Ultra

Wyoming pure-play Ultra Petroleum Corp. plans to drop another drilling rig in the third quarter in pursuit of positive free cash flow (FCF).

Wyoming pure-player Ultra Petroleum Corp., which has struggled financially in recent years, will soon begin trading over-the-counter (OTC) after its board decided against trying to regain compliance with Nasdaq listing standards.

Ultra Petroleum Corp. said this week that it would cut 2019 capital expenditures further and drop a rig in the Green River Basin as it barrels ahead with ongoing efforts to curb spending and improve results.

Natural gas heavy Ultra Petroleum Corp. got a lift in the first quarter from resurgent prices in the Rockies, which helped boost revenues and deliver a profit as the company continues to focus on stabilizing operations in the Green River Basin.

Ultra Petroleum Corp. continued focusing on its vertical well program in Wyoming’s Pinedale Anticline during the third quarter and plans to continue running a three-rig drilling program for the rest of the year as it looks to further reduce well costs.

Ultra Petroleum Corp. lowered its annual production guidance and said it plans to drop one rig, leaving three working for the remainder of the year, as it scales back its strategy to develop its position in Wyoming’s Pinedale Anticline.

Ultra Petroleum Corp. reduced its operated rig fleet from seven to four in 1Q2018, but plans to accelerate its horizontal drilling program while reducing well costs for the remainder of the year.

Ultra Petroleum Corp. produced 803 MMcfe/d in the first quarter, exceeding the midpoint of its 790-810 MMcfe/d guidance and increasing volumes by 13% from the year-ago period.

Houston-based Ultra Petroleum Corp. on Tuesday claimed more strong results from its natural gas-rich prospects in the Pinedale Anticline, while also divulging that chief Mike Watford will retire in February as part of a sweeping management overhaul.