ENGLEWOOD, Colo., June 03, 2019 (GLOBE NEWSWIRE) — 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”.