Ultra Petroleum Corp. (UPL) is an independent E & P oil and natural gas company. It has 53,000 net acres in and around the Pinedale and Jonah fields in the Green River Basin in southwest Wyoming, 260,000 net acres in the Pennsylvania Marcellus shale play, and about 8,200 net acres in the Uinta Basin. UPL produced 57.2 Bcfe of natural gas and crude oil during Q1 2014. Production consisted of 53.3 Bcf of natural gas and 658,000 barrels of oil (about 7,200 bopd). In Q1 2014 UPL reported adjusted net income of $135.4 million or $0.87 per diluted share. This was a 131% increase year over year. Operating cash flow was $201.1 million or $1.30 per diluted share, a 63%...
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