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Gold/Mining/Energy : Ultra Petroleum (UPL)

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To: Traveling Man who wrote (4109)	5/14/1999 1:06:00 AM
From: Gerald Atwater	Read Replies (1) of 4851

Traveling Man -- The draft EIS is due out NOW, mid-May. I have signed up with the BLM to receive a copy. Should I, I will post the main points here (if someone else hasn't done so already). AOW is looking very favorably on Schlumberger for the way the fracs were handled and wants the company to do more of the work when they start drilling Gemini this summer. The first well there is due by September 1 this year. Now it's possible that schedule will be speeded up by several weeks. As this well is only a few miles east of Mesa 15-8, it seems reasonable that it will find gas. AOW also thinks Schlumberger, through its Green River Basin work with BP-Amoco, has taken the technology to the next step, and Warbonnet 9-23 would seem to prove that (smaller hole, quicker fracs, faster drilling.) And at about a million or so less than prior wells. All this, PLUS gas prices increasing by about 24% so far this year, could lead FINALLY to something positive. And hopefully, the long awaited deal between Ultra and ? will be signed and news released within two weeks (have we heard this before!?). Gerry Atwater

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