Ultra Petroleum Announces the Divestiture of Its Non-Core Marcellus Asset
22 December 2017 - 5:38AM
Ultra Petroleum Corp. (the “Company”) (NASDAQ:UPL) today announced
that it has reached a definitive agreement and closed on the sale
to divest the Company’s non-operated asset in the Marcellus Shale
to Alta Marcellus Development, LLC for a purchase price
of $115 million in cash. The divested assets include current net
production of 30 million cubic feet per day, which contributed
PDP PV-10 of $79 million to the bank syndicate’s borrowing base,
and associated gathering assets. This transaction will have no
impact on the Company’s current borrowing base which remains at
$1.4 billion.
“This transaction is consistent with our
previously announced intention to monetize our non-core assets and
streamline our portfolio to focus on our higher returning Pinedale
assets. We also believe it makes sense to bring the value of these
assets forward and use these proceeds to help deleverage our
balance sheet and further improve liquidity. We are currently
working with CIBC Griffis & Small to begin marketing our Uinta
Basin package and we hope to announce the sale of that asset in the
coming months,” commented Michael D. Watford, Chairman, President
and Chief Executive Officer.
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.
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. 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 SEC, particularly in the section entitled “Risk
Factors” included in our most recent Annual Report on Form 10-K for
the most recent fiscal year, our most recent Quarterly Reports on
Form 10-Q, and from time to time in other filings made by the
Company with the SEC. Some of 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
the areas where we own properties, conduct operations, and market
our production, as well as the timing and extent of our success in
discovering, developing, producing and estimating oil and gas
reserves, weather and government regulation, and the availability
of oil field services, personnel and equipment. Our SEC filings are
available written request to Ultra Petroleum Corp. at 400 North Sam
Houston Parkway East, Suite 1200, Houston, Texas 77060 (Attention:
Investor Relations) or on our website (www.ultrapetroleum.com) or
from the SEC on their website at www.sec.gov or by telephone
request at 1-800-SEC-0330.
For further information
contact:Sandi Kraemer Director, Investor RelationsPhone:
281-582-6613Email: skraemer@ultrapetroleum.com
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