Ultra Petroleum Makes Bohai Bay Discovery

Ultra Petroleum's subsidiary Sino-American Energy Corporation has successfully drilled the CFD 12-7-1 appraisal well, located approximately 4.7 kilometers west-southwest of the 12-1-1 field discovery well in the 05/36 Block offshore China. The well had multiple oil bearing sandstone reservoirs in the Minghuazhen and Guantao formations.

The CFD 11-1 & 11-2 field development is also progressing on schedule and budget. Two production platforms for the two fields were successfully installed offshore the first week of July and construction of the FPSO continues on schedule.

"Our 2003 China program continues our record of success in exploration, appraisal and development. The successful CFD 12-1-7 appraisal well that tested the gas-cloud area extends the 12-1 field nearly 5 kilometers west of our previous control, confirming our belief that the field is much larger than previously delineated. And, the CFD 11-1/11-2 development remains on track to deliver first Chinese oil production starting in the second half of next year." stated Michael D. Watford, Ultra's Chairman, President and CEO.

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