July 2009, and by year-end 13
wells were producing. Initial production (IP) rates for the producing wells
average 7,500 Mcf per day with an average lateral length of just over 3,800
feet. Preliminary estimated ultimate recoveries affirm Ultra’s 3.75 Bcfe
type-curve, with some preliminary EURs exceeding 6.0 Bcfe. The cost to drill and
complete a horizontal Marcellus well during 2009 was $3.5
million.
The
company’s four pipeline interconnects to major interstate pipelines remain well
ahead of the drilling campaign. By mid-year this interconnect capacity is
expected to exceed 560 MMcf per day.
The
company began 2009 with 288,000 gross (152,000 net) acres in the Marcellus.
Through a combination of land acquisitions, trades and swaps Ultra increased its
holdings to 326,000 gross (169,000 net) acres by year-end. On December 21, 2009,
Ultra announced that it had signed a purchase and sale agreement to acquire
approximately 160,000 gross (80,000 net) acres in the Marcellus Shale. Upon
closing of the acquisition in late February 2010, the company will hold
approximately 486,000 gross (249,000 net) acres. With the acquisition, the
company’s core position in Tioga, Bradford, Lycoming, and Potter counties in
north-central Pennsylvania will expand to include the adjacent counties of
Clinton and Centre.
“In 2009,
we initiated our horizontal Marcellus activity with above expectation results.
Accordingly, we believe that we have substantially de-risked our Marcellus
acreage due to these results. Well performance is improving along with our
returns. Of the horizontal wells that we have completed so far, IP rates have
ranged from over 3,400 Mcf per day to 10,400 Mcf per day, including two wells
that are producing over 7,500 Mcf per day after 30 days. Examining our early
wells, the first six have 30-day production averaging over 3,000 Mcf per day
with the next seven wells averaging over 5,700 Mcf per day. In 2010, our
Marcellus development program will expand with a drilling program exceeding 110
wells. In addition, our Marcellus production will access the traditionally
higher value natural gas markets in the Northeast,” stated Watford.
Ultra
Petroleum Corp.
|
Page 3 of
10
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2009
Results
|
Hedges – Derivative
Contracts
The total
volume of commodity derivative contracts for 2010 is 98.3 Bcf at an average
price of $5.49 per Mcf. In 2011, the total volume is 73.0 Bcf at an average
price of $5.61 per Mcf.
“Our
hedge position for 2010 and 2011 underpins our excellent economics in Wyoming.
These hedged volumes along with our 73 Bcf of annual firm transportation on
Rockies Express, accessing Northeast markets, create a solid foundation for
financial success,” stated Watford.
As of
today, Ultra Petroleum has the following positions in place to mitigate its
commodity price exposure.
Total Volume
|
Average Price per Mcf
|
|||||||
(Bcf)
|
at Point of Sale
|
|||||||
Q1 2010 | 21.6 | $ | 5.51Mcf | |||||
Q2 2010 | 26.4 | $ | 5.48Mcf | |||||
Q3 2010 | 26.7 | $ | 5.48Mcf | |||||
Q4 2010 | 23.6 | $ | 5.50Mcf | |||||
Total
2010
|
98.3 | $ | 5.49Mcf | |||||
Q1 2011 | 18.0 | $ | 5.61Mcf | |||||
Q2 2011 | 18.2 | $ | 5.61Mcf | |||||
Q3 2011 | 18.4 | $ | 5.61Mcf | |||||
Q4 2011 | 18.4 | $ | 5.61Mcf | |||||
Total
2011
|
73.0 | $ | 5.61Mcf |
Natural Gas Marketing
Update
The table
below provides a historical and future perspective on average annual basis
differentials for Wyoming natural gas (NW Rockies) and premium markets in the
Northeast (Dominion South). It illustrates the permanent tightening in the basis
differential that occurred in 2009 and is expected to continue as reflected in
the future natural gas strip. One of the primary reasons the basis differential
significantly tightened in 2009 is due to the Rockies Express Pipeline (REX)
being placed in-service during the year. REX delivers 1.8 Bcf per day of natural
gas from the Rockies into the Northeast. The basis differential is expressed as
a percentage of Henry Hub.
