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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: RIK who wrote (4753)	3/2/1998 3:21:00 AM
From: Kerm Yerman	Read Replies (1) of 24921

Rik / Upton Resources A couple months back, someone at the company mentioned $1.80 to $2.00 cf/s to me. First Marathon has a Buy rating on the company with an estimate of $1.81 1998 CF. The only other estimate I've seen is the Nesbit Red Book numbers which was (from memory) $1.50. With the share price of $3.95, we're looking at a cash flow multiple of 2.19X @ 1998 CF of $1.80 and 2.63X @ CF of $1.50. Can you find another company with over 5,000 boe/d selling at multiples this low. I expect Upton to reach 6,000 boe/d by year end, and that is based upon developement of their Mississipian bread and butter plays. What are the CF estimates you have seen? I know Peters & Co. follows Upton, but have not seen an update regarding their estimates.

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