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Gold/Mining/Energy : t. upton resources
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To: robin hood who wrote (61)10/7/1999 1:38:00 PM
From: Method  Read Replies (2) of 86
 
From Upton via email

Third quarter cash flow is estimated to be $0.16 per share and fourth quarter cash flow is projected to be $0.25 to $0.29 dependent on oil prices and drilling success. Upton entered the third quarter at 3500 barrels per day and this week with completion of a well at Gainsborough exceeded 4000 barrels per day. Our fourth quarter average production is forecast to be just over 4000 barrels per day but with recent successes we hope to exceed that target.

We have hedged 1500 barrels per day in the fourth quarter at US$20.82. We have almost no hedging done for 2000 - 500 barrels per day in January at $21.85. We are very close to doing 1000 barrels per day at US$20.50. The Calendar 2000 price have remained firm despite drops in the November and December contracts.

Upton has drilled three exploration wells to date. One in North Dakota was dry. In SE Saskatchewan we have one success and one dry hole although the oil well we completed is a marginal success and follow up drilling is not planned at the moment. We will drill at least two exploration tests in SE Saskatchewan in the fourth quarter and two wells at Tracey Mountain, North Dakota that while not rank wildcats would have a risk level somewhere between a development and an exploratory and potential to add significant new reserves .

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