Basis Differential as a Percentage (%) of Henry Hub
|
||||||||||||||||||||||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
YTD
|
2010
Balance
|
2011
|
2012
|
|||||||||||||||||||||||||
NW
Rockies
|
78 | 58 | 69 | 77 | 98 | 94 | 94 | 93 | ||||||||||||||||||||||||
Dominion
South
|
104 | 105 | 105 | 107 | 106 | 103 | 103 | 102 |
Ultra
Petroleum Corp.
|
Page 4 of
10
|
2009
Results
|
“Ultra’s
total revenue mix will dramatically shift in 2010, with half being priced
outside the Rockies. In previous years, 100 percent of our revenues were based
upon Opal natural gas prices. Simply stated, we were a Rockies price taker. Now
with REX being fully operational into the Northeast, married with our increasing
Marcellus production, we estimate that in 2010 almost half of Ultra’s natural
gas will receive premium gas prices in the Northeast. Over the next few years,
as Ultra’s production continues to increase in the Northeast, a larger and
larger percentage of revenues will be derived from the premium priced markets.
Higher price realizations coupled with a consistent low cost structure,
translates into the company earning wider margins,” commented Watford. “An
additional item of importance is the increase in spot prices year-over-year for
Opal natural gas versus Henry Hub. Opal is approximately 50 percent higher today
than it was a year ago as compared to Henry Hub which is up approximately 10
percent.”
Senior Notes
Offering
On
December 23, 2009, Ultra Petroleum’s wholly-owned subsidiary Ultra Resources,
Inc. entered into an agreement with a group of thirteen institutional investors
providing for the private placement of $500.0 million in Senior Unsecured Notes.
The Notes are to be issued in a series of tranches as described in the table
below.
Amount
|
Term
|
Coupon Rate
|
||||
$
116.0 million
|
7
year term due in 2017
|
4.98 | % | |||
$
207.0 million
|
10
year term due in 2020
|
5.50 | % | |||
$
87.0 million
|
12
year term due in 2022
|
5.60 | % | |||
$
90.0 million
|
15
year term due in 2025
|
5.85 | % |
The Notes
are expected to close in two tranches; $270.0 million that were issued on
January 28, 2010, and $230.0 million that are scheduled to be issued on February
16, 2010. Net proceeds from the offering will be used to repay existing bank
debt and for general corporate purposes, including funding of the company’s
Pennsylvania Marcellus Shale acquisition.
Other Highlights During the
Year
Ultra
Petroleum was a recipient of the 2009 Oil, Gas, Geophysical, and Geothermal
Development Environmental Best Management Practices (BMP) Award from the Bureau
of Land Management (BLM) in July 2009. The award is significant to Ultra as the
BLM recognizes natural gas and crude oil operators, along with their partners,
who demonstrate leadership and creativity in reducing the impacts of developing
natural gas and crude oil on public lands. Ultra planned and is implementing
best management practices specifically designed to reduce the amount of nitrogen
oxide (NOx) and volatile organic compounds (VOCs) stemming from everyday
operations. The partnership between Ultra and the government exemplifies the
ability of industry to collaborate in developing practices that reduce the
impacts to the health and welfare of the human and wildlife environment while
still allowing for the orderly development of natural gas and crude oil
resources on Federal lands. The orderly development ensures a reliable American
source of affordable energy for domestic consumption.
Ultra
Petroleum Corp.
|
Page 5 of
10
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2009
Results
|
Conference Call Webcast
Scheduled for February 12, 2010
Ultra
Petroleum’s fourth quarter and full-year 2009 conference call will be available
via live audio webcast at 11:00 a.m. Eastern Standard Time (10:00 a.m. Central
Standard Time) Friday, February 12, 2010. To listen to this webcast, log on to
www.ultrapetroleum.com. The webcast will be archived on Ultra Petroleum’s
website through April 30, 2010.
