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Ultra Petroleum Reports Update On Activity.

Business Editors

HOUSTON--(BUSINESS WIRE)--Sept. 25, 2000

Ultra Petroleum (TSE:UP.) today reported the following:

Jonah Field Activity Update

Four wells of the current eighteen-well Jonah drilling program have been drilled, completed and are producing into the sales line, as previously reported. The fifth well in the program, the Stud Horse Butte #6-23 was completed and began producing on September 17th at an initial rate of 12 mmcfe/d. Two additional wells are at TD and are currently being completed. Three new wells are currently drilling ahead.

Pinedale Anticline Activity Update

The first two wells of the ten-well drilling program have been cased and logged and are awaiting completion. One additional well is logging. Three additional wells are currently drilling ahead. The next two wells in the program are scheduled to spud by the beginning of next week. The final two wells in the program are waiting on rigs and should commence drilling within the next several weeks.

Production Update

Current production net to Ultra is approximately 20 mmcfe/d. Ultra is projecting production for the quarter ending September 30, 2000 to average 14 mmcfe/d as compared to an average of 9.7 mmcfe/d for the second quarter, 2000This is supported by four new producing Jonah wells, three more wells at TD waiting on completion, and three additional wells currently drilling ahead. There are also two Pinedale Anticline wells at TD waiting on completion, two more wells drilling ahead, and six new wells planned by December 31, 2000. The 44% increase in average daily production for the quarter is a result of the current in-fill drilling program in the Jonah field. Net production for the quarter ending December 31, 2000 is projected to average 28 mmcfe/d and reach an exit rate of 40mmcfe/d, as a result of continued drilling in Jonah and on the Pinedale Anticline. Total production net to Ultra for the year is anticipated to be approximately 5.7 bcfe.

"Based on the success we're experiencing in our drilling program, Ultra will deliver the most impressive results in its history this year and next. We anticipate our cash flow and our credit facility with Bank One will easily provide the capital necessary to execute our drilling program over the coming year. The results to date in our Pinedale Anticline drilling program have greatly increased our confidence in the ultimate potential of this play," 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 56,944,762 shares outstanding.

Certain statements, including projections, future drilling programs and other information included herein constitute "forward looking statements" within the meaning of applicable laws or regulatory policies. Such projections reflect the Company's current views with respect to future events and financial performance. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, projections, performance, or achievements described herein to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
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Publication:Business Wire
Date:Sep 25, 2000
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