Latest blurb from Edmonton...
FRIDAY FAX AUGUST 13, 1999 FAX#158
For those who came to our last "Stocktalk Beer and Pizza Gathering" to
meet amongst other stories, Michael Watford, the new President of Ultra
Petroleum (T-UP) www.ultrapetroleum.com, it was interesting the
response of most individuals. Taking the measure of the man most figured
he was the conservative, mature type of personality that Ultra needed after
years of flamboyance and over-promotion. Well he maybe the new man
Watford isn't totally devoid of promotion after, all as at an oil and gas
gathering in Denver on Tuesday, he attracted some attention. What we note
is that he has already upped his idea of the asset value of Ultra at this time
to $3.68 Cdn. All right! That has helped attract attention to the Ultra stock
and what we note is that much of the buying in Ultra is now coming from
American sources. When you look at who the different brokers are buying
the stock, and you see three dominant Canadian brokers – they are actually
fronting from for American affiliated brokerage houses. Anyway, we are a
step closer to Ultra being what we hoped it would become – a natural gas
play with huge assets in the U.S. in a good oil and gas market. We had
expected nothing would happen until their first three holes hit depth, which is
still a couple of weeks away and being development wells, they should hit.
So things are happening a little bit ahead of schedule and with more wells
being drilled than expected and better management, we have upped our
targets on Ultra for this Christmas and next…… |
