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

To: Keith Hodgins who wrote (4589)	2/14/2000 1:45:00 PM
From: kfdkfd	Respond to of 4851

Ultra Petroleum's Proved Reserves Up 71% HOUSTON--(BUSINESS WIRE)--Feb. 14, 2000--(TSE:UP. - news) Ultra Petroleum (TSE-UP) announced today that year-end 1999 proved oil and gas reserves are 74.7 billion cubic feet of gas equivalent (BCFE). This is an increase of 71% or 30.8 BCFE from June 30, 1999, the end of the Company's previous fiscal year. The estimated value of Ultra's future net revenues from proved reserves, discounted 10%, was $41.3 million (U.S.) on a December 31, 1999 realized natural gas price of $2.11/mcf. This is a 35% increase or $10.6 million over the June 30, 1999 valuation. Ultra's proved reserve value increases to $49.7 million when using a natural gas price of $2.34/mcf based on the twelve-month natural gas futures price. In addition, the reserve report prepared by Netherland, Sewell & Associates, Inc. identified probable reserves totaling 187 BCFE valued at $75.5 million using the twelve-month natural gas futures price. Mike Watford, Ultra's CEO, commented, ``We are delighted by the growth in our proved reserves and eagerly await the success inherent in drilling 141 lower risk, proved undeveloped and probable locations as identified by Netherland, Sewell.' Certain statements, including future drilling programs and other information included herein constitute ``forward-looking statements' within the meaning of applicable laws or regulatory policies. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements described herein to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements.