Ultra Petroleum to Sell China Interests
for $223 Million
HOUSTON, Sept. 27 /PRNewswire-FirstCall/
-- Ultra Petroleum Corp.
(NYSE:
UPL) today announced the execution of a stock purchase
agreement for the sale of Sino-American Energy Company which represents all of
Ultra's interests in Bohai Bay, China for $223 million. The reserve volumes
sold represent all of Ultra's international assets and comprise approximately
1% of Ultra's year-end 2006 proved reserves as detailed in the 2006 10-K
report. The sale is expected to close during the fourth quarter of 2007 and is
subject to normal closing conditions. The purchaser of the Bohai Bay asset is
SPC E&P (China) Pte Ltd, a wholly-owned subsidiary of Singapore Petroleum
Company Limited and Jefferies Randall and Dewey acted as financial advisors for
Ultra in this transaction.
"We are pleased with the value
received for the non-core asset and plan to turn our full attention to Ultra's
legacy asset the Pinedale Field, the nation's second largest natural gas
field," commented Michael D. Watford, Chairman, President and Chief
Executive Officer. "Even with the sale of these producing properties, we
look forward to delivering over twenty percent organic production growth in
2008 and 2009," Watford added.
Ultra Petroleum Corp. is an independent,
exploration and production company focused on developing its long-life natural
gas reserves in the Green River Basin of Wyoming -- the Pinedale and Jonah
Fields. Ultra is listed on the New York Stock Exchange under the symbol
"UPL". The Company had 151,892,002
shares outstanding as at
June 30, 2007.
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, we can give no assurance that
such expectations will prove to have been correct. Certain risks and
uncertainties inherent in the Company's business are set forth in our filings
with the SEC, particularly in the section entitled "Risk Factors"
included in our Annual Report on Form 10-K for our most recent fiscal year and
from time to time in other filings made by us with the SEC. These risks and
uncertainties include increased competition, the timing and extent of changes
in prices for crude oil and natural gas, particularly in Wyoming, the timing
and extent of the Company's success in discovering, developing, producing and
estimating reserves, the effects of weather and government regulation,
availability of oil field personnel, services, drilling rigs and other
equipment, and other factors listed in the reports filed by the Company with
the SEC.
This release can be found at
http://www.ultrapetroleum.com
SOURCE Ultra Petroleum Corp.
-0-
09/27/2007
/CONTACT: Kelly L. Whitley, Manager Investor
Relations, +1-281-876-0120, ext. 302, info@ultrapetroleum.com /
/Photo:
http://www.newscom.com/cgi-bin/prnh/20020226/DATU029LOGO
AP Archive:
http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com/
/Web site:
http://www.ultrapetroleum.com /
(UPL)