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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: SofaSpud who wrote (3702)	9/17/1997 1:41:00 PM
From: Geoff Trueman	of 24939

Upton / Short Position If the total short position for URC is 2.7 million shares as of August 29, 1997 (an increase of 2.4 million shares from August 15, 1997) why was this volume not reflected in market activity over the same period of time? My understanding has always been that a short sale is an actual sale of securites in the market (albeit securities the seller has borrowed). Is this not correct? Anyway, those 2.7 million shares have to be covered at some point, and even if we assume the activity over the last week retired some of the short position, there is still a long way to go. Perhaps the buying will genrate some upward price pressure, particularly if Upton is able to keep adding production and attract new investors.

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