|Ultra Petroleum Announces First Quarter Production Above Mid-Point of Guidance, Borrowing Base Reaffirmed at $1.4 Billion and Credit Agreement Amendment Stepping Up Leverage Ratio Covenant to 4.5X|
First Quarter 2018
During the first quarter of 2018, the Company’s production averaged 803 million cubic feet equivalent (MMcfe) per day, exceeding the mid-point of guidance of 790 to 810 MMcfe/d. Production volumes include 68.2 billion cubic feet of natural gas and 677.8 thousand barrels of oil and condensate and represents a 13% increase over the production volumes of first quarter 2017.
“We are very pleased to announce that we have exceeded the mid-point of our production guidance for the first quarter of 2018. The execution of our 2018 plan is off to a strong start with a production beat that should serve to increase investor confidence regarding our ability to meet or exceed guidance. We look forward to providing a complete update to our first quarter results as scheduled on
Borrowing Base Reaffirmed; Credit Agreement Amended
Ultra’s borrowing base of
“The unanimous approval by our bank group of both the borrowing base and the net leverage covenant amendment underscores their confidence in the quality of our assets and the strength of our business plan. I also want to be clear that the covenant relief we obtained in no way reflects any concern about our assets, the execution of our business plan or the guidance previously provided. Rather, we proactively pursued such relief from our bank group in direct response to shareholders’ belief that the market may have unwarranted concerns about the Company’s current liquidity and the flexibility of our balance sheet,” said
First Quarter 2018 Earnings Conference Call
The Company will host a conference call
Investors and analysts are invited to participate in the call by dialing 1-877-876-9177, or 1-785-424-1669 for international calls using Conference ID: ULTRAQ12018. Interested parties may also listen over the internet at www.ultrapetroleum.com. A replay of the call will be available on the Company’s website.
Additional information on the Company is available at www.ultrapetroleum.com. In addition, our filings with the
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
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