Ultra Expands Drilling in Jonah Field
Ultra Petroleum commenced in-fill drilling last week in the
Jonah Field, located in the Green River Basin of Wyoming. It got
the go-ahead to start drilling on June 8 when the Bureau of Land
Management released an order for 22 new well locations, which
should keep Ultra busy through 2001.
"Our drilling program will result in explosive growth in
production, cash flow and earnings over the coming quarters,"
stated Ultra Chairman Michael D. Watford.
Ultra now is awaiting the Bureau of Land Management's record of
decision regarding drilling on the Pinedale Anticline, located just
north of Jonah Field. A favorable ruling would allow the drilling
of multiple well locations. The Pinedale Anticline is thought to
have a probable exploration of 1 Tcf.
"That will ultimately give us potentially 700 well locations and
it will offer full field development of the Pinedale Anticline,"
said David Russell, spokesman for Ultra. The record of decision is
expected to come down sometime later this month.
Ultra released statistics late last month that showed proved
reserves in the Jonah field went up 67% in 1999 from 75 Bcfe to 125
Bcfe as a result of the down spacing order approved by the state of
Wyoming and the Bureau of Land Management. Since June 1999, Ultra's
proved reserves skyrocketed from 44 Bcfe to 125 Bcfe. In addition
the company has 125 Bcfe of low-risk probable reserves resulting in
a total of 250 Bcfe.
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