6 Aug 2008quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported a quarterly net income of $116.9 million for the period ended 2008-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Aug 2008quarterly activities report● Neutral
ULTRA PETROLEUM CORP reported a quarterly net income of $116.9 million for the period ended 2008-06-30.
10 Mar 2008debt financing● NeutralMajor
Ultra Resources issued $300 million of senior notes under a master note purchase agreement: $200 million at 5.92% due 2018 and $100 million at 5.45% due 2015. They are guaranteed by Ultra Petroleum and UP Energy and rank equally with the bank credit facility. Proceeds will repay bank debt without reducing the size of the revolving facility, so this adds fixed-rate long-term debt alongside the 2007 credit facility.
14 Feb 2008substantial holder notice● Neutral
Wellington Management Company, LLP disclosed a new substantial ULTRA PETROLEUM CORP shareholding (5.67% of votes).
14 Feb 2008substantial holder notice● Neutral
Morgan Stanley I.R.S. #, Morgan Stanley Investment Managemen reported a ULTRA PETROLEUM CORP shareholding of 19,636,934 shares (12.90% of votes) in a periodic institutional filing.
26 Oct 2007asset acquisition disposition● NeutralMajor
Ultra completed the sale of Sino-American Energy, its Bohai Bay, China holding, to SPC E&P (China) for $223 million on October 22, 2007, finishing the deal announced in September. Separately, the board elected Roger A. Brown as an independent director, serving on the Audit and Nominating and Corporate Governance Committees.
28 Sept 2007material agreement● NeutralMajor
Ultra's subsidiary UP Energy agreed to sell Sino-American Energy, which holds all Ultra's Bohai Bay, China interests, to SPC E&P (China), a Singapore Petroleum Company subsidiary, for US$223 million, subject to adjustments and closing conditions. The press release says these were all of Ultra's international assets and about 1% of year-end 2006 proved reserves, and management said it will focus on the Pinedale field.
2 Aug 2007listing compliance notice▼ BadMajor
ULTRA PETROLEUM CORP's securities were notified for removal from listing and registration on its exchange.
1 Aug 2007listing compliance notice▲ GoodMajor
the New York Stock Exchange certified ULTRA PETROLEUM CORP's securities for listing, clearing them to begin trading.
13 July 2007listing compliance notice● Neutral
Ultra told the American Stock Exchange it plans to move its common stock listing to the New York Stock Exchange, expected to start trading there on August 3, 2007 under 'UPL', subject to NYSE approval. Management said it believes the move will bring increased visibility and decreased volatility. This is a voluntary transfer, not a compliance problem. The release describes core properties in Wyoming's Pinedale and Jonah fields, Bohai Bay oil production in China, and early exploration in Pennsylvania, with 152,167,702 shares outstanding at June 30, 2007.
2 May 2007debt financing● NeutralMajor
Through a subsidiary, Ultra entered a new unsecured revolving credit facility with banks led by JP Morgan Chase, maturing April 2012, with a $500.0 million initial commitment that can grow to $750.0 million. At April 30, 2007 it had $210.0 million drawn and $290.0 million available, and said it was in compliance with its covenants. The filing also covers a press release on first-quarter 2007 results, whose figures are not in the text.
14 Feb 2007substantial holder notice● Neutral
Morgan Stanley I.R.S. # reported a ULTRA PETROLEUM CORP shareholding of 16,179,630 shares (10.60% of votes) in a periodic institutional filing.
14 Feb 2007substantial holder notice● Neutral
Trafelet & Company, LLC, Remy W. Trafelet reported a ULTRA PETROLEUM CORP shareholding of 909,700 shares (0.60% of votes) in a periodic institutional filing.
29 June 2006auditor change● Neutral
At the June 29, 2006 annual meeting, shareholders approved Ernst & Young as auditor for fiscal 2006 and dismissed KPMG, completing the change the audit committee started in May.
2 June 2006auditor change▼ Bad
This amendment to the May auditor-change filing adds that KPMG was dismissed and gives more detail on KPMG's reports, including its finding that internal controls were not effective at December 31, 2005 because of three listed material weaknesses. It attaches KPMG's letter to the SEC dated May 31, 2006 and still reports no disagreements with KPMG.
17 May 2006auditor change▼ BadMajor
Ultra's audit committee voted to appoint Ernst & Young as auditor for 2006 in place of KPMG, subject to shareholder approval. The filing discloses that the 2005 10-K reported material weaknesses in internal control over financial reporting, which management said it is working to fix; it states there were no disagreements with KPMG and that KPMG's reports were not adverse.
5 May 2006substantial holder notice● Neutral
Trafelet & Company, LLC, Remy W. Trafelet disclosed a new substantial ULTRA PETROLEUM CORP shareholding (5.20% of votes).
16 Mar 2006late filing notice▼ Bad
ULTRA PETROLEUM CORP notified the SEC that its annual report would be filed late.
9 Feb 2006material agreement● NeutralMajor
Ultra's board approved two precedent agreements, with Rockies Express Pipeline and Entrega Gas Pipeline, for new pipelines to carry its southwestern Wyoming gas toward mid-continent and northeastern markets. Ultra Resources contracted for 200,000 MMBtu per day for 10 years once the pipelines are built (expected in stages 2007-2009), with Ultra projecting demand charges of about US$70 million per year, a figure it says may change materially. REP or Entrega can terminate if enough shipper commitments are not in place by February 28, 2006.
23 Nov 2005material agreement▲ GoodMajor
Ultra's subsidiary Ultra Resources amended its bank credit agreement with a group led by JP Morgan Chase, raising the borrowing base from $500 million to $800 million. The amendment also allows the company to pay dividends and buy back its own shares, as long as total bank credit exposure stays at or below 85% of the commitment amount (and, for buybacks, there is no continuing default).
23 Feb 2005director interest notice● Neutral
ULTRA PETROLEUM CORP Corporate Secretary Charlotte Harrell Kauffman exercised stock options for 40,000 shares and disposed of 80,000 shares.
22 Feb 2005director interest notice● Neutral
ULTRA PETROLEUM CORP Chief Financial Officer F Fox Benton exercised stock options for 40,000 shares and disposed of 80,000 shares.
22 Feb 2005director interest notice● Neutral
ULTRA PETROLEUM CORP Vice President International George Michael Patterson exercised stock options for 20,000 shares and disposed of 40,000 shares.
18 Feb 2005director interest notice● Neutral
ULTRA PETROLEUM CORP CEO and President Michael D Watford exercised stock options for 50,000 shares and disposed of 100,000 shares.
17 Feb 2005director interest notice● Neutral
ULTRA PETROLEUM CORP Vice President Domestic Stephen Richard Kneller exercised stock options for 10,000 shares and disposed of 20,000 shares.
17 Feb 2005director interest notice● Neutral
ULTRA PETROLEUM CORP director James Clay Roe exercised stock options for 20,000 shares and disposed of 40,000 shares.
11 Feb 2005director interest notice● Neutral
ULTRA PETROLEUM CORP CEO and President Michael D Watford disposed of 3,113,137 shares via option/appreciation-right settlement.
11 Feb 2005director interest notice● Neutral
ULTRA PETROLEUM CORP director James Clay Roe gifted 3,500 shares.
11 Feb 2005director interest notice● Neutral
ULTRA PETROLEUM CORP director Dr William Charles Helton gifted 4,000 shares.
11 Feb 2005director interest notice● Neutral
ULTRA PETROLEUM CORP Chief Financial Officer F Fox Benton gifted 13,000 shares.