Ultra Petroleum Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, total operating revenue was $170,270,000 against $280,567,000 a year ago. Loss before income taxes was $1,941,624,000 against income before income taxes of $161,214,000 a year ago. Net loss was $1,186,982,000 or $7.76 per basic and diluted share against net income of $103,505,000 or $0.67 per diluted share a year ago. Adjusted net income was $55,066,000 or $0.36 per basic and diluted share against $101,886,000 or $0.66 per diluted share a year ago. Net cash provided by operating activities was $138,346,000 against $292,758,000 a year ago. For the six months, total operating revenue was $396,413,000 against $537,858,000 a year ago. Loss before income taxes was $1,811,875,000 against income before income taxes of $273,905,000 a year ago. Net loss was $1,102,723,000 or $7.22 per basic and diluted share against net income of $172,226,000 or $1.11 per diluted share a year ago. Adjusted net income was $104,641,000 or $0.68 per basic and diluted share against $189,455,000 or $1.23 per diluted share a year ago. Net cash provided by operating activities was $327,649,000 against $477,380,000 a year ago. Looking at CapEx investments for the first half of 2012, the company have already invested about 2/3 of 2012's $825 million budget, which is half of 2011 capital program. For the quarter, commensurate with the decline in natural gas prices, the company recognized impairment charges of $54.4 million net of taxes, related to its Pennsylvania gathering facilities. For the quarter, the company produced 65.1 billion cubic feet equivalent of natural gas and crude oil during the second quarter. Production was comprised of 63.1 billion cubic feet of natural gas and 332.5 thousand barrels of condensate. For the six months, the company produced a record 133.9 Bcfe of natural gas and crude oil. The company's production was comprised of 129.7 Bcf of natural gas and 691.6 Mbls of condensate. For the full year of 2012, production is expected to increase to 250 Bcfe to 260 Bcfe, a 2% to 6% annual growth rate, compared to record production of 245.3 Bcfe for 2011. Production from the Rockies region will comprise approximately 72% of the company's production forecast and Appalachian region production will comprise the remaining 28% of the company's estimated total production. The company currently projects a zero book tax rate for the remainder of 2012 with cash taxes forecasted of approximately $2.5 million. For the third quarter of 2012, natural gas and crude oil production is expected to range from 60 Bcfe to 62 Bcfe. The company appointed Michael J. Keeffe to the Board of Directors. Mr. Keeffe will fill a vacancy left by Robert E. Rigney, who retired from the Board in November 2011. He will serve on the Audit, Compensation and the Nominating and Corporate Governance Committees. Prior to retiring in 2011, Mr. Keeffe was a Senior Audit Partner with Deloitte & Touche LLP. He has 35 years of public accounting experience at Deloitte & Touche LLP directing financial statement audits of public companies, principally in the oil field services and engineering and construction industries, most with significant international operations. He also served as a senior risk management and quality assurance partner in the firm's consultation network.