HOUSTON, Oct. 19 /PRNewswire-FirstCall/ -- Ultra Petroleum Corp. (AMEX:UPL) today announced that it has commenced oil production from the CFD 11-6, CFD 12-1 and CFD 12-1S development projects in Bohai Bay, China.
Ultra Petroleum expects to have 10 wells on line and producing approximately 15,000 gross barrels of oil per day, 1,200 net to Ultra Petroleum, by the end of October. Development drilling is ongoing, with gross production expected to ramp up to 22,000 barrels of oil per day, 1,700 net to Ultra Petroleum, from 22 wells by mid-2007.
"Now all seven of the originally identified development projects are on stream. Although production was a little later than originally anticipated, we look forward to the healthy returns from this project," stated Michael D. Watford, Chairman, President and Chief Executive Officer.
Conference Call Webcast Scheduled for November 1, 2006 Ultra Petroleum's third quarter 2006 conference call will be available via live audio webcast at 10:00 a.m. Central Standard Time (11:00 a.m. Eastern Standard Time) on Wednesday, November 1, 2006. To listen to this webcast, log on to http://www.ultrapetroleum.com/. The webcast will be archived on Ultra Petroleum's website through February 16, 2007.
About Ultra Petroleum 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 Petroleum is listed on the American Stock Exchange under the symbol "UPL" with 152,187,397 shares outstanding at September 30, 2006.
This release can be found at http://www.ultrapetroleum.com/ This news release 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. These forward-looking statements regarding this press release include, but are not limited to, opinions, forecasts, and projections, other than statements of historical fact. Although we believe that these expectations are obtainable based on reasonable assumptions, we can give no assurance that such assumptions will prove to be correct. Important factors that may cause actual results to differ, include, but are not limited to, increased competition; the timing and extent of changes in prices for oil and gas, particularly in Wyoming; risks inherent in our China operations; the timing and extent of our success in discovering, developing, producing and estimating reserves; the effects of weather and government regulation; the availability of oil field personnel and services, drilling rigs and other equipment; and other risks detailed in our SEC filings, particularly in our Annual Report on Form 10-K for our most recent fiscal year. Full details regarding the selected financial information provided above will be available in our Report on Form 10-Q for the quarter ended September 30, 2006. http://www.newscom.com/cgi-bin/prnh/20020226/DATU029LOGODATASOURCE: Ultra Petroleum Corp.
CONTACT: Kelly L. Whitley, Manager Investor Relations for Ultra Petroleum Corp., +1-281-876-0120 Extension 302, Web site: http://www.ultrapetroleum.com/
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