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Gold/Mining/Energy : Ultra Petroleum (UPL)
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To: Bobby Yellin who started this subject10/7/2003 9:20:53 AM
From: Bob Walsh  Read Replies (2) of 4851
 
News: 20 acre pilot program & increased capital budget

ULTRA PETROLEUM ANNOUNCES 20 ACRE PILOT PROGRAM AT PINEDALE AND INCREASE IN
2003 CAPITAL BUDGET TO $130 MILLION
The Wyoming Oil and Gas Conservation Commission has approved Ultra
Petroleum's proposed 20-acre pilot program. The pilot program contemplates
drilling 32 wells on 20-acre spacing in four areas of the Pinedale
anticline to gather the data necessary to determine if 20-acre spacing is
appropriate for the Pinedale anticline. Ultra anticipates that these wells
will be drilled over the next 12 months.
Additionally, Ultra's board approved increasing the 2003 capital budget
$20-million to $130-million.
"This 20-acre pilot program is the next step in confirming the ultimate
potential of the Pinedale anticline. That the commission agreed with our
supporting data gives us additional confidence in the incremental
recoveries we ultimately expect from Pinedale on 20-acre spacing. If the
results are similar to what has been seen at Jonah, expect a significant
increase in Ultra's resource base over the next several years," stated
Michael D. Watford, chairman, president and chief executive officer. "With
the $20-million increase in the 2003 capital budget we can continue our
drive to create shareholder value by accelerating the pace of drilling at
Pinedale and by kicking off this pilot program. We expect that the results
over the next 12 months will continue to support our unparalleled growth
and inventory of opportunities at Pinedale."
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