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Gold/Mining/Energy : Ultra Petroleum (UPL)

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To: jba who wrote (4240)8/10/1999 5:42:00 PM
From: Bob Walsh  Read Replies (1) of 4851
 
Abstract: This analysis indicated a net asset value of C$3.68 (US$ 2.47) per share (based on Ultra's June 30th financials and reserve report).

Production has grown from 300 MMcfe in 1997 to 4.4 Bcfe in fiscal 1999. Likewise, proved producing reserves have grown more than 450% since 1997, to 36.4 Bcfe at June 30, 1999, while total proved plus
probable reserves are 349 Bcfe at June 30, 1999.

Very positive.

Regards,
Bob
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