March 2017 Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development and production. The company trades over-the-counter under the ticker symbol UPLMQ.
Reorganization Update Elected to restructure through an in-court process with chapter 11 filing on April 29, 2016 Plan Support Agreement and Backstop Commitment agreement executed on November 21, 2016 Unsecured capital structure…
Public E&Ps Who Filed for Chapter 11 Unlike other E&P companies that have emerged from bankruptcy, Ultra Petroleums reorganized plan enterprise value exceeds its pre-petition debt. Upon emergence from Chapter 11, all of Ultras creditors…
Company Highlights 1 High Quality & Deep Asset Base with Attractive Returns 2 6 Low-Risk, Repeatable Proven Management & Predictable Team Development 5 3 Robust Pro Forma Attractive Realized Balance Sheet & Cash…
Ultra Petroleum Overview Pinedale and Jonah Fields Green River Basin, WY Net Acres: 69,000 % Gas: 96% % Operated: 90% 4Q16 Prod: 688 Mmcfe/d Marcellus Shale Appalachia, PA Net Acres: 72,000 % Gas: 100% Three Rivers Field…
Consistent Improvement in Cash Operating Costs Proven ability to reduce cash operating costs since Q1 2014, with sustainable cost structure at 1.00 / Mcfe Eliminated legacy firm transportation agreements in Q2 2016 (no firm transport…
Ultra is a Low-Cost Leader Ultra is a low cost leader among public companies…
Well Cost Reduction Throughout Price Cycles Vertical natural gas directed D&C not linked to changes in oil prices Able to reduce D&C cost through both rising and falling commodity price cycles Significant majority of savings from…
Attractive Natural Gas Basis Differentials Out of Rockies Attractive basis differentials out of the Rockies with price realization 90% NYMEX Over 95% of Q4 2016 production from Rockies Northeast basis differentials expected to improve…
Pinedale Pipeline Transportation Infrastructure Superior basis differentials out of basin with West Coast and Mid-Con pricing optionality Excess pipeline capacity out of basin supports long-term differentials and variable cost…
Extensive Drilling of Low Risk, High Return Projects Significant inventory of low-risk, repeatable and predictable drilling locations across core operating areas Gross Drilling Inventory Single Well Economics(1) 4,903 5,000 50% 41%…
Significant Total Resource Potential Unique mix of significant undeveloped opportunity paired with sizable existing production base Foreseeable development expected to be funded with cash flow from operations Pinedale Marcellus Uinta…
Asset Overview
Core Asset: Pinedale Field Q4 2016 production of 688 Mmcfe/d Pinedale Field T33N-R107W Over 95% of companys reserves DA 1 4,903 remaining gross locations Mesa Pole…
Pinedale Asset Overview Description Production History(1) 69,000 net acres in Sublette County, Wyoming 1,800,000 Large, contiguous, operated acreage position in the core of the Ultra Net, Mcf/d 1,700,000 Pinedale Field Gross, Mcf/d…
Pinedale Inventory Gross Locations(1) Future Development (Gross Locations) 1,800 1,671 Gross EUR 1,600 Count (Bcfe) 1,400 Locations in 2017 218 4.2 1,200 1,000 Locations next 2 years, 2017-2018 573 4.2 800 674 600 Locations next 3…
Field is Largely De-Risked and Delineated With 2,700 producing wells, majority of acreage is de-risked to 5-acre spacing Producing Wells Acreage Delineation Stewart Point Stewart Point Half Moon Half Moon DA 1 DA 1 Mesa…
Pinedale is Tight Gas (Not Unconventional Shale) Unlike other unconventional shales (i.e. Permian, Marcellus), which require horizontal development to Greater Pinedale area Greater Pinedale area generate pay intervals, the Pinedale…
Pinedale Geology Low-Risk, Repeatable Drilling Uniform interval thickness across field limits geologic development risk Consistent sand composition and petro-physics leads to low-risk, repeatable drilling program Pinedale Structure…
Pinedale Type Curve Abundance of data supports Pinedale type curve; 15+ years of production history and over 2,800 wells Commentary Statistical Distribution of PDP EURs Last 3 Years No changes to Pinedale type curves in the last 3…
Uinta Basin Oil Uinta 8,000 Net Acres Basin Q4 2016 production of Bluebell 3,062 Boe/d 137 Producing Wells Brennan Bottom 100% Operated Three Rivers 6,500 to 7,500 Leland Bench Wonsits Valley Average Well Depth…
Uinta Asset Overview Description Production History 10,000 8,000 net acres in Uintah County, Utah Contiguous, operated acreage position in the core of the Uinta Ultra Net, Boe/d Suspended Drilling and Proven producing reservoirs in…
Marcellus Shale Natural Gas 72,000 Net Acres Marcellus Q4 2016 Production of 36 Mmcf/d 136 Producing Wells Operated by Alta Resources 99% Held by Production 1,972 Gross Locations
Marcellus Asset Overview Description Production History 72,000 net acres in an established AMI with Alta Resources 400,000 Large, contiguous acreage position in the core of the Marcellus Proven producing reservoirs in the Marcellus…
2017 Guidance Drilling and completion capital budget: 500.0 million Production: 290 300 Bcfe Realizations: Natural Gas (/Mcf) 4 to 5% below NYMEX natural gas price Oil and condensate (/Bbl) 5 to 6% below NYMEX crude oil price Expense…
2017 Hedge Positions Hedged volumes are equivalent to nearly 50% of remaining forecasted production guidance for the remainder of the year, assuming the midpoint of guidance Hedged volumes meet the hedging requirements under the…
Summary High Quality & Large, contiguous position in the core of the Pinedale Field with over 69,000 net acres and 4,903 gross drilling locations Deep Asset Base Deep inventory of drilling locations represents 10 years of development…
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