Financial
tables to follow.
Ultra
Petroleum Corp.
|
Page 6 of
10
|
2009
Results
|
Ultra
Petroleum Corp.
Consolidated
Statements of Operations (unaudited)
All
amounts expressed in US$000's
For the Year Ended
|
For the Quarter Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Volumes
|
||||||||||||||||
Oil
liquids (Bbls)
|
1,320,072 | 1,121,525 | 329,344 | 304,254 | ||||||||||||
Natural
gas (Mcf)
|
172,189,447 | 138,563,717 | 45,656,098 | 38,823,824 | ||||||||||||
MCFE
- Total
|
180,109,879 | 145,292,867 | 47,632,162 | 40,649,348 | ||||||||||||
Revenues
|
||||||||||||||||
Oil
sales
|
$ | 65,739 | $ | 98,026 | $ | 21,727 | $ | 14,162 | ||||||||
Natural
gas sales
|
601,023 | 986,374 | 191,577 | 193,234 | ||||||||||||
Total
operating revenues
|
666,762 | 1,084,400 | 213,304 | 207,396 | ||||||||||||
Expenses
|
||||||||||||||||
Lease
operating expenses
|
40,679 | 36,997 | 10,551 | 9,199 | ||||||||||||
Production
taxes
|
66,970 | 119,502 | 21,660 | 21,165 | ||||||||||||
Gathering
fees
|
45,155 | 37,744 | 11,402 | 10,123 | ||||||||||||
Total
lease operating costs
|
152,804 | 194,243 | 43,613 | 40,487 | ||||||||||||
Transportation
charges
|
58,011 | 46,310 | 15,187 | 13,209 | ||||||||||||
Depletion
and depreciation
|
201,826 | 184,795 | 49,824 | 54,113 | ||||||||||||
Write-down
of proved oil and gas properties
|
1,037,000 | - | - | - | ||||||||||||
General
and administrative
|
8,871 | 11,230 | 1,141 | 3,053 | ||||||||||||
Stock
compensation
|
10,901 | 5,816 | 3,278 | 956 | ||||||||||||
Total
operating expenses
|
1,469,413 | 442,394 | 113,043 | 111,818 | ||||||||||||
Other
(expense) income, net
|
(2,888 | ) | 833 | 37 | 49 | |||||||||||
Interest
and debt expense
|
(37,167 | ) | (21,276 | ) | (10,229 | ) | (6,278 | ) | ||||||||
Realized
gain (loss) on commodity derivatives
|
239,366 | 18,991 | 30,185 | 15,908 | ||||||||||||
Unrealized
(loss) gain on commodity derivatives
|
(92,849 | ) | 14,225 | 26,030 | (1,540 | ) | ||||||||||
(Loss)
income before income taxes
|
(696,189 | ) | 654,779 | 146,284 | 103,717 | |||||||||||
Income
tax provision (benefit) - current
|
23,043 | 5,473 | 15,348 | 943 | ||||||||||||
Income
tax (benefit) provision - deferred
|
(268,179 | ) | 235,031 | 35,545 | 37,681 | |||||||||||
Net
(loss) income
|
$ | (451,053 | ) | $ | 414,275 | $ | 95,391 | $ | 65,093 | |||||||
Impairment
of proved oil and gas properties, net of tax
|
$ | 673,013 | $ | - | $ | - | $ | - | ||||||||
Unrealized
loss (gain) on commodity derivatives, net of tax
|
60,259 | (9,232 | ) | (16,893 | ) | 999 | ||||||||||
Adjusted
net income
|
$ | 282,219 | $ | 405,043 | $ | 78,498 | $ | 66,092 | ||||||||
Operating
cash flows (1)
|
$ | 637,557 | $ | 825,277 | $ | 172,221 | $ | 159,383 | ||||||||
(1)
(see non-GAAP reconciliation)
