Ultra Petroleum Corp. announced that it has released a rig and reduced its operated rig count in Pinedale from three to two. In May, the Company drilled 3 wells with spud to total depth times of less than 6 days, compared to its first quarter average of 8.05 days. Improved drilling cycle-time performance and higher working interest in wells planned for the remainder of the year provides for 2019 production guidance to remain unchanged while 2019 capital investment is reduced by approximately 5%.

The company announced that the production guidance for full-year 2019 remains unchanged at 240 to 250 Bcfe while capital investment guidance for full-year 2019 is reduced by $15 million to a new range of $305 to $335 million.