Past year: ▼ 14%(99.0c – 1.65 USD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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).
