UPL, rather spectacular reserve increase. Sell the news?
In Play®
9:47AM Ultra Petroleum increases proved reserves by 32% (UPL) 70.00 +0.40 : Co announces that as of the year-ended Dec 31, 2005, its total proved oil and gas reserves were 2.022 trln cubic feet of gas equivalent, up 32% from 1.528 T.c.f.e as at Dec 31, 2004. Year-end 2005 proved reserves include 1.900 T.c.f of natural gas and 20.265 mln barrels of oil. Proved plus probable reserves at Dec 31, 2005 totaled 6.295 Tcfe an increase of 80% from Dec 31, 2004 levels of 3.492 T.c.f.e.
