Ultra Petroleum Corp - News Release
Ultra provides progress on activity
Ultra Petroleum Corp UP
Shares issued 56,751,125 2000-09-22 close $3.65
Monday Sep 25 2000 News Release
Mr. David Russell reports
Jonah field activity update
Four wells of the current 18-well Jonah drilling program have been drilled, completed and are producing into the sales line, as previously reported. The fifth well in the program, the Stud Horse Butte No. 6-23 was completed and began producing on Sept. 17 at an initial rate of 12 million cubic feet equivalent a day. Two additional wells are at TD and are currently being completed. Three new wells are currently drilling ahead.
Pinedale anticline activity update
The first two wells of the 10-well drilling program have been cased and logged and are awaiting completion. One additional well is logging. Three additional wells are currently drilling ahead. The next two wells in the program are scheduled to spud by the beginning of next week. The final two wells in the program are waiting on rigs and should commence drilling within the next several weeks.
Production update
Current production net to Ultra is approximately 20 million cubic feet equivalent a day. Ultra is projecting production for the quarter ending Sept. 30, 2000, to average 14 million cubic feet equivalent a day as compared with an average of 9.7 million cubic feet equivalent a day for the second quarter, 2000. This is supported by four new producing Jonah wells, three more wells at TD waiting on completion and three additional wells currently drilling ahead. There are also two Pinedale anticline wells at TD waiting on completion, two more wells drilling ahead and six new wells planned by Dec. 31, 2000. The 44-per-cent increase in average daily production for the quarter is a result of the current infill drilling program in the Jonah field. Net production for the quarter ending Dec. 31, 2000, is projected to average 28 million cubic feet equivalent a day and reach an exit rate of 40 million cubic feet equivalent a day, as a result of continued drilling in Jonah and on the Pinedale anticline. Total production net to Ultra for the year is anticipated to be approximately 5.7 billion cubic feet equivalent.
"Based on the success we're experiencing in our drilling program, Ultra will deliver the most impressive results in its history this year and next. We anticipate our cash flow and our credit facility with Bank One will easily provide the capital necessary to execute our drilling program over the coming year. The results to date in our Pinedale anticline drilling program have greatly increased our confidence in the ultimate potential of this play," stated Michael D. Watford, chairman, chief executive officer and president.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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