HOUSTON, Sept. 27, 2017 (GLOBE NEWSWIRE) — Ultra Petroleum Corp. (NASDAQ:UPL) announced today its intention to work collaboratively with Fir Tree Partners (“Fir Tree”), its largest shareholder, to pursue value-maximizing strategies.
Michael D. Watford, President, Chairman and CEO, said, “We are very engaged with all of our stakeholders, including a constructive dialog with Fir Tree Partners, and share their excitement for our business. We look forward to collaborating with them on both immediate and long-term initiatives to help drive shareholder value.”
In particular, the Company plans to address the following in the near-term:
- Capital Structure. Explore ways to increase liquidity, de-lever the balance sheet and increase share repurchase capacity.
- Non-Core Assets. Engage an investment bank to explore divesting certain non-core assets in the Marcellus / Uinta basins.
- Cash Flow. Opportunistically increase our current commodity hedging program to better ensure predictable, stabilized cash flows and EBITDA.
- Capital Allocation. Review the capital allocation program to optimize a healthy balance between exploiting UPL’s premier asset base and generating incremental free cash flow.
- Clarity / Disclosure. Increase clarity to the market regarding:
– high quality and repeatability of the Company’s inventory;
– long term acreage development plans;
– low cost structure / minimal well cost inflation;
– abundant low priced pipeline capacity to transport gas; and
– potential significant impact that horizontal development can have on the Company’s well returns and inventory.
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.
About Fir Tree Partners
Fir Tree Partners, founded in 1994 and located in New York City (HQ) and Miami, is a value-oriented investment manager that manages private investment funds for endowments, charitable and philanthropic foundations, pension funds and other institutional and private investors. Fir Tree manages approximately $9.4 billion, invested worldwide in public and private companies across a wide variety of sectors and securities. Fir Tree has direct control over approximately 18.48% of Common Shares and total economic interest in approximately 22.12% of Common Shares of UPL.