Ultra Petroleum Corp. ("Ultra Petroleum," “Ultra” or the “Company”) announced its 2018 year-end reserves and production, semi-annual borrowing base redetermination and favorable amendment to its leverage covenants and schedules its 2018 fourth quarter and year-end earnings call.
 
As result of it's strong Q4 performance, Ultra Petroleum’s borrowing base has been reaffirmed by the lenders under the Company’s reserve-based loan (“RBL”) credit facility (“RBL Credit Facility Lenders”) at $1.3 billion, providing ample liquidity for the foreseeable future.
 
The Company’s RBL Credit Facility Lenders unanimously approved an amendment that provides for an expanded leverage covenant metric of up to 4.9x.Year to date, the Company has successfully closed on agreements to exchange an incremental $44.6 million aggregate principal amount of 2022 Notes under terms more favorable to the Company than the December 2018 debt exchange.

“We are pleased to announce the unanimous confirmation of our $1.3 billion borrowing base by our bank group as well as an important amendment to our RBL credit facility.  The affirmation of our borrowing base provides ample liquidity and the amendment to the RBL credit facility provides flexibility and time for the Company to execute on its business plan.  With full affirmation of our borrowing base and greater covenant flexibility, along with recent strengthening of the balance sheet through debt exchanges, momentum is building in 2019 for a constructive long-term outlook for Ultra,” said Brad Johnson, Ultra’s Interim Chief Executive Officer.

During the fourth quarter of 2018, the Company’s production averaged 699 million cubic feet equivalent (“MMcfe”) per day, coming within previously announced guidance.  Production volumes include 61.5 billion cubic feet (“Bcf”) of natural gas and 473,000 barrels of oil and condensate.  During the quarter, the Company completed and turned 23 vertical wells to sales as it continued its three-rig drilling pace in Pinedale.

Full-year 2018 production averaged 756 MMcfe per day, meeting the production guidance set by the Company earlier in the year.  Full-year production included 260.4 Bcf of natural gas and 2,442,000 barrels of oil and condensate.  During 2018, Ultra turned online 94 vertical wells and 16 horizontal wells in its Pinedale field.