<PAGE> 1
EXHIBIT 99
UNITED STATES EXPLORATION ANNOUNCES NEW DRILLING PROGRAM
Denver, Colorado - July 13, 2000 - United States Exploration, Inc (ASE - UXP)
announced today successful drilling results from a November 1999, third party
drilling program. Of the program's 20 oil and gas wells, 18 have been completed
as producers at no cost to UXP, which has added 1.3 Bcfe in reserves net to
UXP. Under this agreement, 2 wells remain to be drilled.
UXP has entered into a similar deal with the same third party to drill up to 62
wells at no cost to UXP on or before December 31, 2002. Both agreements involve
wells which UXP had or has no plans to drill itself.
UXP has an ongoing Exploration Agreement with Union Pacific Resource Company
(UPRC) under which certain drilling commitments must be met. To date, UXP has
drilled, or caused to be drilled, 14 out of 20 of the commitment wells that
must be commenced in the twelve-month period ending on or before November 30,
2000. The remaining 6 wells of this commitment will be met either under the 62
well drilling program mentioned above, of which 25 will satisfy requirements
under the UPRC agreement, or by wells scheduled to be drilled by UXP or others.
Additional wells which satisfy the UPRC agreement will be credited against the
next option period which begins December 1, 2000.
According to Bruce D. Benson, President and Chief Executive Officer, "By
pursuing these deals, UXP accomplishes three things: We capture reserves that
otherwise would not have been earned, develop proven reserves under the
Exploration Agreement, and satisfy commitment well requirements under the
Exploration Agreement. This should give us a significant increase to our proved
develop producing reserves".
This news release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 concerning the results of oil and natural gas drilling.
Although the company believes that its expectations are based on reasonable
assumptions, it can give no assurance that expected results will be achieved.
Important factors that could cause actual results to differ materially from
those in the forward- looking statements herein include drilling risks,
operating risks, market risks, risks related to the need to obtain additional
financing for development of its oil and gas properties and other risk factors
as described in the Company's 1999 Form 10-KSB as filed with the Securities and
Exchange Commission.
United States Exploration, Inc. is engaged in the acquisition, exploration,
development, production and marketing of natural gas and crude oil in North
America. The Company's principal reserves and producing properties are located
in northeast Colorado. The Company's common stock trades on the American Stock
Exchange under the symbol UXP.
