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Ultra Petroleum's CEO Discusses Q4 2011 Results - Earnings Call Transcript

I need to point out that many of the comments during this conference call are forward-looking statements that involve risks and uncertainties affecting outcomes, many of which are beyond our control and are discussed in more detail in the Risk Factors and Forward-Looking Statements section of our annual and quarterly filings with the SEC. Although we believe these expectations expressed are based on reasonable assumptions, they are not guarantees of future performance, and actual results or developments may differ materially. The SEC permits oil and gas companies in their filings to disclose proved reserves, probable reserves and possible reserves. References in this call to 3P reserves include estimates from each category of reserves are forward-looking statements. Investors can find the disclosure in our 10-K and other filings with the SEC available on our website.

Also, this call may contain certain non-GAAP financial measures. Reconciliation and calculation schedules can be found on our website.

Ultra Petroleum delivered solid results for the fourth quarter and full year 2011. We achieved double-digit growth in production, cash flow and earnings, and met or exceeded all of our targets for the year. We produced 245.3 Bcfe during 2011, a new company record, to achieve a 15% growth rate year-over-year. We also had a new production high of 616 million cubic feet per day in Wyoming and 188 million cubic feet per day in Pennsylvania, and are well on our way to exceeding 200 million a day in Pennsylvania.

Reaching these production milestones was particularly significant to us, given the operating challenges in the field we have worked to overcome this year. As you know, we have experienced longer than anticipated partner delays in getting production on in the Marcellus. Additionally, in December, a compressor station fire and subsequent extended outage in Pinedale, as well as a force majeure event on the Ruby pipeline caused by a blocked valve impacted volumes by approximately 1.6 Bcfe.

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