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Ultra Petroleum Contracts Announced

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Ultra Petroleum announced that the Company has renegotiated its existing gas processing contracts with Enterprise Products Partners and Williams Partners. Ultra Petroleum expects these new contracts to provide various following financial benefits related to its operations at its prolific Pinedale Field asset located in Wyoming.

The Debtors expect an increased EBITDA by approximately $12.0 million per year at current production volumes and an approximate increase of $0.02 per Mcf for gas processed through the Enterprise plant (approximately a $1.6 million annual revenue increase at current production volumes).These benefits are expected to increase as Ultra Petroleum grows production volumes through its development drilling program in Pinedale. The primary terms of the new contracts extend through 2036. ichael Watford, chairman, president and chief executive officer of Ultra Petroleum, states, “We have made every effort to utilize our in-court restructuring process to maximize the value of our business enterprise. We are pleased to announce these new long-term gas processing contracts that will not only improve the profitability of our Pinedale asset, but will ensure that our gas will continue to be processed in reliable facilities operated by industry leaders.”

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