Ultra Petroleum Corp. announced that, after leading the company for 19 years, Chairman and CEO Michael D. Watford will be retiring from his role at the company, effective February 28, 2018. Brad Johnson, Senior Vice President, Operations, will become interim CEO on that date.

The company also announced that it will add two new directors to its Board under a cooperation agreement with Fir Tree Partners. Evan Lederman, Partner at Fir Tree, will join the Ultra Petroleum Board of Directors. In addition, a new independent director selected by a process agreed between Fir Tree and the Company will also be added to the Board.

Current Directors, Dr. W. Charles Helton and Roger A. Brown, have notified the Company that they will resign as of February 28, 2018, at which time the two new directors and Mr. Johnson, in his capacity as interim CEO, will join the seven-person Board. Mr. Johnson joined Ultra Petroleum in 2008 as Director, Reservoir Engineering and Planning. In 2011, he was named Vice President, Reservoir Engineering and Development and concurrently promoted as an Officer of the Company.

Prior to joining Ultra, Mr. Johnson was employed by Anadarko Petroleum for 13 years where he served in various engineering and leadership roles.