BOSTON (Thomson Financial) - Ultra Petroleum Corp. Friday increased its full
year 2007 production guidance to 120 billion cubic feet of gas equivalent from
its previous guidance of 116.5 bcfe.
For the fourth quarter, the company increased its production guidance to
32.3 bcfe from its previous guidance of 28.8 bcfe.
"Our new production target for 2007, reflecting a 33% increase on a per
share basis over 2006, is evidence of our productivity gains despite fewer rig
days in 2007," Ultra Petroleum said. "And our well costs continue to decrease."
Additionally, the company announced that Stephen R. Kneller, vice president
of domestic exploration, and Michael G. Patterson, vice president of
international, will be retiring at year-end.
Shares of the Houston-based oil and natural gas exploration and production
company rose 2.6% to $70.70.
Casey Logan
cl/tk1
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|