Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,424.85 162.29 1.00%
S&P 500 1,862.31 19.33 1.05%
NASDAQ 4,086.22 52.06 1.29%
Ticker Volume Price Price Delta
STOXX 50 3,139.26 47.74 1.54%
FTSE 100 6,584.17 42.56 0.65%
DAX 9,317.82 144.11 1.57%
Ticker Volume Price Price Delta
NIKKEI 14,441.65 23.97 0.17%
TOPIX 1,168.98 2.43 0.21%
HANG SENG 22,768.80 72.79 0.32%

Ultra Petroleum Reports First Quarter 2013 Financial And Operating Results


Ultra Petroleum Reports First Quarter 2013 Financial And Operating Results

ADJUSTED EPS OF $0.38 PER DILUTED SHARE

HOUSTON, May 3, 2013 /CNW/ - Ultra Petroleum Corp. (NYSE: UPL) today reported first quarter 2013 operating and financial results. Key accomplishments during the quarter include:

(Logo: http://photos.prnewswire.com/prnh/20020226/DATU029LOGO)


    --  First quarter production of 59.3 Bcfe, high-end of guidance
    --  22 percent year-over-year increase in realized natural gas
        price of $3.50 per Mcf
    --  Reported operating cash flow((1)) of $123.0 million in the
        first quarter, or $0.80 per diluted share
    --  Earnings of $0.38 per diluted share, or $58.5 million in the
        first quarter – adjusted((3))
    --  Reduced Pinedale well costs by six percent to $4.4 million per
        well
    --  Solid margins in first quarter 2013 (adjusted): 55 percent cash
        flow margin((5) )and 26 percent net income margin((4))

First Quarter Results

During the first quarter 2013, Ultra Petroleum produced 59.3 billion cubic 
feet equivalent (Bcfe) of natural gas and crude oil. The company's production 
consisted of 57.7 billion cubic feet (Bcf) of natural gas and 268.3 thousand 
barrels (Mbbls) of condensate.

Ultra's average realized natural gas price was $3.50 per thousand cubic feet 
(Mcf), and the average first quarter price for condensate was $87.33 per 
barrel (Bbl).

Ultra Petroleum reported operating cash flow((1)) of $123.0 million, or $0.80 
per diluted share during the first quarter.  Adjusted net income((3)) was 
$0.38 per diluted share, or $58.5 million for the first quarter of 2013.

"Today we find ourselves on more solid footing having weathered the trough of 
the commodity price cycle. Natural gas prices have improved over 20 percent 
from year ago levels and we anticipate this trend continues with decreasing 
production and structural demand increasing," stated Michael D. Watford, 
Chairman, President and Chief Executive Officer.

Wyoming - Operational Highlights

Ultra Petroleum and its partners drilled 26 gross (11 net) Wyoming Lance wells 
during the first quarter and placed on production 34 gross (21 net) wells. 
Ultra achieved a new milestone by placing the company's 1,000(th) operated 
well online during the first quarter. Ultra's first quarter Wyoming net 
production averaged 455 million cubic feet equivalent (MMcfe) per day. First 
quarter initial production (IP) rates from the 23 new operated wells brought 
online averaged 9.7 MMcfe per day. Of note, the first ten wells on the Boulder 
5-19 pad were brought online with an average IP rate of 13.4 MMcfe per day, 
including one well with an IP rate of 19.4 MMcfe per day.

During the first quarter, Ultra reduced its total well costs to $4.4 million 
from $4.7 million at year-end 2012, a six percent reduction. Continued 
completion design optimization was the primary driver of the $300,000 per well 
cost savings in the first quarter.

The company averaged 11.6 days spud to total depth (TD) to drill an operated 
well in the first quarter. Since 2011, Ultra has consistently drilled greater 
than 90 percent of its operated wells in 15 days or less. As a result, the 
company continues to pursue a new measure of success, drilling wells in less 
than 10 days. Ultra reached TD in 10 days or less on five wells or 42 percent 
of all operated wells drilled in the first quarter. Total days per well, as 
measured by rig-release to rig-release, averaged 14.9 days in the first 
quarter.

