Ultra Petroleum Corp. (OTCMKTS:UPLMQ) started surging in the September 20 trading session, from below $4.25 per share. By the end of yesterday’s session, the stock had added approximately $0.35 to its share value. UPLMQ’s rally is surprising because the company has not made any press release, in over a month’s time. The last time the company had made any news was when it held its conference call, for the 2Q2016 financial results.

Michael Watford, the CEO of the company, during the conference call revealed that the management has mostly been silent, since they were focused on the financial restructuring efforts, within the company. He also reminded the shareholders that Ultra Petroleum was not able to satisfy its debt to EBITDA covenant. This was mainly due to the decline in gas prices, around the world.

In its outlook for the 2H2016, the company announced that its board of directors agreed to increase its capital budget, to $295 million. UPLMQ announced that it would be making use of the additional capital to drill additional wells in Wyoming, while also completing the development of wells in Utah. In addition to this, Ultra Petroleum’s reorganization program has been successful in retaining its service providers and suppliers, while also maintaining its capital program and continuing operations.

Now, UPLMQ has begun to utilize the bankruptcy process, so as to maximize its value and benefit the shareholders. As such, the management has also been focused on securing transportation, gathering and processing agreements, coupled with oil sale contracts. As far as the finances of the company are concerned, UPLMQ has an operating cash flow of $62.4 million. Moreover, the company improved its cash balance by $269.5 million, while reducing $2.6 million in operating costs, at Pinedale.

Ultra Petroleum also has a net income for the 2Q2016, equivalent to $37.9 million. However, on a year-to-date basis, the company’s net income stands at $23.6 million. It should be noted here that UPLMQ’s average realized natural gas price was lower, during the 2Q2016, as compared to the 1H2016.

Ultra Petroleum Corp. (OTCMKTS:UPLMQ) gained 2.72% in its share value, on a trade volume of 3.85 million, to close at $4.53 per share, at the end of the September 21 trading session.