Attached files
| file | filename |
|---|---|
| 8-K - ULTRA PETROLEUM CORP | v199100_8k.htm |
| EX-10.1 - ULTRA PETROLEUM CORP | v199100_ex10-1.htm |
NEWS
RELEASE
FOR
IMMEDIATE RELEASE
Ultra Petroleum Issues $525
Million of Senior Notes
HOUSTON, Texas
– October 15, 2010 – Ultra Petroleum Corp. (NYSE: UPL) today announced
that its wholly owned subsidiary Ultra Resources has closed and funded a senior
note offering with a group of seventeen institutional investors providing for
the private placement of $525.0 million in Senior Unsecured Notes. The Notes
were issued in a series of tranches as described in the table
below:
|
Amount
|
Term
|
Coupon Rate
|
||||
|
$315.0
million
|
10
year term due in 2020
|
4.51 | % | |||
|
$ 35.0
million
|
12
year term due in 2022
|
4.66 | % | |||
|
$175.0 million
|
15
year term due in 2025
|
4.91 | % | |||
|
$525.0
million
|
||||||
Net
proceeds from the offering will be used to repay existing bank debt and for
general corporate purposes.
About Ultra
Petroleum
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; and is in the early stages of
exploration in the Appalachian Basin in Pennsylvania. Ultra is listed on the New
York Stock Exchange and trades under the ticker symbol “UPL”. The
company had 152,479,188 shares outstanding on September 30, 2010.
This
release can be found at www.ultrapetroleum.com.
This
press release shall not constitute an offer to sell or a solicitation of an
offer to buy the Notes nor shall there be any sale of the Notes in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state. The Notes have not
been registered under the Securities Act of 1933 and may not be offered or sold
in the United States absent registration or an applicable exemption from
registration requirements.
|
Ultra
Petroleum Corp.
|
Page
1 of 2
|
|
Senior
Note Offering
|
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, including our ability to
consummate the transactions described in this release, 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 businesses 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 the results of our diligence review of properties, increased
competition, the timing and extent of changes in prices for oil and 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.
For
further information contact:
|
Kelly
L. Whitley
|
Julie
E. Danvers
|
|
Manager
Investor Relations
|
Investor
Relations Analyst
|
|
Phone:
281-876-0120 Extension 302
|
Phone:
281-876-0120 Extension 304
|
|
Ultra
Petroleum Corp.
|
Page
2 of 2
|
|
Senior
Note Offering
|