Lew,
I appreciate the respect you've shown my posts. I hope I've shown the same for yours. We don't agree; I think it's a plus that we can disagree civilly! As to your statement that no junior would want to partner with Ultra, I can flip that around and state that Ultra would NOT want to partner with any junior. After all, the whole point in the beginning was to get juniors (Adda, Colt, Green River Partners, and Arrowhead) to assume the risk of drilling the first wells in unknown areas. Now, with the first wells drilled, with new partners (from last year's $13.1 deal), with 3-D seismic, with the entrance of major players, with new bank financing, Ultra can do the wells without giving percentages. The cost of money is certainly cheaper to Ultra than giving away a share of the production in perpetuity. Time will determine how wise that strategy is. These are my opinions. In any case, Lew, I understand your deep hostility and hope time will lessen it. Good luck.
Gerry |
