In a statement Ultra Chairman President and CEO Michael D. Watford said, “We are pleased to announce first oil sales from our China properties, marking the beginning of cash flows from the project. Production from our first two fields started in mid-July and is currently approximately 30,000 barrels of oil per day, of which Ultra is entitled to about 10%.”
“Field productivity continues to exceed pre-production expectations. The oil production from the CFD 11-1 and 11-2 fields were loaded in two separate cargos during September 2004 [and] volumes attributable to Ultra's interests for these two cargos total slightly over 300,000 barrels,” added Watford.
