| Lesee's impact on total leased properties |
As of September 30, 2013 the Company had two significant leases. The table below displays the impact of each lease on total leased properties and total lease revenues for the periods presented. As of August 31, 2012, the Company's only lease was with the Public Service Company of New Mexico, which therefore comprised 100 percent of the Company's leased properties and lease revenues.
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As a Percentage of |
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Leased Properties |
|
Lease Revenues |
|
|
As of September 30, 2013 |
|
For the Three Months Ended September 30, 2013 |
|
For the Nine Months Ended September 30, 2013 |
Pinedale LGS |
|
94.23% |
|
88.68% |
|
88.68% |
Public Service of New Mexico |
|
5.77% |
|
11.32% |
|
11.32% |
|
| Future contracted minimum rental receipts for all net leases |
Summary Consolidated Balance Sheets and Consolidated Statements of Operations for Ultra Petroleum are provided below.
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Ultra Petroleum Corp.
Summary Consolidated Balance Sheets
(in thousands)
|
|
September 30, 2013 |
|
December 31, 2012 |
|
(UNAUDITED) |
|
|
Current assets |
$ |
96,060 |
|
|
$ |
125,848 |
|
Non-current assets |
1,972,896 |
|
|
1,881,497 |
|
Total Assets |
$ |
2,068,956 |
|
|
$ |
2,007,345 |
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|
|
|
Current liabilities |
339,914 |
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|
514,092 |
|
Non-current liabilities |
2,105,882 |
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|
2,071,120 |
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Total Liabilities |
$ |
2,445,796 |
|
|
$ |
2,585,212 |
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|
Shareholder's (deficit) |
(376,840 |
) |
|
(577,867 |
) |
Total Liabilities and Shareholder's Equity |
$ |
2,068,956 |
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|
$ |
2,007,345 |
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Ultra Petroleum Corp.
Summary Consolidated Statements of Operations (Unaudited)
(in thousands)
|
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For the Three Months ended September 30, |
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For the Nine Months Ended September 30, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Revenues |
$ |
221,205 |
|
|
$ |
196,375 |
|
|
$ |
708,207 |
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|
$ |
592,789 |
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Expenses |
136,389 |
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|
763,330 |
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|
419,387 |
|
|
3,012,070 |
|
Operating Income (Loss) |
84,816 |
|
|
(566,955 |
) |
|
288,820 |
|
|
(2,419,281 |
) |
Other Income (Expense), net |
(20,525 |
) |
|
(35,016 |
) |
|
(88,863 |
) |
|
5,439 |
|
Income (Loss) before income tax provision (benefit) |
64,291 |
|
|
(601,971 |
) |
|
199,957 |
|
|
(2,413,842 |
) |
Income tax provision (benefit) |
381 |
|
|
175 |
|
|
3,240 |
|
|
(708,977 |
) |
Net Income (Loss) |
$ |
63,910 |
|
|
$ |
(602,146 |
) |
|
$ |
196,717 |
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|
$ |
(1,704,865 |
) |
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| Fair value of the future minimum lease payments and estimated costs |
The future contracted minimum rental receipts for all net leases as of September 30, 2013 are as follows:
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Future Minimum Lease Receipts |
Years Ending December 31, |
|
Amount |
2013 |
|
$ |
5,000,000 |
|
2014 |
|
24,267,371 |
|
2015 |
|
20,000,000 |
|
2016 |
|
20,000,000 |
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2017 |
|
20,000,000 |
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Thereafter |
|
199,354,839 |
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Total |
|
$ |
288,622,210 |
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