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Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
Ultra Petroleum Corp. Announces Third Quarter 2019 Results Outperforming Guidance on
Production and Provides Operations Update with Vertical Well Costs Improved by 12% to an
Average of $2.8 Million
Englewood, Colorado November 7, 2019 Ultra Petroleum Corp. (Ultra or the Company) (OTCQX: UPLC) announces financial and operating results for the quarter ended September 30, 2019.
Financial and Operating Highlights:
| Third quarter production was 60.2 billion cubic feet equivalent (Bcfe) or 654 MMcfe per day, at the top end of guidance, |
| The Company brought 18 gross operated vertical wells online at an average 24-hour initial production (IP) rates of 5.8 million cubic feet equivalent per day (MMcfe/d), |
| Third quarter vertical well cost averaged $2.8 million, a 12% improvement to first half 2019, |
| The Company successfully completed seven 2-string wells in the quarter, bringing the year-to-date total to sixteen successful 2-string wells, |
| Suspended drilling as of mid-September reducing the full-year capital investment program to approximately $240$250 million, |
| Amended the RBL Credit Facility to eliminate all maintenance financial covenants, and established the fall borrowing base at $1.175 billion with unanimous approval from our RBL lenders, |
| Generated total revenues, exclusive of derivative settlements, of $144.2 million and $5.0 million in Free Cash Flow, defined as Adjusted EBITDA less capital expenditures and cash interest expense, |
| Additional financial and operating highlights can be found in the new investor presentation posted at www.ultrapetroleum.com. |
We remain committed to financial discipline with a focus on sound operations of our business and the generation of free cash flow. With the amendment to the RBL Credit Facility that eliminated financial maintenance covenants, we have suspended drilling activity to preserve future drilling inventory and generate free cash flow for the foreseeable future. We have a low-decline production profile coupled with a low-cost structure that generates strong cash margins and provides us the necessary liquidity to manage the business for the long term, said Ultras Chief Executive Officer Brad Johnson.
Third Quarter Financial Results
During the third quarter of 2019, total revenues, exclusive of derivative settlements, were $144.2 million as compared to $203.8 million during the third quarter of 2018. Derivative settlements during these periods were a gain of $18.5 million and a loss of $10.8 million, respectively. The Companys production of natural gas and oil was 60.2 Bcfe, a 4% decrease from the second quarter 2019 of 62.5 Bcfe. The decrease in production is the result of the Company reducing capital expenditures over the course of the year driven by lower future commodity prices.
Ultra Petroleum Corp. | Page 1 of 8 |
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Ultra Petroleum Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Ultra Petroleum Corp provided additional information to their SEC Filing as exhibits
Ticker: UPLC
CIK: 1022646
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-041557
Submitted to the SEC: Thu Nov 07 2019 1:43:17 PM EST
Accepted by the SEC: Thu Nov 07 2019
Period: Monday, September 30, 2019
Industry: Crude Petroleum And Natural Gas