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

To: Gerald Atwater who wrote (4709)	9/6/2000 10:50:10 PM
From: Gerald Atwater	Read Replies (1) \| Respond to of 4851

Latest Ultra News Release: <<September 6, 2000 ULTRA PETROLEUM - DRILLING & PRODUCTION UPDATE Houston, TX - Ultra Petroleum (TSE-UP) today announced the following drilling and production update. Jonah Field Since initiating activity in mid-June, Ultra has drilled and completed the first four wells of a 18 well program in the Stud Horse Butte area of the Jonah field. Results from these wells have met or exceeded expectations. The most recent of these wells, the SHB #2-23 and #4-24 came on production at 10.4 mmcfd and 4.6 mmcfd, respectively. Currently, the Company is logging the SHB #16-23 well and two other wells, SHB #16-23 and SHB #14-24 are drilling ahead in the Lance section. These wells should reach TD by early next week. The next well in the program, the SHB #10-24, is expected to spud early next week. Pinedale Anticline Field With the completion of the Pinedale Anticline EIS in late July, the Company is currently participating in the drilling of four wells in this area. All four are expected to reach total depth within the next two to three weeks. Two additional wells are expected to spud shortly. Ultra plans to participate in a total of 10 wells on the Anticline by year-end. "Since our drilling program commenced in mid-June, we have doubled our daily net production by bringing on the first four wells of our current 28 well program scheduled to run through April, 2001. This increasing production, both realized and anticipated, along with increasing natural gas prices will fuel significant growth in our cash flow and earnings over the next several quarters," commented Michael D. Watford, Chairman, President and CEO. 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 56,993,762 shares outstanding. For more information contact: David Russell Investor Relations (281) 876-0120 Extension 302>>