Ultra Gets Okay for Additional Density Drilling

Ultra Petroleum Corp. reported that it has obtaining approval from the Wyoming Oil and Gas Conservation Commission (WOGCC) for additional 10-acre down-spacing on the Pinedale Anticline.

Ultra applied for down-spacing at the WOGCC hearing on July 11, 2006. The company, in a joint application with Shell, gained approval 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 a mix of 40-acre, 20-acre, and 10-acre equivalent density--with 20's being the majority of the area. Approval of this application by the WOGCC will result in the ability to drill 1,043 wells within the two application areas. To date 174 wells have been drilled within these areas. Of the 1,043 wells, Ultra will own an interest in 947 and will operate 724.

"This is another positive step forward on the continuation of our increased density drilling efforts in Pinedale," commented 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.

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