Ultra Petroleum reports best ever 2nd Quarter results
Six month earnings of $118.1 million, up 39% from 2005
August 4, 2006
On August 1, Ultra Petroleum Corporation announced second quarter earnings of $50.7 million, up 6% from the same period in 2005. The second quarter ended June 30, 2006. Ultra reported six month earnings of $118.1 million, up 39% from 2005.
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 154,165,855 shares outstanding at June 30, 2006.
According to the company’s news release, production for the second quarter 2006 is comprised of 16.4 billion cubic feet (Bcf) natural gas from Wyoming, 385 thousand barrels (MBbls) oil from China, and 126 MBbls oil from Wyoming.
The company reported they had the highest second quarter production level ever achieved.
Subsequent to the quarter end and in a joint application with Shell, Ultra gained approval from the Wyoming Oil and Gas Conservation Commission for additional increased density drilling equivalent to 10-acre spacing on two areas totaling 16.3 square miles on the Pinedale Anticline. Currently the two areas covered by the application are on a mix of 40-acre, 20-acre, and 10-acre equivalent density -- with 20's being the majority. Approval of the application will result in the ability to drill 1,042 wells within the two areas. To date only 174 wells have been drilled within these areas. Of the 1,042 wells, Ultra will own an interest in 947 and will operate 724.