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

To: Gerald Atwater who wrote (4603)	5/8/2000 3:18:00 PM
From: Gerald Atwater	Read Replies (1) \| Respond to of 4851

Canadian Company Press Release UP 2000-05-08 (provided courtesy of BCE Emergis E-News Services.) register to receive future releases by email from BCE Emergis E-News Services Ultra Petroleum Announces Successful Restructuring Efforts And Year End Financial Results Houston, TX -- Ultra Petroleum (TSE-UP) reported a net loss of$1.6 million (U.S.) or $0.03 per share on revenues of $4.8 million (U.S.) for the six month period ending December 31, 1999, Ultra's new fiscal year end. "Excluding the one-time expense of $1.9 million (U.S.) associated with lawsuit settlement, we would have recorded net income of $0.3 million (U.S.), and cash flow of $1.5 million. This compares very favorably with the net loss of $6.7 million (U.S.) for the same period ending December 31, 1998. Excluding the one-time expense, we've posted three consecutive quarters of positive cash flow, and two consecutive quarters of earnings, highlighting the success of our restructuring efforts and the underlying strength in our core business," stated Michael D. Watford, Chairman, CEO and President. "We are well positioned to continue this trend of financial success," Watford continued. "With the restructuring of this past year, we've successfully reduced general and administrative expenses by 58% and reduced lease operating expenses by 39% on a unit of production basis, compared to the same period in 1998. Over the six-month period, we've increased proved reserves by 71% to 74.7 Bcfe, achieving a production replacement ratio of approximately 1500%." "We are making good progress toward unlocking the exceptional potential of our asset base. We are on the verge of completing the necessary regulatory and environmental processes to move toward full field developments in both the Jonah and Pinedale Anticline fields. Finalization of the Record of Decision / Environmental Impact Statement in the Pinedale Anticline field will provide for 700 gross well locations, while the Finding of No Significant Impact / Environmental Assessment in the Jonah field will add 22 PUD locations and over 50 Bcfe of proved reserves to our interest. We continue to diligently interpret our new 3-D seismic data over the Mesa area of the Pinedale Anticline field, leveraging the experience gained in Jonah. We have secured adequate capital through our new senior credit facility with Bank One to fund this year's drilling programs which will include wells in both the Jonah and Pinedale Anticline fields. In short, we are poised to build on our successes in restructuring Ultra and to realize increased value for our shareholders."