Ultra Petroleum Reports Strong Financial and Operating Results and Record Production for 2009
Ultra Petroleum Corp. (NYSE:UPL – News) continued to deliver strong financial and operating performance for both the fourth quarter and full-year 2009. Highlights for 2009 include:
Record natural gas and crude oil production of 180.1 Bcfe, an increase of 24 percent, or 26 percent on a per share basis, over 2008Operating cash flow(1) of $637.6 millionEarnings of $282.2 million, or $1.86 per diluted share” adjusted Superior returns in 2009 (adjusted): 70 percent cash flow margin(3), 31 percent net income margin(2),18 percent return on capital employed, and 32 percent return on equity
Total natural gas and crude oil production for the year-ended December 31, 2009 increased 24 percent, or 26 percent on a per share basis, to a record high of 180.1 billion cubic feet equivalent (Bcfe) compared to production of 145.3 Bcfe for 2008. This is the largest annual production level ever achieved by Ultra Petroleum. [Read the full article]
RAM Holdings Ltd. (BSX: RAMR) (Pink Sheets:RAMR.pk – News) (“RAM Holdings”) announced today the waiver of certain conditions with respect to RAM Holdings’ previously announced tender offer to purchase any and all of the outstanding Non-Cumulative Preference Shares, Series A, with a par value of US $0.10 per share and a liquidation preference of US $1,000 per share (the “Series A Preference Shares”), of RAM Holdings (the “Series A Tender Offer”), and RAM Reinsurance Company Ltd. [Read the full article]
Puda Coal, Inc. (NYSE Amex: PUDA), a supplier of high grade metallurgical coking coal used to produce coke for steel manufacturing in China and a coal mine consolidator of eight coal mines in Pinglu County, Shanxi Province, today announced that the Company priced a public offering of 2,855,652 shares of its common stock at $4.75 per share. Brean Murray, Carret acted as lead manager and sole bookrunner and Newbridge Securities Corporation acted as co-manager in connection with the offering.
Puda Coal expects that the offering will yield net proceeds, after expenses, of $12,569,486, prior to the exercise of the underwriters’ 30-day over-allotment option to purchase an additional 428,348 shares of Puda Coal’s common stock. Puda Coal expects to use the net proceeds of the offering, together with available cash, to fund the purchase price of the previously-announced acquisition of two coal mines. [Read the full article]
Labopharm Inc. (TSX: DDS; NASDAQ: DDSS) today announced that it has priced an underwritten public offering of 11,764,706 newly issued units at a public offering price of US$1.70 per unit. Each unit is comprised of one of the Company’s common shares and a warrant to purchase 0.5 of a common share. Each whole warrant entitles the holder to acquire one common share of the Company upon payment of US$2.30 per share, exercisable at any time during the period beginning six months after the date of issuance and ending three years following the date of issuance. The gross proceeds to Labopharm, before underwriting discounts and commissions and other offering expenses, from the sale of the units are expected to be approximately US$20 million.
Deutsche Bank Securities is the sole book-running manager for this offering and Canaccord Adams, Dundee Capital Markets and Versant Partners are co-managers for this offering. [Read the full article]