Ultra Petroleum Corp., Houston, (NYSE: UPL) plans to sell its subsidiary Sino-American Energy Co. to SPC E&P (China) Pte. Ltd., a subsidiary of Singapore Petroleum Co. Ltd., Singapore City, (Frankfurt: S2T) for US$223 million. The sale represents all of Ultra's interests in China and internationally. Assets include two production-sharing contracts with six producing oil fields. With this acquisition, SPC's interests are 18% in Block 04/36 and 23% in Block 05/36 (8.91% and 7.82% net interest in the six producing fields in these two blocks). The fields are in the shallow waters of Bohai Bay, 190 kilometers west of Beijing, and cover approximately 3,080 square kilometers. There is potential for further exploration. SPC's share of the current Bohai production will be 4,300 barrels of oil per day. This acquisition will bring SPC's total current oil and gas production to more than 11,000 barrels of oil equivalent per day, including the Oyong and Kakap fields in Indonesia.

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