Ultra Petroleum 1999 year-end results
Ultra Petroleum Corp UP
Shares issued 56,409,325 Oct 29 close $1.33
Mon 1 Nov 99 News Release
Mr. David Russell reports
Ultra Petroleum recorded a net loss of $8.9-million (U.S.), or 16 cents per
share on revenues of $7-million (U.S.) for the year ended June 30, 1999.
This compares with a net loss of $10.6-million (U.S.) or 22 cents per share
on revenues of $3.6-million (U.S.) for the year ended June 30, 1998.
Ultra's long-term debt was reduced by $3.1-million (U.S.) to $7.1-million
(U.S.) during the year ended June 30, 1999.
General and administrative costs totalled $5.8-million (U.S.) for the year
ended June 30, 1999. Of the $5.8-million (U.S.) in general and
administrative costs, $4.2-million (U.S.) was reported through the second
quarter ending Dec. 30, 1998. Michael D. Watford was hired as chief
executive officer of Ultra Petroleum in February, 1999. He immediately
implemented various cost saving measures which reduced general and
administrative costs to $1.6-million in the second half of fiscal year
1999.
In the fourth quarter of fiscal year 1999 the company raised $13.2-million
(U.S.) through the sale of interests in oil and gas properties. As a
result, the company's drilling program and 3-D seismic survey are now under
way along the Pinedale anticline in the Green River basin of Wyoming.
In the fourth quarter of fiscal year 1999, Ultra was in a positive cash
flow position for the first time in the company's history. For the
remainder of 1999, the board of directors of Ultra Petroleum approved a
capital expenditure budget of $10-million (U.S.). With Ultra's financial
house in order, continued growth in cash flow, earnings, reserves and
production will be core objectives moving forward.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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