Ultra Petroleum to Buy Back $1 Billion in Shares
"The current softness in natural gas prices and subsequently in our equity value, offers us a unique opportunity to deliver near-term value to our shareholders by repurchasing shares at an attractive price. We are very confident of the growth prospects inherent in Ultra's asset base," stated Michael D. Watford, Chairman, President and Chief Executive Officer.
The repurchase program does not obligate the company to acquire any specific number of shares and may be discontinued at any time.
Ultra Petroleum is an independent, exploration and production company focused on developing its long-life natural gas reserves in the Green River Basin of Wyoming, and oil reserves in Bohai Bay, offshore China.