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

To: Gerald Atwater who wrote (4760)	2/20/2001 5:24:07 PM
From: Bob Walsh	Respond to of 4851

ULTRA PETROLEUM REPORTS DOUBLING OF PROVED RESERVES Houston, TX - Ultra Petroleum (AMEX-UPL, TSE-UP) today announced that December 31, 2000 proved reserves increased 125% over year end 1999, achieving an unprecedented 1699% production replacement ratio. Year-end proved reserves were 168 Bcfe, compared to 75 Bcfe at December 31, 1999. Established reserves (proved plus 50% probable) were 314 Bcfe. Year-end SEC PV-10 of estimated future net revenues from proved reserves discounted at 10% was $493.2 million. Substituting a Henry Hub natural gas price of $4.00/mcf revises this value to $186.9 million, a $145.6 million increase over the 1999 year-end results. Reserve life is calculated at over thirty years. "With a doubling of proved reserves in 2000, we continue to make good on our commitment of providing exceptional growth. Ultra expects to double proved reserves again in 2001 through an aggressive drilling program in Wyoming and Bohai Bay, China. Our current market value closely approximates our 2000 year end PV-10 value of established reserves at $4.00/mcf Henry Hub price - $266.7 million. We look forward to our valuation increasing as we attain our goal of again doubling proved reserves in 2001," stated Michael D. Watford, Chairman, CEO and President. 2000 Reserves SEC PV-10 PV-10$4.00 MMCFE ($m) ($m) Proved 168,130 $ 493,243 $ 186,942 Probable 292,454 $ 538,784 $ 159,459 Total 460,584 $1,032,027 $ 346,401 Established (Proved + 50% of Prob.) 314,357 $ 762,635 $ 266,672