Sustaining Operational Efficiencies
                                  2010 2011 2012 Q1 2013

Spud to TD (days)                 14   12   12   12

Rig release to rig release (days) 17   15   15   15

% wells drilled < 10 days         3%   12%  33%  42%

Well cost – pad ($MM)       $4.7 $4.8 $4.7 $4.4

Pennsylvania - Operational Highlights

Stemming from reduced pace of capital investments, only one rig is active in 
the company's joint venture properties. During the first quarter, Ultra 
participated in drilling 7 gross (3 net) horizontal Marcellus wells. First 
quarter Pennsylvania net production averaged 204 MMcfe per day. The company 
and its partners initiated production from 17 gross (8 net) wells. Ultra's 
Marcellus program demonstrated average IP rates of 5.8 MMcfe per day for the 
new wells placed online during the quarter.

Ultra is currently in the process of evaluating additional Marcellus potential 
beyond its seismically identified sweet spots. Plans are underway to shoot 
additional 3-D seismic across its operated leasehold position.

Commodity Hedges

Ultra entered into summer 2013 (April – October) NYMEX fixed-price commodity 
hedge contracts. The company has hedged 81.4 Bcf at a weighted average price 
of $3.74 per Mcf. The commodity hedges represent approximately 35 percent of 
the company's planned annual production, based on the mid-point of the 
guidance range.

Financial Strength

Ultra's financial discipline extends to the company generating free cash flow 
in excess of its capital investments for the 9(th) consecutive month. The 
company anticipates generating approximately $125.0 million of free cash flow 
in 2013.

Ultra Petroleum's first quarter outstanding debt was $1.9 billion with over 81 
percent comprised of long-term, fixed-rate debt with an average remaining term 
of 7.0 years and a 5.6 percent weighted average coupon rate. Ultra's debt to 
trailing 12-months EBITDA((2)) was 2.5 times at the end of the first quarter 
with approximately $760.0 million in unused senior debt capacity. Ultra relies 
on total debt to EBITDA((2) )as a measure of leverage because it appropriately 
removes the effect of certain non-cash items, such as impairment charges.

Second Quarter 2013 Production Guidance

Ultra's second quarter 2013 production is expected to range between 57.0 – 
59.0 Bcfe. As the company exhausts the number of wells in its uncompleted 
inventory and partner activity decelerates in Pennsylvania, production is 
expected to flatten during the second half of 2013. Based on the mid-point of 
the company's annual production guidance, approximately 70 percent of total 
company production will come from the Rockies, while 30 percent will come from 
Appalachia. Capital investments for the year are weighted toward the first 
half of 2013 and are unchanged from previous guidance of $415.0 million.

2013 Estimated Total Production (Bcfe)

1(st) Quarter (A) 2(nd) Quarter (E) Full-Year (E)

59.3              57.0 – 59.0 228 - 238

Second Quarter 2013 Price Realizations and Differentials Guidance

In the second quarter of 2013, the company's realized natural gas price is 
expected to average 2 to 4 percent below the NYMEX price due to regional 
differentials, before consideration of any hedging activity. Realized pricing 
for condensate is expected to be about $7.00 less than the average NYMEX crude 
oil price.

