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Gold/Mining/Energy : Ultra Petroleum (UPL)
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To: Bobby Yellin who started this subject3/5/2001 11:47:45 AM
From: Bob Walsh   of 4851
 
I invested in Ultra Petroleum (UPL) a number of years ago because I then believed that they had fair potential. The last two years has brought a change in management (for the better) and a buy-out of Pendaries Petroleum. I am still invested in UPL and have no ties to UPL other than being a stockholder. I now have stronger reasons (backed up by results) for believing that Ultra Petroleum has excellent potential:
(1) NAV as of 12/31/01 was US $5.62 per share
(2) Proved reserves as of 12/31/00 were 168 Bcfe (up 125% over 12/31/99)
(3) Established reserves (proved + 50% probable) were 314 Bcfe
(4) Average daily net production as of 2/28/01 was 30mmcfe vs 15.3 for 2000 vs 13.1 for 1999
(5) Cash flow from operations per share (diluted) was $0.22 for 2000 vs ($0.03) for 1999; cash flow in Q4 2000 was $0.14
(6) Plans for 2001 are to participate in 39 new wells in Wyoming and 15 in Bohai Bay, China
(7) Ultra has rights to drill in over 32,000 acres in an area in Wyoming that seismic testing indicates have excellent potential.
(8) Demand in the US for natural gas is high and probably will go higher and supplies appear to be not in synch with demand.
(9) I believe that the normal multiple for companies in the US that are in a similar catagory to Ultra is 8 times cash flow.

See UPL’s web page for slide show presentation to Houston Energy Group on 2/14/2001 ultrapetroleum.com

Do your own DD
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