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Gold/Mining/Energy : Ultra Petroleum (UPL)

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To: Hickory who wrote (4519)	11/23/1999 11:24:00 AM
From: Gerald Atwater	of 4851

Sorry Hickory, but coming from you that seems to be an especially irresponsible accusation. Actually Michael Watford has 1.65 million reasons to continue to work to make Ultra successful: The warrants that he was granted with an exercise price of $1.46. Currently, they are worthless. It seems there is so much frustration right now because the stock has fallen back so much (end of year tax selling?) and there has been no news on the current wells to counter it. But Questar and Anschutz control the news of those wells, not Ultra. But Ultra is the major player on the Anticline. Last week the BLM released the draft EIS (at 1 1/2"!) covering the Pinedale Anticline. Ultra is mentioned dozens of times in its hundreds of pages (Ultra is the largest leaseholder). The whole point of the EIS is to mitigate environmental impacts from the exploration and production of natural gas. BLM is leaning toward pad drilling (several wells with one surface location but different bottomhole locations, directional drilling). Because a directional well is more expensive to drill than a vertical well Ultra has suggested instead Central Processing Facilities, whereby the gas from as many as 16 wells would go to a central location (rather than at each well) where is is processed and then piped into a sales line. According to Ultra CPF would have even fewer negative environmental impacts than pad drilling without the added expense and complexity. I have no idea. BLM did mention that it would support Congressional action to lower the federal royalty fee of 12 1/2% to the operators if expenses were higher due to actions taken by the operators (and required by BLM)to lessen environmental impacts. (NOTE: Regardless of the restrictions set by BLM, Ultra and the other operators cannot be prevented from drilling wells and producing the gas outlined in their leases. So the EIS will be approved. WHEN is the question.) I have subscribed to the Pinedale Roundup newspaper for the past two years. There have been many articles on the gas business (after all, a majority of the county taxes come from that business). Ultra Petroleum gets mentioned frequently. It has a good corporate image. Here's to a successful new year for Ultra and all of us! Gerry Atwater

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