Second Quarter 2013 Expense Guidance

The following table presents the company's expected expenses per Mcfe in the 
second quarter of 2013 assuming a $4.11 per MMbtu Henry Hub natural gas price 
and a $91.00 per Bbl NYMEX crude oil price:

Costs Per Mcfe                            Q2 2013

Lease operating expenses                  $ 0.37 – 0.40

Production taxes                          $ 0.33 – 0.35

Gathering fees                            $ 0.21 – 0.23

Total lease operating costs               $ 0.91 – 0.98



Transportation charges                    $ 0.35 – 0.37

Depletion and depreciation                $ 1.05 – 1.08

General and administrative – total  $ 0.11– 0.13

Interest and debt expense                 $ 0.43 – 0.45

Total operating costs per Mcfe            $ 2.85 – 3.01

2013 Annual Income Tax Guidance

Due to the ceiling test write-downs the company incurred during 2012, Ultra 
currently projects a two percent book tax rate for 2013. This equates to 
forecasted annual cash taxes of $5.0 million for the year with approximately 
$3.6 million for the remainder of 2013.

2013 Annual Shareholders' Meeting

Ultra Petroleum's 2013 Annual and Special Meeting of Shareholders will be held 
Tuesday, May 21, 2013 at 10:00 a.m. Mountain Daylight Time. The meeting will 
be held at:

Sheraton Suites Calgary Eau Claire 255 Barclay Parade SW Calgary, Alberta T2P 
5C2

All shareholders are invited to attend the meeting. Shareholders are asked to 
sign and return their voting information form mailed with the Notice of 
Meeting and 10-K to ensure representation.

Conference Call Webcast Scheduled for May 3, 2013

Ultra Petroleum's first quarter 2013 results conference call will be available 
via live audio webcast at 11:00 a.m. Eastern Daylight Time (10:00 a.m. Central 
Daylight Time) Friday, May 3, 2013.  To listen to this webcast, log on to 
www.ultrapetroleum.com and follow the link to the webcast.  The webcast replay 
and podcast will be archived on Ultra Petroleum's website through August 2, 
2013.

Financial tables to follow.

