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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report:
May 15, 2006
(Date of earliest event reported)
ULTRA PETROLEUM CORP.
(Exact name of registrant as specified in its charter)
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Yukon Territory, Canada
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0-29370
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N/A |
(State or other jurisdiction of
incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer
Identification Number) |
363 N. Sam Houston Parkway East
Suite 1200
Houston, Texas 77060
(Address of principal executive offices, including zip code)
(281) 876-0120
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section 4 Matters Related to Accountants and Financial Statements
Item 4.01 Changes in Registrants Certifying Accountant
On May 15, 2006, the Audit Committee of the Board of Directors voted to appoint Ernst & Young
LLP (Ernst & Young) to serve as the Companys independent auditor for the fiscal year ending
December 31, 2006, and dismissed KPMG LLP as the Companys independent auditor. Ultra is a Yukon
corporation and under Yukon law, the dismissal of the Companys independent auditor and approval of
a new independent auditor is subject to shareholder approval. Accordingly, the Audit Committees
appointment is subject to the receipt of such approval at the 2006 Annual Meeting of Shareholders.
The audit reports of KPMG LLP (KPMG) on the consolidated financial statements of the Company
and its subsidiaries as of and for the years ended December 31, 2004 and 2005 did not contain an
adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty,
audit scope or accounting principles, except as follows:
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KPMGs report on the consolidated financial statements of Ultra Petroleum Corp.
and subsidiaries as of and for the years ended December 31, 2005 and 2004, contained
a separate paragraph referring to the adoption of Statement of Financial Accounting
Standards No. 143, Accounting for Asset Retirement Obligations, effective January 1,
2003. |
The audit report of KPMG on managements assessment of the effectiveness of internal control
over financial reporting and the effectiveness of internal control over financial reporting as of
December 31, 2005 and 2004 did not contain an adverse opinion or a disclaimer of opinion and was
not modified as to uncertainty, audit scope, or accounting principles, except that KPMGs report
indicates that the Company did not maintain effective internal control over reporting as of
December 31, 2005 because of the effect of material weakness on the achievement of objectives of
the control criteria and contains an explanatory paragraph that states that the following material
weaknesses have been identified and included in managements assessment:
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The Company did not maintain effective company level controls. |
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The Company did not have adequate policies and procedures regarding supervisory
review of account reconciliations and account and transaction analyses. |
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The Company did not have adequate policies and procedures to ensure that accurate
and reliable interim and annual consolidated financial statements were prepared and
reviewed on a timely basis. |
In connection with the audits of the two fiscal years ended December 31, 2004 and 2005 and
subsequent interim periods through May 15, 2006, there were no disagreements with KPMG on any
matter of accounting principles or practices, financial statement disclosure, or auditing scope or
procedures, which disagreements, if not resolved to the satisfaction of KPMG would have caused them
to make reference in connection with their reports to the subject matter of the disagreement.
In connection with the audits of the years ended December 31, 2004 and 2005 and subsequent
interim periods to May 15, 2006, there were no reportable events as that term is defined in Item
304(a)(1)(v) of Regulation S-K, except that KPMG advised the Company of the material weaknesses
described above.
The Audit Committee discussed the subject matter of the material weaknesses with KPMG and the
Company has authorized KPMG to respond fully to the inquiries of Ernst & Young concerning the
material weaknesses.
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Prior to the selection of Ernst & Young to provide the audit of the Companys financial
statements and the review of interim filings, the Company did not consult Ernst & Young regarding
any matter requiring disclosure under Item 304(a)(2) of Regulation S-K. Specifically, during the
years ended December 31, 2004 and December 31, 2005 and subsequent interim periods through May 15,
2006, we have not consulted with Ernst & Young regarding either (i) the application of accounting
principles to a specified transaction, either competed or proposed, or the type of audit opinion
that might be rendered on our financial statements, and neither a written report nor oral advice
was provided to the Company that Ernst & Young concluded was an important factor considered by us
in reaching a decision as to the accounting, auditing, or financial reporting issue; or (ii) any
matter that was either the subject of a disagreement or a reportable event as described in Item
304(a) of Regulation S-K.
Section 9 Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
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Exhibit Number |
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Title of Document |
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16.1
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Letter from KPMG to the Securities and Exchange Commission dated May 31, 2006 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ULTRA PETROLEUM CORPORATION
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June 2, 2006 |
Name: /s/ Michael D. Watford
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Title: Chairman, President and Chief |
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Executive Officer |
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Exhibit Index
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Exhibit Number |
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Title of Document |
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16.1
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Letter from KPMG to the Securities and Exchange Commission dated May 31, 2006 |
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