Ultra Petroleum (UPL) Message Board

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Gold/Mining/Energy : Ultra Petroleum (UPL)

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To: Hickory who wrote (4370)	9/9/1999 4:23:00 PM
From: Bob Walsh	of 4851

Hickory, my reading of the news release from AOW says that issue is not with UP but an internal AOW problem. UP appears to only be involved since they are a party to an agreement that was either a valid agreement or it was invalid due to problems on the AOW side. So far I have seen nothing to indicate that UP is anything other than an ancillary party to the suit. Did the signer for AOW have the power and did they legally enter into the "original" agreement? Apparently both the AOW board of directors and the exchange had to approve the agreement before it was valid. Were these done? From my limited knowledge the issue appears to be whether the original agreement was valid and whether the current board of directors and management of AOW has the power to change the "original" agreement. UP would only need to be involved to the extent of ensuring that UP honor the "original" agreement if the "original" agreement was valid AND if the present board and management does NOT have the power to modify the "original" agreement. If in fact, these are the only issues, then any talk about UP being exposed to a large financial risk is silly at best. Regards, Bob

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