Has anyone read the latest Neil Maedel newletter? I haven't but I've heard a rumor that he is very negative about the proposed Ultra/Pendaries deal. Maedel's the guy who back in the second half of 1997 was promoting Ultra and the juniors (Adda, Arrowhead, Biopat--did Biopat become Colt or Green River Partners?, I don't remember which) who were doing the early, risky exploration drilling. Once Ultra started having trouble: Poor management decisions, spending too much cash it didn't have, downward gas prices, Maedel quit promoting the company and, as I recall, turned negative.
Anyone know anything about Maedel's take on the upcoming acquisition? Why he's so negative (if in fact he is)? I've been researching Bohai Bay, China, and would like to link you to an article where the figure 30,000,000,000 tons of oil reserves is used to describe the potential for an area covering 200,000 square kilometers, including Bohai Bay At 6.7 barrels (I think) per ton that's . . . a LOT of oil.
Read Page three -- china.org.cn
My thinking is that many people who don't know anything about that part of the world may have problems understanding why Ultra took this step when it is doing so well in southwest Wyoming. An increasingly sure bet for a decidedly less sure thing that might seem to take us back to the old wildcat days and those uncertainties. Unbelievable potential I'd say, and why I'll vote my shares for the acquisition. It is not impossible that Ultra's Bohai Bay assets (should the takeover succeed) over the next several years could exceed its Green River Basin holdings! There is a reason, after all, why Texaco and Phillips and Kerr McGee and Chevron and BP and most of the other world's oil powers are exploring in that area. It's still so early in the process that none of them will admit to a commercial field, but they have collectively to date booked well over a billion barrels of reserves from a handful of wells.
Gerry Atwater |
