Ultra Petroleum CEO Michael D. Watford Exercises Options for 25,000 Sharesadmin
The president and chief executive of natural gas and oil explorer Ultra Petroleum Corp. exercised options for 25,000 shares of common stock, according to a Securities and Exchange Commission filing.
In a Form 4 filed with the SEC Wednesday, Michael D. Watford reported he exercised the options Monday for 46 cents apiece and then sold 15,726 of them on the same day for $62.17 apiece. Watford also surrendered 9,230 shares back to the company for $62.29 apiece.
Insiders can surrender shares as a way to cover either taxes or the cost of exercising options.
Insiders file Form 4s with the SEC to report transactions in their companies’ shares. Open market purchases and sales must be reported within two business days of the transaction.
Ultra Petroleum is based in Houston.[AP]