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Gold/Mining/Energy : Ultra Petroleum (UPL)

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To: Casey who wrote (4232)	8/9/1999 2:19:00 PM
From: kfdkfd	of 4851

GREAT NEWS TODAy LETS GO Drilling & Completion Update Denver, CO - Ultra Petroleum today announced current and planned drilling and completion activities on the company's Pinedale Anticline properties over the next thirty days. The Stewart Point #11-34d, Mocroft #1-21, and Mocroft #11-22 wells are all currently drilling. Completion activities on the Sherlock #15-8 well will commence within a week with additional completion work on the Lovett Draw #15-8 well scheduled to follow. Additional drilling and completion activities will follow these five wells as the drilling schedules firm. Mike Watford, Ultra's Chairman and CEO, stated, "Due to the asset sale, our positive cash flow, and the resulting increased availability from our lender, we have positioned Ultra for growth. The drilling and completion activities underway and those that will continue through year end will define the magnitude. Our expectations are for cash flow, production and reserve additions exceeding any prior period of Ultra's history."

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