-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Oyfanx0Q3jRhQ5yTL6HPjdmIjzVUrklQg4+rLuarpuTuEPryBt2pFkKZAsMut/K+ a8eGAO0rcx0iMK+WvGy1bw== 0000891092-03-003190.txt : 20031106 0000891092-03-003190.hdr.sgml : 20031106 20031106135527 ACCESSION NUMBER: 0000891092-03-003190 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031104 ITEM INFORMATION: FILED AS OF DATE: 20031106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ULTRA PETROLEUM CORP CENTRAL INDEX KEY: 0001022646 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29370 FILM NUMBER: 03981853 BUSINESS ADDRESS: STREET 1: 363 N SAM HOUSTON PARKWAY E STREET 2: SUITE 1200 CITY: HOUSTON STATE: TX ZIP: 77060 BUSINESS PHONE: 2818760120 MAIL ADDRESS: STREET 1: 363 N SAM HOUSTON PARKWAY 3 STREET 2: SUITE 1200 CITY: HOUSTON STATE: TX ZIP: 77060 8-K 1 e16141_8k.txt FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report November 4th, 2003 ULTRA PETROLEUM CORP. (Exact name of registrant as specified in its charter) Yukon Territory, Canada 0-29370 N/A (State or other jurisdiction of (Commission File (I.R.S. Employer incorporation or organization) Number) Identification Number) (363 North Sam Houston Pkwy, E., Suite 1200., Houston, TX 77060) (281-876-0120) ================================================================================ Item 12. Results of Operations and Financial Condition SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. [May 6th, 2003] By: ________________________ David Russell EX-99.1 3 e16141ex99-1.txt PRESS RELEASE Exhibit 99.1 November 4, 2003 ULTRA PETROLEUM REPORTS TEN-FOLD GROWTH IN THIRD QUARTER EARNINGS Houston, TX - Ultra Petroleum (AMEX-UPL, TSX-UP) today reported that earnings increased 974 % to $10,327,987 or $0.13 per share for the quarter ending September 30, 2003 compared to $961,286 or $0.01 per share for the same period in 2002. Cash flow (1) for the quarter ended September 30, 2003 increased 384 % to $20,902,191 or $0.27 per share, compared to $4,318,339 or $0.06 per share for the same period in 2002. For the nine-month period ended September 30, 2003 earnings increased 558 % to $26,169,533 or $0.33 per share, compared to $3,979,590 or $0.05 per share for the same period in 2002. Cash flow (1) for the nine-month period increased 299 % to $54,737,390 or $0.70 per share, compared to $13,733,771 or $0.18 per share for the same period in 2002. Production for the third quarter increased 66 % to 6.9 Bcfe; averaging 75 MMcfe/d compared to 4.2 Bcfe or 45 MMcfe/d for the same quarter in 2002. Average natural gas prices increased to $4.17 per Mcf for the third quarter compared to $1.91 for the same period in 2002. Average oil prices for the third quarter of 2003 increased to $31.37 compared to $30.21 in 2002. Production for the nine-month period ended September 30, 2003 increased 69 % to 19.1 Bcfe, or 70 MMcfe/d compared to 11.3 Bcfe or 42 MMcfe/d for the same period in 2002. Average natural gas prices for the nine-month period increased to $3.99 per Mcf compared to $2.18 per Mcf during the same period in 2002 while average oil prices increased to $31.04 compared to $24.93 in 2002. "This third quarter is another in a string of record quarters for Ultra Petroleum and further demonstrates the quality of our assets and execution," stated Michael D. Watford, Ultra's Chairman, President and CEO. "Earnings increased 974% on the back of a 66% increase in production and we continue to enjoy the benefits of the Kern River Pipeline expansion shrinking the differential in Wyoming and delivering significantly higher price realizations for us. Our deep inventory of opportunities continues to grow. This year we broadened the productive area at Pinedale by drilling additional successful step out wells east and west of the identified fairway. And with success, the 20 acre pilot program we're starting will provide a step function increase in our opportunities. Our China development remains on schedule and budget for first oil. We're on track to meet or exceed our production and reserve targets for the year and enter 2004 well positioned to once again deliver industry leading reserve and production growth while maintaining a cost structure among the lowest in our industry. Without a doubt, our operational and financial successes so far this year will deliver the best year yet in Ultra's history."
