August 11, 2016 / 12:12 PM / a year ago

BRIEF-Ultra Petroleum Q2 adjusted earnings per share $0.25

Aug 11 (Reuters) - Ultra Petroleum Corp :

* Ultra Petroleum reports second quarter 2016 financial and operating results and provides business outlook

* Q2 adjusted earnings per share $0.25

* During Q2, board approved an increase to capital budget from $260.0 million to $295.0. million

* To use additional capex to drill additional development wells in Wyoming & complete some of co’s drilled but uncompleted wells in Utah

* Day exclusivity period, during which co has exclusive right to propose a reorganization plan to court, expires on August 29, 2016

* Ultra Petroleum says has applied for an extension to exclusivity period and is confident one will be granted

* Says recently provided its creditors with a long-term asset development plan and multi-year business outlook

* Ultra Petroleum says development plan provided to creditors assumes revenue outlook of $1.01 billion for 2017, $1.40 billion for 2018, and $1.30 billion for 2018

* Ultra Petroleum says development plan provided to creditors assumes production forecast of 303 BCFE for 2017, 382 BCFE for 2018, and 456 BCFE for 2019

* Q2 2016 production of natural gas and oil was 70.8 BCFE versus 70.5 BCFE in Q2 2015

* Production for 2016 is expected to range between 277 - 284 BCFE Source text for Eikon: Further company coverage:

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