 _____________________________________________________________________
|Ultra Petroleum Corp.                 | |            | |            ||
|______________________________________|_|____________|_|____________||
|Consolidated Statements of Income (unaudited)        | |            ||
|_____________________________________________________|_|____________||
|All amounts expressed in US$000's,    | |            | |            ||
|______________________________________|_|____________|_|____________||
|Except per unit data                  | |            | |            ||
|______________________________________|_|____________|_|____________||
|                                      | |For the Quarter Ended      ||
|______________________________________|_|___________________________||
|                                      | |March 31,                  ||
|______________________________________|_|___________________________||
|                                      | |2013        | |2012        ||
|______________________________________|_|____________|_|____________||
|Volumes                               | |            | |            ||
|______________________________________|_|____________|_|____________||
|Natural gas (Mcf)                     | |57,727,349  | |66,639,044  ||
|______________________________________|_|____________|_|____________||
|Oil liquids (Bbls)                    | |268,256     | |359,042     ||
|______________________________________|_|____________|_|____________||
|Mcfe - Total                          | |59,336,885  | |68,793,296  ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Revenues                              | |            | |            ||
|______________________________________|_|____________|_|____________||
|Natural gas sales                     |$|202,200     |$|191,040     ||
|______________________________________|_|____________|_|____________||
|Oil sales                             | |23,426      | |35,103      ||
|______________________________________|_|____________|_|____________||
|Total operating revenues              | |225,626     | |226,143     ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Expenses                              | |            | |            ||
|______________________________________|_|____________|_|____________||
|Lease operating expenses              | |18,817      | |17,002      ||
|______________________________________|_|____________|_|____________||
|LGS operating lease expense           | |5,000       | |-           ||
|______________________________________|_|____________|_|____________||
|Production taxes                      | |16,555      | |18,219      ||
|______________________________________|_|____________|_|____________||
|Gathering fees                        | |11,884      | |19,552      ||
|______________________________________|_|____________|_|____________||
|Total lease operating costs           | |52,256      | |54,773      ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Transportation charges                | |20,309      | |21,056      ||
|______________________________________|_|____________|_|____________||
|Depletion and depreciation            | |61,468      | |112,702     ||
|______________________________________|_|____________|_|____________||
|General and administrative            | |2,953       | |2,552       ||
|______________________________________|_|____________|_|____________||
|Stock compensation                    | |3,008       | |2,456       ||
|______________________________________|_|____________|_|____________||
|Total operating expenses              | |139,994     | |193,539     ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Other income (expense), net           | |8           | |8           ||
|______________________________________|_|____________|_|____________||
|Contract cancellation fees            | |-           | |(4,846)     ||
|______________________________________|_|____________|_|____________||
|Interest and debt expense, net        | |(25,764)    | |(18,298)    ||
|______________________________________|_|____________|_|____________||
|Deferred gain on sale of liquids      | |2,640       | |-           ||
|gathering system                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Realized gain on commodity derivatives| |-           | |62,537      ||
|______________________________________|_|____________|_|____________||
|Unrealized (loss) gain on commodity   | |(44,715)    | |57,746      ||
|derivatives                           | |            | |            ||
|______________________________________|_|____________|_|____________||
|Income before income taxes            | |17,801      | |129,751     ||
|______________________________________|_|____________|_|____________||
|Income tax provision - current        | |1,368       | |1,416       ||
|______________________________________|_|____________|_|____________||
|Income tax provision - deferred       | |-           | |44,073      ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Net income                            |$|16,433      |$|84,262      ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Deferred taxes                          |-           | |44,073      ||
|________________________________________|____________|_|____________||
|Contract cancellation fees            | |-           | |4,846       ||
|______________________________________|_|____________|_|____________||
|Deferred gain on sale of liquids      | |(2,640)     | |-           ||
|gathering system                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Unrealized loss (gain) on commodity   | |44,715      | |(57,746)    ||
|derivatives                           | |            | |            ||
|______________________________________|_|____________|_|____________||
|Adjusted net income( (3))             |$|58,508      |$|75,435      ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Operating cash flow ((1))             |$|122,984     |$|185,747     ||
|______________________________________|_|____________|_|____________||
|(see non-GAAP reconciliation)         | |            | |            ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Weighted average shares (000's)       | |            | |            ||
|______________________________________|_|____________|_|____________||
|Basic                                 | |152,947     | |152,601     ||
|______________________________________|_|____________|_|____________||
|Fully diluted                         | |154,470     | |153,518     ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Earnings per share                    | |            | |            ||
|______________________________________|_|____________|_|____________||
|Net income - basic                    | |$0.11       | |$0.55       ||
|______________________________________|_|____________|_|____________||
|Net income - fully diluted            | |$0.11       | |$0.55       ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Adjusted earnings per share((3))      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Adjusted net income - basic           | |$0.38       | |$0.49       ||
|______________________________________|_|____________|_|____________||
|Adjusted net income - fully diluted   | |$0.38       | |$0.49       ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Cash flow per share((1))              | |            | |            ||
