Ultra Petroleum (UPL) Message Board

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Gold/Mining/Energy : Ultra Petroleum (UPL)

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To: Traveling Man who wrote (4277)	8/21/1999 1:48:00 PM
From: Gerald Atwater	Read Replies (3) of 4851

TM -- What DID happen with the UP/WGR and UP/HAL working relationships? There just doesn't seem to be any information available. There might be one more well in the Jonah field with HAL. Nothing for sure. I wonder if something happened when UP was cutting back because it was running out of money that queered the deals. Bills not being paid? Commitments abandoned? Or maybe those two companies were just too expensive. (And Ultra was getting very little of the production revenue because most of it was going to HAL and WGR to pay off the drilling expenses.) There was a lot of speculation months ago that Schlumberger could do the same well for about half the cost (quicker drilling, smaller diameter pipe). So maybe Ultra was looking to other companies to save money. And maybe HAL and WGR were cutting back because at that point the gas price was so low. A mutual parting of the ways? Don't know. Sorry. One thing for sure: Ultra is getting better cash flow (30%) from each well NOW than it was getting from HAL or WGR. Gerry Atwater

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