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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Jan Johnstone who wrote (6439)	5/24/1999 5:45:00 AM
From: Kerm Yerman	of 24922

Jan / Poco Pete 12 Month Target = $15.00 I don't have a current handle on Upton shares --- since improved oil prices. Haven't talked to them since the first of the year. I do remember at the time, I felt they were only a $1.50/1.60 stock and the price was $2.00 at the time. They need to be re-visited to obtain up to date info on their 1999 CAPEX program. The increase in oil prices should provide for increased activity in the second half of year. I will offer this. I think the shares of the company warrant 4.0X 1999 cash flow now and 4.5X 2000 cash flow 12 months down the road.

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