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Gold/Mining/Energy : Ultra Petroleum (UPL)

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From: Bob Walsh	4/10/2008 11:24:51 AM
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Fundamentals of Ultra as of 4/10/2008 - Part 1 (Ultra is “Best in Class” in almost every metric): Overview: § Industry leading high growth and returns and lowest costs without equity issuance but rather with share buybacks. § Ultra’s principal revenue is from NG wells in the Pinedale (PDA) area of Wyoming. This is the second largest NG field in the USA and Ultra has the largest ownership. The wells in PDA are long life - about 50 plus years. Ultra also has interests in the Marcellus Shale play in Pennsylvania. § Ultra’s average working interest in the Green River area (Jonah, Pinedale, etc.) is greater than 50%. Their average net revenue interest in all of Pinedale (PDA) is about 40%. § Ultra operated gas well sites in Wyoming have been 100% successful. § Ultra operates over 60% of their Wyoming gas producing lands. § Ultra’s expenses, including CAPEX (capital expenditures) would be funded entirely by internally generated cash flow if they were not repurchasing shares. § Expenses are tightly controlled; days to drill a PDA well are declining from 55 to well under 30 and costs per Wyoming well are moving down from $6.8 million to $6.0 million. § Ultra holds: 121,650 gross/62,756 net acres in Wyoming and 270,000 gross/145,500 net acres in the Marcellus play in Pennsylvania. § The average IP for an Ultra operated Pinedale well is 9.7 MMcf/d.

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