|
||||||||||||||||
Weighted
average shares – basic
|
151,367 | 152,075 | 151,456 | 150,537 | ||||||||||||
Weighted
average shares – diluted
|
151,367 | 156,531 | 154,433 | 153,868 | ||||||||||||
Earnings
per share
|
||||||||||||||||
Net
income - basic
|
$ | (2.98 | ) | $ | 2.72 | $ | 0.63 | $ | 0.43 | |||||||
Net
income - fully diluted
|
$ | (2.98 | ) | $ | 2.65 | $ | 0.62 | $ | 0.42 | |||||||
Adjusted
earnings per share
|
||||||||||||||||
Adjusted
net income - basic
|
$ | 1.86 | $ | 2.66 | $ | 0.52 | $ | 0.44 | ||||||||
Adjusted
net income - fully diluted
|
$ | 1.86 | $ | 2.59 | $ | 0.51 | $ | 0.43 | ||||||||
Realized
Prices
|
||||||||||||||||
Oil
liquids (Bbls)
|
$ | 49.80 | $ | 87.40 | $ | 65.97 | $ | 46.55 | ||||||||
Natural
gas (Mcf), including realized gain (loss) on commodity
derivatives
|
$ | 4.88 | $ | 7.26 | $ | 4.86 | $ | 5.39 | ||||||||
Natural
gas (Mcf), excluding realized gain (loss) on
|
||||||||||||||||
commodity
derivatives
|
$ | 3.49 | $ | 7.11 | $ | 4.20 | $ | 4.98 | ||||||||
Costs
Per MCFE
|
||||||||||||||||
Lease
operating expenses
|
$ | 0.23 | $ | 0.25 | $ | 0.22 | $ | 0.23 | ||||||||
Production
taxes
|
$ | 0.37 | $ | 0.82 | $ | 0.45 | $ | 0.52 | ||||||||
Gathering
fees
|
$ | 0.25 | $ | 0.26 | $ | 0.24 | $ | 0.25 | ||||||||
Transportation
charges
|
$ | 0.32 | $ | 0.32 | $ | 0.32 | $ | 0.32 | ||||||||
Depletion
and depreciation
|
$ | 1.12 | $ | 1.27 | $ | 1.05 | $ | 1.33 | ||||||||
General
and administrative - total
|
$ | 0.11 | $ | 0.12 | $ | 0.09 | $ | 0.10 | ||||||||
Interest
and debt expense
|
$ | 0.21 | $ | 0.15 | $ | 0.21 | $ | 0.15 | ||||||||
$ | 2.61 | $ | 3.19 | $ | 2.59 | $ | 2.91 | |||||||||
Note:
Amounts on a per MCFE basis may not total due to rounding.
|
||||||||||||||||
Adjusted
Margins
|
||||||||||||||||
Adjusted
Net Income (2)
|
31 | % | 37 | % | 32 | % | 30 | % | ||||||||
Adjusted
Operating Cash Flow Margin (3)
|
70 | % | 75 | % | 71 | % | 71 | % |
Ultra
Petroleum Corp.
|
Page 7 of
10
|
2009
Results
|
Ultra
Petroleum Corp.
Supplemental
Balance Sheet Data
All
amounts expressed in US$000's
As of
December 31,
|
As of
December 31,
|
|||||||
2009
|
2008
|
|||||||
Cash
and cash equivalents
|
$ | 14,254 | $ | 14,157 | ||||
Long-term
debt
|
||||||||
Bank
indebtedness
|
260,000 | 270,000 | ||||||
Senior
Notes
|
535,000 | 300,000 | ||||||
$ | 795,000 | $ | 570,000 |
Ultra
Petroleum Corp.
|
Page 8 of
10
|
2009
Results
|
Ultra
Petroleum Corp.
Reconciliation
of Cash Flow and Cash Provided by Operating Activities
(unaudited)
All
amounts expressed in US$000's
The
following table reconciles net cash provided by operating activities with
operating cash flow as derived from the company’s financial
information. These statements are unaudited and subject to
adjustment.
