NR - Reserve valuation
Ultra increases value of reserves
Ultra Petroleum Corp UP
Shares issued 56,751,125 Jun 23 close $1.95
Mon 26 Jun 2000 News Release
Mr. Michael Watford reports
Ultra achieved a 241-per-cent increase in the value of proved reserves to
$140.7-million (U.S.) at midyear as compared with $41.3-million (U.S.) at
year-end 1999. Additionally, the value of probable reserves has increased
196 per cent to $117.2-million (U.S.), resulting in a total PV-10 value for
proved plus probable reserves of $257.9-million (U.S.).
"In the past year we have tripled our proved reserves which when coupled
with increasing natural gas prices has resulted in a tripling of the
economic value of Ultra's proved reserves as measured by the SEC PV-10
method," stated Michael D. Watford, chairman, president and chief executive
officer. "In fact, the present value of Ultra's proved reserves on a per
share basis is $2.48 (U.S.) per share ($3.70 (Canadian) per share) and for
proved plus probable reserves is $4.54 (U.S.) per share ($6.78 (Canadian)
per share). As we progress with our drilling program this summer, the
financial performance of the company will improve as dramatically as these
PV-10 measures."
The PV-10 calculations were prepared by Ultra in accordance with SEC
Regulation S-X, using a $3.90 (U.S.) per MMBTU Henry Hub equivalent gas
price, held constant. NYMEX Henry Hub futures prices for July closed
Friday, June 23 at $4.448 per MMBTU. |