|______________________________________|_|____________|_|____________||
|Cash flow per share - basic           | |$0.80       | |$1.22       ||
|______________________________________|_|____________|_|____________||
|Cash flow per share – fully     | |$0.80       | |$1.21       ||
|diluted                               | |            | |            ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Realized Prices                       | |            | |            ||
|______________________________________|_|____________|_|____________||
|Natural gas (Mcf), including realized | |            | |            ||
|gain (loss)                           | |            | |            ||
|______________________________________|_|____________|_|____________||
|on commodity derivatives              | |$3.50       | |$3.81       ||
|______________________________________|_|____________|_|____________||
|Natural gas (Mcf), excluding realized | |            | |            ||
|gain (loss)                           | |            | |            ||
|______________________________________|_|____________|_|____________||
|on commodity derivatives              | |$3.50       | |$2.87       ||
|______________________________________|_|____________|_|____________||
|Oil liquids (Bbls)                    | |$87.33      | |$97.77      ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Costs Per Mcfe                        | |            | |            ||
|______________________________________|_|____________|_|____________||
|Lease operating expenses              | |$0.40       | |$0.25       ||
|______________________________________|_|____________|_|____________||
|Production taxes                      | |$0.28       | |$0.26       ||
|______________________________________|_|____________|_|____________||
|Gathering fees                        | |$0.20       | |$0.28       ||
|______________________________________|_|____________|_|____________||
|Transportation charges                | |$0.34       | |$0.31       ||
|______________________________________|_|____________|_|____________||
|Depletion and depreciation            | |$1.04       | |$1.64       ||
|______________________________________|_|____________|_|____________||
|General and administrative - total    | |$0.10       | |$0.07       ||
|______________________________________|_|____________|_|____________||
|Interest and debt expense             | |$0.43       | |$0.27       ||
|______________________________________|_|____________|_|____________||
|                                      | |$2.79       | |$3.08       ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Note: Amounts on a per Mcfe basis may not total due  | |            ||
|to rounding.                                         | |            ||
|_____________________________________________________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Adjusted Margins                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Adjusted Net Income((4))              | |26%         | |26%         ||
|______________________________________|_|____________|_|____________||
|Adjusted Operating Cash Flow Margin(  | |55%         | |64%         ||
|(5))                                  | |            | |            ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Ultra Petroleum Corp.                 | |            | |            ||
|______________________________________|_|____________|_|____________||
|Supplemental Balance Sheet Data                                     ||
|____________________________________________________________________||
|All amounts expressed in US$000's                                   ||
|____________________________________________________________________||
|                                      | |As of                      ||
|______________________________________|_|___________________________||
|                                      | |March 31,   | |December 31,||
|______________________________________|_|____________|_|____________||
|                                      | |2013        | |2012        ||
|______________________________________|_|____________|_|____________||
|                                      | |(Unaudited) | |            ||
|______________________________________|_|____________|_|____________||
|Cash and cash equivalents             |$|14,367      |$|12,921      ||
|______________________________________|_|____________|_|____________||
|Long-term debt                        | |            | |            ||
|______________________________________|_|____________|_|____________||
|Bank indebtedness                     | |373,000     | |277,000     ||
|______________________________________|_|____________|_|____________||
|Senior notes                          | |1,560,000   | |1,560,000   ||
|______________________________________|_|____________|_|____________||
|                                      |$|1,933,000   |$|1,837,000   ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Reconciliation of Operating Cash Flow and Net Cash Provided by      ||
|Operating Activities (unaudited)                                    ||
|____________________________________________________________________||
|All amounts expressed in US$000's                                   ||
|____________________________________________________________________||
|The following table reconciles net cash provided by operating       ||
|activities with operating cash flow as derived from the company's   ||
|financial information.                                              ||
|____________________________________________________________________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|                                      | |For the Quarter Ended      ||
|______________________________________|_|___________________________||
|                                      | |March 31,                  ||
|______________________________________|_|___________________________||
|                                      | |2013        | |2012        ||
|______________________________________|_|____________|_|____________||
|                                      | |            | |            ||
|______________________________________|_|____________|_|____________||
|Net cash provided by operating        |$|67,860      |$|189,303     ||
|activities                            | |            | |            ||
|______________________________________|_|____________|_|____________||
|Net changes in operating assets and   | |            | |            ||
|liabilities                           | |            | |            ||
|______________________________________|_|____________|_|____________||
|and other non-cash items*             | |55,124      | |(3,556)     ||
|______________________________________|_|____________|_|____________||
|Net cash provided by operating        | |            | |            ||
|activities before                     | |            | |            ||
|______________________________________|_|____________|_|____________||
|changes in operating assets and       |$|122,984     |$|185,747     ||
|liabilities                           | |            | |            ||
|______________________________________|_|____________|_|____________||

