ULTRA PETROLEUM REPORTS DOUBLING OF PROVED RESERVES
Houston, TX - Ultra Petroleum (AMEX-UPL, TSE-UP) today announced that
December 31, 2000 proved reserves increased 125% over year end 1999,
achieving an unprecedented 1699% production replacement ratio. Year-end
proved reserves were 168 Bcfe, compared to 75 Bcfe at December 31, 1999.
Established reserves (proved plus 50% probable) were 314 Bcfe. Year-end SEC
PV-10 of estimated future net revenues from proved reserves discounted at
10% was $493.2 million. Substituting a Henry Hub natural gas price of
$4.00/mcf revises this value to $186.9 million, a $145.6 million increase
over the 1999 year-end results. Reserve life is calculated at over thirty
years.
"With a doubling of proved reserves in 2000, we continue to make good on our
commitment of providing exceptional growth. Ultra expects to double proved
reserves again in 2001 through an aggressive drilling program in Wyoming and
Bohai Bay, China. Our current market value closely approximates our 2000
year end PV-10 value of established reserves at $4.00/mcf Henry Hub price -
$266.7 million. We look forward to our valuation increasing as we attain our
goal of again doubling proved reserves in 2001," stated Michael D. Watford,
Chairman, CEO and President.
2000 Reserves
SEC PV-10 PV-10$4.00
MMCFE ($m) ($m)
Proved 168,130 $ 493,243 $ 186,942
Probable 292,454 $ 538,784 $ 159,459
Total 460,584 $1,032,027 $ 346,401
Established (Proved
+ 50% of Prob.) 314,357 $ 762,635 $ 266,672 |
