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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: SofaSpud who wrote (11387)	6/23/1998 5:03:00 PM
From: Kerm Yerman	Read Replies (2) \| Respond to of 15196

FIELD ACTIVITIES / Union Pacific Resources Adds Production UNION PACIFIC RESOURCES GROUP INC. ADDS SIGNIFICANT NEW PRODUCTION FROM SUCCESSFUL WELLS IN OVERTHRUST AREA OF LAND GRANT FORT WORTH, Texas, June 22 /CNW/ -- Union Pacific Resources Group Inc. (NYSE: UPR) today announced details of its participation in four successful wells recently completed on the Company's mineral-rich Land Grant acreage. In total, UPR's net production from the wells is approximately 28 million cubic feet per day (MMcfd) of natural gas and 500 barrels of oil per day (BOPD). The most prolific well, the Champlin 457 A No. 5, is located in the Whitney Canyon field in Uinta County, Wyoming. The Company owns a 33 percent net revenue interest (NRI) in the well which began producing at an initial rate of 60 MMcfd. The well was drilled as part of a program which has the goal of raising the inlet volumes at the Whitney Canyon plant from the current 200 MMcfd to 250 MMcfd. "The completion of these wells on UPR's Land Grant acreage is an excellent addition to our production profile," said Jack L. Messman, UPR's Chairman and CEO. "The wells show that there are still significant production opportunities on our 7.5 million acre Land Grant. We are looking forward to the continuation of this drilling program, not only in the Whitney Canyon area but in all areas of the Land Grant." The second Wyoming well is located in the East Painter Reservoir Unit in Uinta County. The East Painter 14-8AH is a new horizontal infill well which is producing 2,225 BOPD and 7.3 MMcfd. This is the fourth horizontal infill well drilled in East Painter area. UPR has a 22.5 percent NRI. The third and fourth wells are located in Utah and are both in the Anschutz Ranch area of Summit County. The Anschutz Ranch 372 C-1 is an existing well which was re-entered as a horizontal well. The well has tested at a rate of 15.4 MMcfd. UPR owns a 36 percent NRI in the well. UPR and the operator are evaluating the area for similar opportunities. The second Utah well is located in the Anschutz Ranch East field and is a new well. The ARE 29-04 was completed in the Nugget formation and is producing 7 MMcfd and 40 BOPD. UPR owns a 17 percent NRI in the well. "UPR expects continued success in developing its larger fields in the Land Grant," said George Lindahl III, UPR's president and COO. "We will continue to exploit the Land Grant in 1998 and for many years to come." Union Pacific Resources is one of the nation's largest independent oil and gas exploration and production companies. Based in Fort Worth, Texas, UPR has been the #1 domestic driller for the past six years and is the #1 gas producer in the state of Texas.