Brad Johnson has been appointed as President and Chief Executive Officer by the Board of Directors effective March 1, 2019, and he will continue to serve on the Board of Directors. Mr. Johnson had previously served in the role of interim CEO since February 2018.

“Since taking over as interim CEO Brad has demonstrated the ability to lead the Company in an effective and efficient manner during an incredibly difficult natural gas price environment in the Rockies. Among other things, Brad has worked closely with the Board to rationalize the development plan, opportunistically hedge to ensure more predictable cash flows, execute on liability management transactions and bank amendments to strengthen the balance sheet, refocus the development efforts on the vertical program to de-risk the capital investment program and oversee the detailed evaluation of the horizontal program focused on learning from our initial results.

“With over 12 years of experience at Ultra, Brad is uniquely familiar with the operations and potential of the Company’s Pinedale assets. Over the past year, the Board has also worked with Brad to recruit a new senior management team of successful and accomplished individuals with Jay Stratton as SVP and Chief Operating Officer and David Honeyfield as SVP and Chief Financial Officer. The Board believes that we now have a top-notch senior management team in place to successfully lead the Company into the future. The management team and the Board are fully committed to executing on a profitable and value driven business model focused on shareholder returns and to take advantage of a rebound in historically low gas price realizations in the Rockies,” said Evan Lederman, Chairman of the Board.

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