Ultra Announces First Sales of Oil From China Fields
September 27 2004 - 10:36AM
PR Newswire (US)
Ultra Announces First Sales of Oil From China Fields HOUSTON, Sept.
27 /PRNewswire-FirstCall/ -- Ultra Petroleum (AMEX:UPL) today
announced that through its wholly-owned subsidiary, Sino-American
Energy Corporation, initial oil sales commenced from its first two
fields brought on production in Bohai Bay, China. The oil
production from the CFD 11-1 and 11-2 fields were loaded in two
separate cargos during September 2004. Volumes attributable to
Ultra's interests for these two cargos total slightly over 300,000
barrels. In Wyoming, three Pinedale Anticline wells of note
commenced production, individually breaking all previous initial
production records. Combined, the three wells produced a gross
total of more than 103 MMcfe/d. The Riverside 4D-3D tested at 32.6
MMcfe/d, the Riverside 1-3D tested 32.4 MMcfe/d, and the Riverside
2-3D tested at an average 38.1 MMcfe/d. Ultra operates the
Riverside 4-3D, and holds an interest in the other two wells
operated by Royal Dutch Shell (NYSE:RD). "We are pleased to
announce first oil sales from our China properties, marking the
beginning of cashflows from the project. Production from our first
two fields started in mid-July and is currently approximately
30,000 barrels of oil per day, of which Ultra is entitled to about
10%. Field productivity continues to exceed preproduction
expectations. Additionally, these three Pinedale wells demonstrate
the growing productivity of the Lance/Mesaverde interval in the
field and highlight the continued improvements in completion
techniques," stated Michael D. Watford, Ultra's Chairman, President
and CEO. Ultra Petroleum is an independent, exploration and
production company focused on developing its long life natural gas
reserves in the Green River Basin of Wyoming, and oil reserves in
Bohai Bay, offshore China. Ultra is listed on the American Stock
Exchange under the ticker "UPL" with 75,069,868 shares outstanding.
This material includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
The opinions, forecasts, projections or other statements, other
than statements of historical fact, are forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, they can give no
assurance that such expectations will prove to have been correct.
Certain risks and uncertainties inherent in the Company's
businesses are set forth in their filings with the Securities and
Exchange Commission. Full details regarding the selected financial
information provided above is available in the Company's annual
report and in the Annual Information form filed under the cover of
Form 10-K, File No. 0-29370, available from us at 363 N. Sam
Houston Parkway East, Suite 1200, Houston, Texas 77060. You can
also obtain this form from the SEC by calling 1-800-SEC-0330.
http://www.newscom.com/cgi-bin/prnh/20020226/DATU029LOGO
http://photoarchive.ap.org/ DATASOURCE: Ultra Petroleum CONTACT:
David Russell, Investor Relations of Ultra Petroleum,
+1-281-876-0120, ext. 302 Web site: http://www.ultrapetroleum.com/
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