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Gold/Mining/Energy : Ultra Petroleum (UPL)
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To: Gerald Atwater who wrote (4718)10/13/2000 2:34:14 PM
From: Gerald Atwater  Read Replies (1) of 4851
 
Three NEW Jonah wells were permitted on October 5, the 8-21, the 6-24 and the 16-24. This brings the total of NEW Jonah wells to 14 since this summer's downsizing to 40-acre locations. Originally ten of these wells were to be drilled this calendar year. That number had since increased to 12. Whether two of the three wells just permitted will be done this year or early next year is unknown. What is clear is that Ultra is making good on its vow to get as much production on line as soon as possible!

There have been rumors of good shows on the first two Questar Mesa wells -- would sure love to hear confirmation of that. Questar, however, controls that information, not Ultra. Questar will have a 3Q Teleconference on Oct 26, during which some light may be shed on its anticline work.

As for rumors of takeovers and mergers: In the latest edition (10-12-00) of Late Edition by David Pescod he cites some un-named analysts as saying that as many of half of the 160 or so Canadian oil and gas companies may be taken out over the next several months. Some reasons -- Older management of a typical company wants to sell while the value is high; larger companies are flush with cash and are looking for acquisitions; it is cheaper to buy another company's reserves than find new ones; smaller companies are finding it harder and harder to finance the ever increasing lease/rig/crew costs.

(Should the absence of posters to this thread be due to nuclear disaster, plague or CIA wet work, my sincere condolences to the families.)
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