Ultra Petroleum Provides Production and Capital Budget
Guidance for 2008; Increases 2009 Production and Provides Preliminary 2010
Guidance
��� HOUSTON, Feb. 19
/PRNewswire-FirstCall/ -- Ultra Petroleum Corp.
(NYSE: UPL) today
reported that the company's Board of Directors' approved the 2008 capital
budget of $755.0 million, an increase from $714.5 million of capital spent in
2007.
��� Domestic production for 2008 is expected to
grow approximately 18 - 22 percent to 135.0 - 140.0 Bcfe as compared to 114.4
Bcfe for 2007. All production growth is generated organically. In 2008, the
company is planning a near doubling, from 2007 levels, of the number of
delineation wells it expects to drill. As part of its five year 120 well
delineation drilling plan, 26 will be drilled in 2008.
��� 2008������ 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter� Full-Year 2008
����Estimated
�����Total
����Production
���� (Bcfe)���
31.0 - 32.0 31.0 - 32.0 34.5 - 36.0 38.5 - 40.0� 135.0 - 140.0
��� At this time, Ultra is increasing its
previous 2009 production guidance of 160.0 - 165.0 Bcfe to 170.0 - 175.0 Bcfe,
targeting a 25 - 30 percent increase over 2008 at similar capital expenditures
levels. In addition, the company is providing preliminary production guidance
for 2010 of 200.0 - 205.0 Bcfe, targeting production growth of 18 - 21 percent.
With more access anticipated in 2009, associated with the satisfactory
conclusion of the SEIS/ROD process currently underway, these capital budget and
production forecasts will be increased.
����������������������������� 2008������������ 2009������������ 2010
����Estimated Total
���� Production�
����(Bcfe)��������������� 135.0 - 140.0��� 170.0 - 175.0��� 200.0 - 205.0
��� "In 2008, we expect to drill 240 gross
(113 net) wells in Wyoming.
But, more importantly, we will accelerate our delineation well drilling plans.
It is extremely important for us to continue defining the Pinedale Field so we
can get our arms around the actual size of the resource. We are planning 2008's
drilling program with about 20 percent of our net wells to be devoted to
delineation," commented Michael D. Watford, Chairman, President and Chief
Executive Officer. "These wells cost more to drill and take longer, but
are instrumental to resource expansion and key to value creation. We look
forward to more reserves and more value at year-end 2008," added Watford.
��� About Ultra Petroleum
��� Ultra Petroleum Corp. is an independent
exploration and production company focused on developing its long-life natural
gas reserves in the Green River Basin of Wyoming -- the Pinedale and Jonah
Fields. Ultra is listed on the New York Stock Exchange and trades under the
ticker symbol "UPL".� The
company had 152,313,738 shares outstanding on January 31, 2008.
��� This release can be found at
http://www.ultrapetroleum.com
This news release
includes "forward-looking statements" as defined by the Securities
and Exchange Commission (SEC). 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 the company
believes that these expectations are obtainable based on reasonable
assumptions, it can give no assurance that such assumptions will prove to be
correct. Important factors that may cause actual results to differ from these
forward-looking statements, include, but are not limited to, increased
competition; the timing and extent of changes in prices for crude oil and
natural gas, particularly in Wyoming; the timing and extent of its 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 the
company's SEC filings, particularly in its Annual Report on Form 10-K available
from Ultra Petroleum Corp. at 363 North Sam Houston Parkway E., Suite 1200,
Houston, TX 77060 (Attention: Investor Relations). You can also obtain this
information from the SEC by calling 1-800-SEC-0330 or from the SEC's website at
http://www.sec.gov.�
SOURCE� Ultra Petroleum Corp.
���
-0-����������������������������
02/19/2008
���
/CONTACT:� Kelly L. Whitley, Manager Investor
Relations of Ultra Petroleum Corp., +1-281-876-0120, Ext. 302, info@ultrapetroleum.com/
���
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