KERM'S KORNER Message Board

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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (8310)	1/7/1998 7:51:00 AM
From: Kerm Yerman	of 15196

FARM IN AGREEMENT / Uktra Petroleum Expands Core area Ultra Farms In to Expand Acreage on Northern Pinedale Anticline Ultra Petroleum Corp. has committed to drill 2 wells with an option to drill 2 additional wells on lands owned by H.S. Resources, Inc. (NYSE: HSE) and McLish et al. The four earning wells which must be drilled before July 1, 1999, will earn Ultra a 70% interest in half of approximately 28 sections on a checkerboard basis. The initial well of the farm-in is the Steele #16-31 of T34N, R109W of Sublette County, Wyoming. This 12,600 ft. Lance test is expected to spud shortly. It is located on the northern plunge of the Pinedale anticline approximately 8 miles NNW of the Ultra Mesa 15-8 well. Line of Credit Arranged with Wells Fargo Bank Ultra has arranged a reserves based line of credit with Wells Fargo Bank. Currently the credit is for US$2.65 million. This line of credit can increase to US$20 million as Ultra's reserves increase.

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