This represents a 31% increase over 2006 inclusive of substantial shut-ins during the year and the sale of the Chinese asset. Production guidance for the fourth quarter 2007 is 32.3 Bcfe, which is an increase from the previous 28.8 Bcfe guidance.
The company also announced that Stephen Kneller, vice president of domestic exploration, and Michael Patterson, vice president of international exploration will retire from the company.
Mr Kneller was extremely influential in the development of the Pinedale Field acreage, including the acquisition of Ultra’s original Pinedale and Jonah lease position. He will continue to work with the company in a part-time consulting position. With the sale of the company’s Bohai Bay interest late in the year, Mr Patterson will be retiring. He leaves behind a distinguished career in international exploration and production and was instrumental to Ultra’s success in China.
Michael Watford, chairman, president and CEO of Ultra Petroleum, said: 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. And our well costs continue to decrease.
