Company Press Release
Ultra Announces Commencement Of Drilling In Jonah Field
HOUSTON--(BUSINESS WIRE)--July 12, 2000--Ultra Petroleum (TSE:UP - news) today announced that the infill drilling program in the Jonah Field has commenced with three wells currently being drilled.
The first of the three wells will reach target depth today, while the second will reach target depth later this week and the third shortly thereafter. The recently announced increased density order provides for 22 new well locations, which Ultra plans to drill through 2001.
On the Pinedale Anticline, the Bureau of Land Management's Record of Decision (ROD) is expected to be issued in late July. This will allow the drilling of up to 700 well locations on the anticline with drilling expected to start in early August.
``We are thrilled that drilling has started and the regulatory hurdles are behind us. Our drilling program will result in explosive growth in production, cash flow and earnings over the coming quarters,'' stated Michael D. Watford, Chairman, President and CEO.
Ultra Petroleum is an independent, natural gas exploration and production company focused on the Green River Basin of Wyoming. Ultra is listed on the Toronto Stock Exchange under the ticker ``UP'' with 56,751,125 shares outstanding.
Certain statements, including future drilling programs and other information included herein constitute ``forward looking statements'' within the meaning of applicable laws or regulatory policies. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance of achievements described herein to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. |
