Gemini Energy GNI.V previously named Arrowhead. AOW.V Message Board

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Gold/Mining/Energy : Gemini Energy GNI.V previously named Arrowhead. AOW.V

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To: LowtherAcademy who wrote (16)	3/25/2000 10:21:00 PM
From: Gerald Atwater	Read Replies (1) of 26

Lew, I appreciate your comments and I do understand how bitter your feel toward Watford and Hislip. And I very much doubt that whatever you have lost from the Arrowhead debacle and Ultra's past slide could equal what I stand to lose IF Ultra doesn't succeed. Many tens of thousands of dollars, U.S. ones to boot! But my read on it is very different from yours: Ultra originally had four juniors assuming the risks for the initial wells -- Colt (now merged with Keywest), Arrowhead (now GNI and a financial basket case), Green River Petroleum (whatever happened to it?), and Adda Resources (another basket case). I just think that Jerry Albertus and the others bit off way more than they could chew. All that acreage and they thought they would be hitting home runs from the first well. They didn't seem very concerned with expenses. Then the price of natural gas hit the proverbial fan (plus well costs and payback periods expanded) and suddenly all the companies were scrambling to keep going financial. Ultra simply did what it had to do to survive. That's why, I think, it wouldn't approve any of the Adda expense proposals for cleaning up the Daniel and Luman (Cottonwood?) wells. (And why Colt refused to come up with the money to drill additional wells in its area.) All that is in the past, so my memories may not be 100% on the mark. Bottom line, though, it's a tough business; you do WHATEVER it takes to survive. Period. Sooner or later the Anticline EIS will be approved, as will an expanded number of well sites in Jonah. The seismic results are being studied and they should be beneficial to GNI in its Gemini area. Hopefully GNI will drill a successful first well there and that will lead to more successful wells later. The key is increasing natural gas prices and that, thankfully, is one area that looks VERY positive in the future. Sorry to be so wordy, Gerry Atwater

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