Latest Ultra News Release:
<<September 6, 2000
ULTRA PETROLEUM - DRILLING & PRODUCTION UPDATE
Houston, TX - Ultra Petroleum (TSE-UP) today announced the following
drilling and production update.
Jonah Field
Since initiating activity in mid-June, Ultra has drilled and completed the
first four wells of a 18 well program in the Stud Horse Butte area of the
Jonah field. Results from these wells have met or exceeded expectations.
The most recent of these wells, the SHB #2-23 and #4-24 came on production
at 10.4 mmcfd and 4.6 mmcfd, respectively. Currently, the Company is
logging the SHB #16-23 well and two other wells, SHB #16-23 and SHB #14-24
are drilling ahead in the Lance section. These wells should reach TD by
early next week. The next well in the program, the SHB #10-24, is expected
to spud early next week.
Pinedale Anticline Field
With the completion of the Pinedale Anticline EIS in late July, the Company
is currently participating in the drilling of four wells in this area. All
four are expected to reach total depth within the next two to three weeks.
Two additional wells are expected to spud shortly. Ultra plans to
participate in a total of 10 wells on the Anticline by year-end.
"Since our drilling program commenced in mid-June, we have doubled our daily
net production by bringing on the first four wells of our current 28 well
program scheduled to run through April, 2001. This increasing production,
both realized and anticipated, along with increasing natural gas prices will
fuel significant growth in our cash flow and earnings over the next several
quarters," commented 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 56,993,762 shares
outstanding.
For more information contact:
David Russell
Investor Relations
(281) 876-0120 Extension 302>> |
