August 18, 2000
ULTRA PETROLEUM ANNOUNCES RECORD CASH FLOW AND EARNINGS FOR SECOND QUARTER,2000
Houston, TX - Ultra Petroleum (TSE-UP) reported net income for the quarter
ending June 30, 2000 of $615,782 (U.S.) or $0.01 per share as compared to
$370,364 (U.S.) for the first quarter, 2000 and a loss of $97,408 for the
same quarter in 1999. Ultra recorded cash flow of $1,113,717 (U.S.) for the
quarter as compared to $900,773 (U.S.) for the first quarter, 2000 and
$296,364 for the same quarter in 1999. Both earnings and cash flow are at
record levels for the Company.
For the six-month period ended June 30, 2000, Ultra recorded earnings of
$986,146 or $0.02 per share and cash flow of $2,014,490 as compared to a net
loss of $2,206,956 and cash flow of $431,728 for the same period in 1999.
"While these results are records for Ultra, they arise from essentially flat
production. Until early June, we have not been able to gain access to our
properties while awaiting regulatory approvals.
In June, we received approval to begin downspacing in the Jonah field. In
July, the BLM handed down the Record of Decision on the Pinedale Anticline
EIS. This decision allows for 700 producing surface locations in an area
where we are the single largest leaseholder."
"We currently have 3 rigs drilling in Jonah and 4 rigs drilling on the
Pinedale Anticline. We look forward to reporting the impressive financial
impact of the significantly higher production that will follow from this
development activity in the coming quarters," stated Michael D. Watford,
Chairman, CEO and President.
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.
For more information contact:
David Russell
Investor Relations
(281) 876-0120 Extension 302 |
