Ultra Petroleum Corp. estimates 2018 full-year adjusted EBITDA is $539 million.

The company's Warbonnet (WB) 9-23 A-2H well achieved a 24-hour initial production (IP) rate of 54.5 million cubic feet equivalent per day (MMcfe/d) on March 3, 2018. The WB 9-23 A-2H is the Company's second two-mile horizontal well targeting the Lower Lance A interval. Initial production included a gas rate of 49.2 million cubic feet per day (MMcf/d) and an oil rate of 873 barrels per day. At least two additional horizontal wells are expected to be online in April with results available to report during the Company's next quarterly earnings release in early May 2018.  The Company has identified 700 net horizontal locations along the immediate flanks of Pinedale, with 350 of these locations within the Lower Lance interval.  The Company has released a significant amount of information regarding its horizontal program, including information about the production performance of its horizontal wells. The Company has stated its goal to drill horizontal wells that can achieve initial rates of at least 30 MMcf/d of gas, plus a significant volume of oil. This “target” case with an IP of 32.2 MMcfe/d is featured in the Company's presentation on its “Horizontal Program Potential” slide. The Company's capital budget and production guidance for 2018 utilizes a “budget” case for horizontal wells that includes an IP of 21.5 MMcfe/d.