For the Three-Month Period Ended For the Nine-Month Period Ended 30-Sep-03 30-Sep-02 30-Sep-03 30-Sep-02 Production Oil Production - Bbls 50,327 36,171 147,919 99,498 Natural Gas - Mcf 6,642,972 3,967,847 18,255,839 10,732,828 Gas Equivalent Production - Mcfe 6,944,934 4,184,873 19,143,353 11,329,816 Realized Production Prices Oil Price - $/bbl $ 31.37 $ 30.21 $ 31.04 $ 24.93 Gas Price - $/Mcf $ 4.17 $ 1.91 $ 3.99 $ 2.18 Revenues Oil Revenue $ 1,578,976 $ 1,092,561 $ 4,591,912 $ 2,480,039 Gas Revenue $27,711,651 $ 7,578,471 $72,835,464 $23,440,699 Total Revenues $29,290,627 $ 8,671,032 $77,427,376 $25,920,738 Operating costs and expenses Operating expenses $ 872,364 $ 605,335 $ 2,484,784 $ 1,510,479 Taxes $ 3,407,541 $ 744,429 $ 8,674,351 $ 2,463,468 Gathering $ 1,899,519 $ 1,206,332 $ 5,195,693 $ 3,163,278 Depreciation, depletion and $ 4,033,606 $ 2,340,270 $11,091,346 $ 6,193,858 amortization General and administrative $ 1,468,553 $ 1,095,115 $ 4,210,029 $ 3,154,376 Stock compensation $ -- $ 415,000 $ 1,018,220 $ 1,211,165 Interest and debt expense $ 747,125 $ 706,705 $ 2,151,599 $ 1,912,922 Total direct expenses $12,428,708 $ 7,113,186 $34,826,022 $19,609,546 Interest and other income $ 6,668 $ 5,222 $ 26,431 $ 17,555 Income Tax - Deferred $ 6,540,600 $ 601,783 $16,458,292 $ 2,349,157 Net Income $10,327,987 $ 961,286 $26,169,533 $ 3,979,590 Per common share - basic $ 0.14 $ 0.01 $ 0.35 $ 0.05 Per common share - diluted $ 0.13 $ 0.01 $ 0.33 $ 0.05 Cash flow from operations (1) $20,902,191 $ 4,318,339 $54,737,390 $13,733,771 Per common share - basic $ 0.28 $ 0.06 $ 0.74 $ 0.19 Per common share - diluted $ 0.27 $ 0.06 $ 0.70 $ 0.18 Shares Outstanding 74,327,668 73,900,043 74,327,668 73,900,043 Weighted Average - Basic 74,279,516 73,716,932 74,170,485 73,716,932 Weighted Average - diluted 78,537,895 77,561,888 78,335,831 77,536,290 Costs per Mcfe Operating Expenses $ 0.13 $ 0.14 $ 0.13 $ 0.13 Severance/Production Taxes $ 0.49 $ 0.18 $ 0.45 $ 0.22 Gathering $ 0.27 $ 0.29 $ 0.27 $ 0.28 Total Lease Operating $ 0.89 $ 0.61 $ 0.85 $ 0.63 Depletion, depreciation and $ 0.58 $ 0.56 $ 0.58 $ 0.55 amortization General and administrative $ 0.21 $ 0.26 $ 0.22 $ 0.28
These statements are unaudited and subject to year-end adjustment. (1) "Cash flow" refers to cash flow from operations before net change in non-cash working capital.
Reconciliation of cash flow from operations before change in net working capital. Three Months Ended Sep 30 Nine Months Ended Sep 30 - ----------------------------------------------------------------------------------------------------------------------------------- 2003 2002 2003 2002 -------------------------------------------------------------------- Net cash provided by operating activities $ 19,607,671 $ 2,820,146 $ 52,361,410 $ 9,191,666 Accounts payable and accrued liabilities $ (3,865,573) $ 1,527,460 $ (3,341,399) $ 6,263,595 Prepaid expenses and other current assets $ 1,139,602 $ 2,526,883 $ 3,373,345 $ 2,494,282 Accounts receivable $ 2,748,564 $ 788,028 $ 3,313,559 $ (922,893) Restricted cash $ 318 $ 421 $ 1,044 $ 1,720 Other long-term obligations $ 1,271,609 $(3,344,599) $ (970,569) $ (3,294,599) Cash flow from operations before net change in net working capital $ 20,902,191 $ 4,318,339 $ 54,737,390 $ 13,733,771
Ultra Petroleum is an independent, exploration and production company focused on developing its long life natural gas reserves in the Green River Basin of Wyoming, and oil reserves in Bohai Bay, offshore China. Ultra is listed on the American Stock Exchange under the ticker "UPL" and on the Toronto Stock Exchange under the ticker "UP" with 74,371,668 shares outstanding as of the date of this release. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this press release, relating to reserves and/or production that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K available from us at 363 North Sam Houston Parkway E., Suite 1200, Houston, TX 77060. You can also obtain this form from the SEC by calling 1-800-SEC-0330. 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, they 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 their filings with the Securities and Exchange Commission. Full details regarding the selected financial information provided above will be available in the Company's annual report and in the Annual Information form to be filed under the cover of Form 10-K. For more information contact: David Russell Investor Relations (281) 876-0120 Extension 302 -----END PRIVACY-ENHANCED MESSAGE-----