 __________________________________________________________________
|Ultra Petroleum Corp.                                             |
|__________________________________________________________________|
|Hedging Summary                                                   |
|__________________________________________________________________|
|May 3, 2013                                                       |
|__________________________________________________________________|
|                                                                  |
|__________________________________________________________________|
|The company has the following hedge positions in place to mitigate|
|its commodity price exposure:                                     |
|__________________________________________________________________|
|                                                                  |
|__________________________________________________________________|

 ________________________________________________
|NYMEX       ||Q2 2013|Q3 2013|Q4 2013|Total 2013|
|____________||_______|_______|_______|__________|
|Volume (Bcf)||33.4   |35.9   |12.1   |81.4      |
|____________||_______|_______|_______|__________|
|Mmbtu ($)   ||$3.51  |$3.54  |$3.54  |$3.53     |
|____________||_______|_______|_______|__________|
|Mcf ($)     ||$3.72  |$3.75  |$3.75  |$3.74     |
|____________||_______|_______|_______|__________|

The company reports its financial results in accordance with accounting 
principles generally accepted in the United States of America ("GAAP"). 
However, management believes certain non-GAAP performance measures may provide 
users of this financial information with additional meaningful comparisons 
between current results and the results of the company's peers and of prior 
periods.

(1) Operating Cash Flow is defined as Net cash provided by operating 
activities before changes in operating assets and liabilities and other 
non-cash items. 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) EBITDA is defined as earnings before interest, taxes, DD&A and other 
non-cash charges.

Management presents the following measures because (i) they are consistent 
with the manner in which the company's performance is measured relative to the 
performance of its peers, (ii) these measures are more comparable to earnings 
estimates provided by securities analysts, and (iii) charges or amounts 
excluded cannot be reasonably estimated and guidance provided by the company 
excludes information regarding these types of items. These adjusted amounts 
are not a measure of financial performance under GAAP.

(3) Adjusted Net Income is defined as Net income (loss) adjusted to exclude 
certain charges or amounts in order to exclude the volatility associated with 
the effects of non-recurring charges, non-cash mark-to-market losses on 
commodity derivatives, non-cash ceiling test impairments and other similar 
items.

(4) 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.

(5) Adjusted Operating Cash Flow Margin is defined as Operating Cash Flow 
divided by the sum of Oil and natural gas sales plus Realized gain (loss) on 
commodity derivatives.

*Other non-cash items include reduction in 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 152,920,815 shares outstanding on March 31, 
2013.

This release can be found at http://www.ultrapetroleum.com.

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. The opinions, forecasts, 
projections or other statements, other than statements of historical fact, are 
forward-looking statements. Although the company believes that the 
expectations reflected in such forward-looking statements are reasonable, the 
company can give no assurance that such expectations will prove to have been 
correct. Certain risks and uncertainties inherent in the company's businesses 
are set forth in its filings with the SEC, particularly in the section 
entitled "Risk Factors" included in its Annual Report on Form 10-K for the 
most recent fiscal year and from time to time in other filings made by the 
company with the SEC. These risks and uncertainties include, but are not 
limited to, increased competition, the timing and extent of changes in prices 
for oil and gas, particularly in Wyoming and Pennsylvania, the timing and 
extent of the company's success in discovering, developing, producing and 
estimating reserves, the effects of weather and government regulation, 
availability of oil field personnel, services, drilling rigs and other 
equipment, as well as other factors listed in the reports filed by the company 
with the SEC.Full details regarding the selected financial information 
provided above will be available in the company's report on Form 10-Q for the 
quarter ended March 31, 2013.

Kelly L. Whitley, Director, Investor Relations, +1-281-582-6602,  
kwhitley@ultrapetroleum.com, or Julie E. Danvers, Manager, Investor Relations, 
+1-281-582-6604, jdanvers@ultrapetroleum.com

http://www.ultrapetroleum.com

http://photos.prnewswire.com/prnh/20020226/DATU029LOGO

SOURCE: Ultra Petroleum Corp.

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/May2013/03/c3303.html

CO: Ultra Petroleum Corp.
ST: Texas
NI: ERN EST ERN CONF 

-0- May/03/2013 12:03 GMT

Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement