NR - Ultra's proved reserves increase
Ultra Petroleum Corp UP
Shares issued 56,751,125 Jun 21 close $1.70
Thu 22 Jun 2000 News Release
Mr. Michael Watford reports
Proved reserves have increased by 67 per cent, or 50 billion cubic feet
equivalent, to 125 billion cubic feet equivalent up from 75 billion cubic
feet equivalent at Dec. 31, 1999, as a result of the downspacing order
approved by the state of Wyoming and the Bureau of Land Management in the
Jonah field. Since June, 1999, Ultra's proved reserves have almost tripled,
increasing 184 per cent from 44 billion cubic feet equivalent to 125
billion cubic feet equivalent. Additionally, the company has 125 billion
cubic feet equivalent of low-risk probable reserves resulting in total
proved plus probable reserves of 250 billion cubic feet equivalent as of
June, 2000.
"We are excited about our accelerating reserve growth and forecast years of
significant reserve additions from our core Green River basin properties,"
stated Michael D. Watford, chairman, chief executive officer and president.
"This decision allowing increased density of Jonah field wells enables
Ultra to proceed with the drilling of 22 infill locations at a time of very
attractive natural gas prices. With current natural gas prices and reduced
drilling costs, these wells payout in six to eight months. We look forward
to increasing our production from our summer drilling program on the Jonah
field acreage, as well as the start of drilling on our much larger acreage
position on the Pinedale Anticline expected later this summer." |
