Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - ULTRA PETROLEUM CORP | v462601_8ka.htm |
EXHIBIT 99.2
ADJUSTED OIL AND GAS RESERVES ESTIMATES
This Exhibit 99.2 amends and restates in its entirety the Exhibit 99.1 attached to the Original Filing.
The table set forth below presents adjusted estimates of oil and gas reserves believed to be attributable to the interests of the Ultra Entities (as defined in the Original Filing) and that are based on and subject to the following assumptions and criteria:
| · | Use of forward-looking, futures strip prices for crude oil, natural gas liquids (“NGLs”), and natural gas at December 30, 2016, rather than the historical, backwards-looking pricing assumption required to be used by the SEC for disclosing oil and gas reserves in SEC filings; |
| · | Assumption of reasonable certainty by the Company as to its financial ability to execute a five-year future development plan, beginning January 1, 2017, notwithstanding the current existence of substantial doubt about the Company’s ability to continue as a going concern during its chapter 11 proceedings; |
| · | Inclusion of undeveloped locations that are scheduled to be drilled during the assumed five-year future development plan, beginning January 1, 2017 and that the Company believes could have been reported as “undeveloped oil and gas reserves” based solely upon and considering only the technical geoscience and engineering data requirements in the SEC definitions for such reserves. |
| Adjusted PDP Reserves(1) | Crude Oil (in MBbls) | NGLs (in MBbls) | Natural Gas (in MMcf) | Oil + NGLs + Gas (in MMcfe) | Adjusted PV-10(2) (in $M) | |||||||||||||||
| Pennsylvania | - | - | 118,639 | 118,639 | $ | 123,646 | ||||||||||||||
| Utah | 5,740 | 105 | 7,680 | 42,750 | 87,541 | |||||||||||||||
| Wyoming | 17,060 | - | 2,279,718 | 2,382,078 | 2,479,051 | |||||||||||||||
| Total: | 22,800 | 105 | 2,406,038 | 2,543,467 | $ | 2,690,238 | ||||||||||||||
| Total Adjusted Proved Reserves(3) | Crude Oil (in MBbls) | NGLs (in MBbls) | Natural Gas (in MMcf) | Oil + NGLs + Gas (in MMcfe) | Adjusted PV-10(2) (in $M) | |||||||||||||||
| Pennsylvania | - | - | 118,639 | 118,639 | $ | 123,646 | ||||||||||||||
| Utah | 12,767 | 211 | 15,485 | 93,350 | 118,716 | |||||||||||||||
| Wyoming | 41,309 | - | 5,345,930 | 5,593,782 | 3,949,760 | |||||||||||||||
| Total: | 54,075 | 211 | 5,480,054 | 5,805,771 | $ | 4,192,122 | ||||||||||||||
| (1) | Designation of these volumes as “Adjusted PDP Reserves” does not represent and is not intended to represent “developed oil and gas reserves” as those terms are defined by the SEC. Instead, these volumes represent the Company’s estimate of hydrocarbons attributable to its interests that can be economically produced from its existing wells based on the assumptions and criteria above rather than SEC rules and definitions. |
| (2) | As noted above, amounts presented in this table as “Adjusted PV-10” amounts are based on forward-looking, futures strip commodity prices at December 30, 2016 rather than SEC pricing assumptions. |
| (3) | Designation of these volumes as “Total Adjusted Proved Reserves” does not represent and is not intended to represent “proved oil and gas reserves” as defined by the SEC. Instead, these volumes represent the Company’s estimate of hydrocarbons attributable to its interests that can be economically produced from its properties based on the assumption and criteria set forth above rather than SEC rules and definitions. |