BRIEF-Ultra Petroleum Q2 adjusted earnings per share $0.25

Thu Aug 11, 2016 8:11am EDT
 
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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   Continued...