Ultra Petroleum records 445 bcfe in reserves for 2001
Ultra Petroleum Corp UP
Shares issued 72,776,418 Feb 4 close $9.28
Tue 5 Feb 2002 News Release
Mr. David Russell reports
ULTRA PETROLEUM ANNOUNCES YEAR-END RESERVES OF 445 BCFE
Ultra Petroleum has recorded at Dec. 31, 2001, proved reserves increased over 2.6 times from year-end 2000, greatly exceeding management's target of 300 billion cubic feet equivalent. Year-end proved reserves from Ultra's
Wyoming properties alone were 424 billion cubic feet of natural gas and 3.5 million barrels of oil, or 445 billion cubic feet equivalent, compared with 168 billion cubic feet equivalent at year-end 2000. Ultra achieved a
production replacement ratio of 2,289 per cent, exceeding by 35 per cent the 1,699 per cent reported at year-end 1999. Proved plus probable reserves at Dec. 31, 2001, were 906 billion cubic feet equivalent. SEC PV-10 of
estimated future net revenues from proved reserves discounted at 10 per cent was $182.46-million based on a $1.98 per thousand cubic feet wellhead price.
"The drilling program we executed in 2001 in Wyoming, at a cost of $48-million, greatly exceeded our expectations for reserve additions. For the year, we had a nearly perfect record and, in most wells, found
significantly more reserves than previously estimated. At the beginning of the year, we promised 300 billion cubic feet equivalent of reserves by year-end and have clearly exceeded that by a wide margin in Wyoming alone.
With the level of success we had in Wyoming, we have elected to defer booking reserves from our successful Bohai Bay, China, drilling program until after our first development plan is approved this year. Over the past
three years we have grown proved reserves ten-fold and our success in 2001 has set us up for several more years of extraordinary reserve growth," stated Michael D. Watford, chairman, chief executive officer and president.
2001 RESERVES
mmcfe SEC PV-10 $2.50 case
($m) (PV-10 $m)
Proved 444,728 $182,460 $287,138
Probable 460,854 $ 94,834 $182,931
Total 905,582 $277,294 $470,069 |
