Ultra Petroleum Corp. Provides Operational Update, Reaffirms 2019 Production Guidance, Reduces 2019 Capital Investment Guidan...
June 03 2019 - 06:01AM
Ultra Petroleum Corp. ("Ultra Petroleum" or the “Company”) (NASDAQ:
UPL) announced that it has released a rig and reduced its operated
rig count in Pinedale from three to two.
Production guidance for full-year 2019 remains
unchanged at 240 to 250 Bcfe while capital investment guidance for
full-year 2019 is reduced by $15 million to a new range of $305 to
$335 million. In May, the Company drilled 3 wells with spud
to total depth times of less than 6 days, compared to its first
quarter average of 8.05 days. Improved drilling cycle-time
performance and higher working interest in wells planned for the
remainder of the year provides for 2019 production guidance to
remain unchanged while 2019 capital investment is reduced by
approximately 5 percent.
“Our team continues to improve drilling
cycle-time performance. As a result, we are drilling wells faster
and can accomplish our 2019 plan with the adjustment down to two
operated rigs for the remainder of the year. With increased
drilling efficiency, along with higher working interest in wells
planned for the remainder of the year, we are maintaining full year
production guidance, reducing capital investment and moving the
Company closer to its projection of free cash flow in the fourth
quarter of 2019,” said Ultra Petroleum’s President and CEO Brad
Johnson.
Ultra Petroleum to Participate in
Upcoming Conferences
Senior management plans to participate in
one-on-one meetings at both the Barclays High Yield Bond &
Syndicated Loan Conference in Colorado Springs, Colorado, on
Thursday, June 6 and the Stifel 2019 Cross Sector Insight
Conference in Boston, on Tuesday, June 11.
About Ultra Petroleum
Ultra Petroleum Corp. is an independent energy
company engaged in domestic natural gas and oil exploration,
development and production. The Company is listed on NASDAQ and
trades under the ticker symbol “UPL”.
Additional information on the Company is
available at www.ultrapetroleum.com. In addition, our filings with
the Securities and Exchange Commission (“SEC”) are available by
written request to Ultra Petroleum Corp. at 116 Inverness Drive
East, Suite 400, Englewood, CO 80112 (Attention: Investor
Relations) or on our website (www.ultrapetroleum.com) or from the
SEC on their website at www.sec.gov or by telephone request at
1-800-SEC-0330.
This news release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Any statement, including any opinions,
forecasts, projections or other statements, other than statements
of historical fact, are or may be forward-looking statements.
Although the Company believes the expectations reflected in any
forward-looking statements herein are reasonable, we can give no
assurance that such expectations will prove to have been correct
and actual results may differ materially from those projected or
reflected in such statements. This news release also includes
forward-looking statements about the Company’s borrowing base,
which is based in part upon estimates of the Company’s proved
reserves. There are numerous uncertainties inherent in estimating
proved reserves, including projecting future rates of production
and timing of development. In addition, certain risks and
uncertainties inherent in our business as well as risks and
uncertainties related to our operational and financial results are
set forth in our filings with the SEC, particularly in the section
entitled “Risk Factors” included in our Annual Report on Form 10-K
for the most recent fiscal year, our most recent Quarterly Reports
on Form 10-Q, and from time to time in other filings made by the
Company with the SEC. Some of these risks and uncertainties
include, but are not limited to, the Company’s ability to decrease
its leverage or fixed costs, increased competition, the timing and
extent of changes in prices for oil and gas, particularly in the
areas where we own properties, conduct operations, and market our
production, as well as the timing and extent of our success in
discovering, developing, producing and estimating oil and gas
reserves, our ability to successfully monetize the properties we
are marketing, weather and government regulation, and the
availability of oil field services, personnel and equipment.
For further information
contact:Investor Relations303-708-9740, ext. 9898Email:
IR@ultrapetroleum.com
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