NR Ultra Petroleum approves expenditure budget
Ultra Petroleum Corp UP
Shares issued 56,424,325 Jan 25 close $0.83
Wed 26 Jan 2000 News Release
Mr. Mike Watford reports
The board of directors has approved a capital expenditure budget of
$20.5-million (U.S.). This capital budget comprises funds earmarked for
drilling, completions, and related field activity. The capital budget
contemplates drilling 18 wells on Ultra's acreage, including locations in
the Pinedale Anticline area, as well as new locations in the Stud Horse
Butte area of the Jonah field, subject to the proposed 40-acre down-spacing
order. Drilling will be focused primarily on proved, undeveloped locations.
"The approval of this capital budget affirms the board's confidence in
management's approach to the continued restructuring of the company, and
the ongoing development of the existing asset base. In early February, we
will receive the processed data from the 77-square-mile 3-D seismic survey
of the northern portion of the Pinedale Anticline. This data should further
increase our ability to identify the productive fairway, enhancing our
probability of success in our 2000 drilling program," stated Mike Watford,
chairman and chief executive officer.
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