For the Year Ended
|
For the Quarter Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
cash provided by operating activities
|
$ | 592,641 | $ | 840,803 | $ | 170,305 | $ | 132,617 | ||||||||
Net
changes in operating assets and liabilities and other non-cash
items*
|
44,916 | (15,526 | ) | 1,916 | 26,766 | |||||||||||
Cash
flow from operations before changes in operating assets and
liabilities
|
$ | 637,557 | $ | 825,277 | $ | 172,221 | $ | 159,383 |
(1)
Operating cash flow is defined as net cash provided by operating activities
before changes in operating assets and liabilities. Management believes that the
non-GAAP measure of operating cash flow is useful as an indicator of an oil and
gas exploration and production company's ability to internally fund exploration
and development activities and to service or incur additional
debt. The company has also included this information because changes
in operating assets and liabilities relate to the timing of cash receipts and
disbursements which the company may not control and may not relate to the period
in which the operating activities occurred. Operating cash flow
should not be considered in isolation or as a substitute for net cash provided
by operating activities prepared in accordance with GAAP.
(2) Adjusted
Net Income Margin is defined as Adjusted Net Income divided by the sum of Oil
and Natural Gas Sales plus Realized Gain (Loss) on Commodity
Derivatives
(3)
Adjusted Operating Cash Flow Margin is defined as Operating Cash Flows divided
by the sum of Oil and Natural Gas Sales plus Realized Gain (Loss) on Commodity
Derivatives.
* Other
non-cash items include excess tax benefit from stock based compensation and
other.
About Ultra
Petroleum
Ultra
Petroleum Corp. is an independent exploration and production company focused on
developing its long-life natural gas reserves in the Green River Basin of
Wyoming – the Pinedale and Jonah Fields and is in the early exploration and
development stages in the Appalachian Basin of Pennsylvania. Ultra is listed on
the New York Stock Exchange and trades under the ticker symbol
“UPL”. The company had 152,068,210 shares outstanding on January 31,
2010.
This
release can be found at http://www.ultrapetroleum.com
This news
release includes “forward-looking statements” as defined by the Securities and
Exchange Commission (SEC). These forward-looking statements regarding this press
release include, but are not limited to, opinions, forecasts, and projections,
other than statements of historical fact. Although the company believes that
these expectations are obtainable based on reasonable assumptions, it can give
no assurance that such assumptions will prove to be correct. Important factors
that may cause actual results to differ from these forward-looking statements,
include, but are not limited to, increased competition; the timing and extent of
changes in prices for crude oil and natural gas, particularly in Wyoming; the
timing and extent of its success in discovering, developing, producing and
estimating reserves; the effects of weather and government regulation; the
availability of oil field personnel and services, drilling rigs and other
equipment; and other risks detailed in the company’s SEC filings, particularly
in its Annual Report on Form 10-K available from Ultra Petroleum Corp. at 363
North Sam Houston Parkway E., Suite 1200, Houston, TX 77060 (Attention: Investor
Relations). You can also obtain this information from the SEC by calling
1-800-SEC-0330 or from the SEC’s website at www.sec.gov.
Ultra
Petroleum Corp.
|
Page 9 of
10
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2009
Results
|
“Completion
of 2009 Audit.” It should be noted that the company’s independent accountants’
audit will not be completed, and the related audit opinion with respect to the
year-end financial statements will not be dated, until the company completes the
final 10-K report and evaluation of internal controls over financial reporting.
Accordingly, the financial results reported in this earnings release are
preliminary and are subject to adjustment. The company expects to report full
audited financial results and file a Form 10-K with the SEC by March 1,
2010.
For
further information contact:
Kelly L.
Whitley
Manager
Investor Relations
Phone:
281-876-0120 Extension 302
Email:
info@ultrapetroleum.com
Website:
www.ultrapetroleum.com
Ultra
Petroleum Corp.
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Page 10 of
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2009
Results
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