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Ultra Petroleum Reports Update On Activity.

Business Editors


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

Jonah Field Activity Update

Since mid-November, 2000, five wells have been drilled, completed and are producing into the sales line. These five wells had an average initial production rate of 6 mmcf/d and 57 Bbls/d of condensate. One well, the Stud Horse Butte 10-21 produced at an initial rate of 11.1 mmcf/d at 1400 psi, and 62 Bbls/d of condensate. Two wells are currently drilling, and two previously drilled and completed wells are being re-worked to enhance production. Ultra enjoyed a fourteen for fourteen success rate in the Jonah 2000 drilling program.

Pinedale Anticline Activity Update

The Ultra operated Warbonnet 15-23 well on the southern portion of the Anticline has been drilled and eleven of seventeen stages have been completed to date. Initial production was 4.2 mmcf/d at 1250 psi, and 25 Bbls/d of condensate. The remaining sands, which appear to be the best sands on logs, are being completed over the next two weeks. Numerous other Ultra operated Warbonnet locations are being permitted. Preliminary data suggests 25-30 additional Warbonnet locations will be added to Ultra's drilling inventory. In the Pinedale Anticline area, Ultra participated in eleven wells in 2000, from the northern Mesa area to the southern Warbonnet area. All eleven wells were successful.

Fourth quarter 2000 production was 2.4 Bcfe, up 83% over third quarter and totaled 5.6 Bcfe for the year.

Ultra is pleased to announce that Mr. James Nielson is joining the Board of Directors of Ultra Petroleum.

"The exceptional success rate of our drilling program has provided strong cash flow at non-hedged prices through the winter months. Ultra participated in 25 wells in 2000, with 14 of 14 successful in Jonah, and 11 of 11 successful in the Pinedale Anticline. The recent success in the Warbonnet area is very encouraging in that it is reinforcing our interpretation of the productive fairway as we expand our drilling program on the southern portion of the anticline. We are also thrilled with our increased production and expect it to more than double in 2001," stated Michael D. Watford, Chairman, CEO and President. "We are extremely pleased that Mr. Nielson has joined our Board to help us manage the exceptional growth we expect to enjoy both in the Green River Basin, and Bohai Bay. We look forward to releasing our 2000 year-end financial results and the reserve report associated with the 2000 drilling program shortly."

Ultra Petroleum is an independent, exploration and production company focussed on the natural gas reserves in the Green River Basin of Wyoming, and the oil reserves in Bohai Bay, offshore China. Ultra is listed on the American Stock Exchange under the ticker "UPL" and on the Toronto Stock Exchange under the ticker "UP" with 72,716,418 shares outstanding.
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Publication:Business Wire
Date:Feb 13, 2001
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