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Gold/Mining/Energy : Ultra Petroleum (UPL) -- Ignore unavailable to you. Want to Upgrade?

To: Gerald Atwater who wrote (4451)	10/7/1999 1:05:00 AM
From: Gerald Atwater	Read Replies (1) \| Respond to of 4851

All -- Below is part of Questar's 2nd Quarter Report, dated July 28, l999, some of which ISPYOIL posted in #4450. The entire report can be found at questar.com. <<Outlook In remarks prepared for delivery at an analyst teleconference Thursday, July 29, Chairman Cash said the corporation is embarking on promising projects in the exploration and production and telecommunication areas. Cash said the company is increasing its 1999 drilling and recompletion budget from $64 million to a potential range of $80-90 million in part to fund a "major new play" in southwestern Wyoming. Questar Exploration and Production (E&P) has commenced a drilling program in the Pinedale Anticline area in Sublette County, Wyo., he noted. Cash said three natural gas wells have been completed in the area with initial daily production rates of between 4 million cubic feet (MMcf) and 15 MMcf. Questar E&P has a working interest of approximately 60 percent in 13,500 gross acres in the anticline, and Wexpro has a similar working interest in 2,000 gross acres. Cash said Questar currently is drilling a 13,000-foot well (MY NOTE: Could this be Stewart Point 11-34D?), and others are planned. Depending on the drilling results, Cash said Questar envisions a multi-rig drilling program potentially involving from 135 to 350 locations. "With a possible 3 trillion cubic feet of gas in place, this Pinedale project has the potential to be one of the most significant in our history, and could benefit many areas within our corporation," Cash said. Questar subsidiaries also have rights to gather and market gas produced in the area, and there may be an opportunity to expand Questar's interstate pipeline system.>> Appartently someone else believes!!! Gerry Atwater