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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (10408)	4/28/1998 9:52:00 PM
From: Arnie	of 15196

FIELD ACTIVITIES / ULtra Petroleum - Jonah II E.I.S. Finalized A record of decision has been signed by the Bureau of Land Management regarding the Jonah II Environmental Impact Statement. This decision now allows expanded development drilling of up to 450 wells on 80 acre spacing in the Jonah II area, which includes Ultra's Stud Horse Butte acreage. Drilling permits are already being issued and the Company's 1998 development drilling campaign is expected to start up by mid May. At Stud Horse Butte, 7 wells are planned under the recently signed agreement with Halliburton Co. (NYSE:HAL). An additional 4 wells at Stud Horse Butte are planned in 1998 in partnership with Western Gas Resources (NYSE:WGR) and CNG Producing Co. (NYSE:CNG). "We are pleased that the B.L.M. has accepted industry's balanced approach to fully develop this valuable resource while mitigating the environmental impact of full field development," said Jerry Albertus, President of Ultra Petroleum. On behalf of the Board, (signed) Mark Jarvis, Director

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