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Gold/Mining/Energy : Ultra Petroleum (UPL)

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To: ISPYOIL who wrote (4106)	5/13/1999 7:25:00 AM
From: Bob Walsh	Read Replies (1) of 4851

Arrowhead completes treatments at Warbonnet wellbore Ultra Petroleum Corp UP Shares issued 55,945,415 May 12 close $1.21 Thu 13 May 99 News Release See Arrowhead Minerals Corp (AOW) News Release Mr. Allan Laird reports Five additional fracture stimulation treatments have been successfully performed at the Warbonnet 9-23 wellbore on the southern portion of the Pinedale anticline in T30N, R108W of Sublette County, Wyo. The well initially produced gas at rates of three to five million cubic feet per day from six completed zones and after 20 days of flow down the sales line, the well was still producing at two to three million cubic feet per day of gas at a flowing tubing pressure of 760 psig. There are three additional prospective zones remaining in the well. "This completes Arrowhead's earn-in obligations at the Warbonnet prospect and anchors our position in another 30 drillable locations in this part of the anticline," said Mr. Laird. "We are already hooked up to the pipeline and selling gas. This well will put our company in positive cash flow as we enter our next fiscal year." The Warbonnet 9-23 is a joint venture between Arrowhead (37.5 per cent), Ultra Petroleum Corp., (operator, 37.5 per cent) and Western Gas Resources (25 per cent). After earn-in, Arrowhead's average working interest increases to approximately 40 per cent in the remainder of the Warbonnet unit. "The rest of the good news is that our completion came in under budget and completion costs are less than half what they were last year," Said Mr. Laird. "Schlumberger Oilfield Services was used for the first time by the joint venture partners. I witnessed their work on location and was personally impressed with their professional and capable approach to this important completion." WARNING: The company relies on litigation protection for "forward-looking" statements. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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