The reforging icon on the gun itself I believe says it clearly that all upgrades and experience for said gun will be lost in exchange for rerolling the gun for different element/perks.
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And I just checked myself, it does mention ascension is reset.
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Edited by aero198: 6/5/2015 8:27:51 AMExperience does not entail ascension nor do I think that falls explicitly under upgrades either