December 15, 2000
ULTRA PETROLEUM ANNOUNCES SHAREHOLDER APPROVAL OF PENDARIES ACQUISITION
Houston, TX - Ultra Petroleum (TSE-UP) reported the approval by shareholders of the proposed acquisition of Pendaries Petroleum, Ltd. at a special meeting held today in Houston. Subject to approval by the Pendaries shareholders, the acquisition is expected to close in mid January 2001.
"We are extremely pleased with the confidence our shareholders have in management and the manner in which they have enthusiastically embraced our vision for growing Ultra. The acquisition is immediately accretive on a net asset value basis and has as much potential to increase shareholder value in the near term as do our Wyoming properties. We look forward to reporting on our successes in both areas over the next several years," 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 56,939,762 shares outstanding.
For more information contact:
David Russell
Investor Relations
(281) 876-0120 Extension 302
Certain statements, including projections, future drilling programs and other information included herein constitute "forward looking statements" within the meaning of applicable laws or regulatory policies. Such projections reflect the Company's current views with respect to future events and financial performance. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, projections, performance, or achievements described herein to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
________________________________
Pendaries (and now, Ultra's) partner in the Bohai Bay project (Newfield Exploration Co) has proven itself to be a very savvy gas producer, turning other producers' "coal" into Newfield's "diamonds." This merger seems to give promise of greatly increasing the hydrocarbons to which Ultra has "rights."
My guess is that the real reason why ULtra Holdings voted against the merger was that the merger reduces the proportion of UP stock owned by Ultra Holdings.
Hickory |
