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

To: J. D. Main who wrote (4702)	8/19/2000 11:38:01 AM
From: A. Wayne	Read Replies (1) \| Respond to of 4851

August 18, 2000 ULTRA PETROLEUM ANNOUNCES RECORD CASH FLOW AND EARNINGS FOR SECOND QUARTER,2000 Houston, TX - Ultra Petroleum (TSE-UP) reported net income for the quarter ending June 30, 2000 of $615,782 (U.S.) or $0.01 per share as compared to $370,364 (U.S.) for the first quarter, 2000 and a loss of $97,408 for the same quarter in 1999. Ultra recorded cash flow of $1,113,717 (U.S.) for the quarter as compared to $900,773 (U.S.) for the first quarter, 2000 and $296,364 for the same quarter in 1999. Both earnings and cash flow are at record levels for the Company. For the six-month period ended June 30, 2000, Ultra recorded earnings of $986,146 or $0.02 per share and cash flow of $2,014,490 as compared to a net loss of $2,206,956 and cash flow of $431,728 for the same period in 1999. "While these results are records for Ultra, they arise from essentially flat production. Until early June, we have not been able to gain access to our properties while awaiting regulatory approvals. In June, we received approval to begin downspacing in the Jonah field. In July, the BLM handed down the Record of Decision on the Pinedale Anticline EIS. This decision allows for 700 producing surface locations in an area where we are the single largest leaseholder." "We currently have 3 rigs drilling in Jonah and 4 rigs drilling on the Pinedale Anticline. We look forward to reporting the impressive financial impact of the significantly higher production that will follow from this development activity in the coming quarters," stated Michael D. Watford, Chairman, CEO and President. Ultra Petroleum is an independent, natural gas exploration and production company focused on the Green River Basin of Wyoming. Ultra is listed on the Toronto Stock Exchange under the ticker "UP" with 56,751,125 shares outstanding. For more information contact: David Russell Investor Relations (281) 876-0120 Extension 302