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Gold/Mining/Energy : Ultra Petroleum (UPL)
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To: upultra who wrote (4730)11/15/2000 9:46:26 AM
From: Gerald Atwater  Read Replies (2) of 4851
 
Ultra Petroleum updates field activity

Ultra Petroleum Corp UP
Shares issued 56,939,762 Nov 14 close $4.00
Wed 15 Nov 2000 News Release
Mr. David Russel reports
Jonah field activity update
Ten wells of the current 18-well Jonah drilling program have been drilled,
completed and are producing into the sales line, as reported in Stockwatch
on Sept. 25. The last four wells in the program have had an average initial
production rate of 5.2 million cubic feet per day. One additional well is
at total depth and awaiting completion and three additional wells are
drilling.
Pinedale anticline activity update
The first two wells of the 10-well northern Pinedale anticline drilling
program are partially completed and have been placed on production at a
combined gross initial rate of 17 million cubic feet per day. Another well
is fully completed and waiting on pipeline connection and one well is fully
completed awaiting drill out of the frac plugs. Three additional wells have
been cased and are undergoing completion operations. The final three wells
on the north end of the Anticline are either still drilling or are awaiting
completion. Ultra, as operator, is drilling ahead on one well on the
southern end of the Pinedale anticline.
"The results of our Jonah wells are providing the strong cash flow that we
anticipated and the results of our anticline wells have exceeded
expectations. We're seeing more net pay and productivity than we projected.
Our earlier technical work identified a productive fairway down the
anticline, and the wells we've drilled so far confirm this fairway 100 per
cent. We haven't drilled an unsuccessful well yet in this program and
frankly don't expect that we will given the way the results are tying to
our interpretation. These wells build strong support for our estimates of
at least 400 potential well locations on our anticline acreage. The
potential reserves associated with these locations would be a multiple of
our 128 billion cubic feet equivalent at mid-year," 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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