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Gold/Mining/Energy : t. upton resources

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To: Jan Johnstone who wrote (28)	4/16/1998 1:38:00 AM
From: Richard Saunders	Read Replies (1) of 86

Jan/ thanks for posting release yesterday. Checked quote for Upton and the release hadn't yet been linked to the symbol. Doing things backwards...... p/u a position at $3.35 and now am checking details. Most recent CF estimate I can find is Nesbitt Burns Red Book for 2Q'98 and URC shows as $1.19/share for '98. Is anyone aware of anything more current? I don't exactly know oil pricing assumption NB is using in their forecasts but would immagine it is probably $17ish WTI. Hopefully most of the downside has already been lanced from this oily situation. Sold some Newport (NPP-tse) recently at $7.25 Recent CF estimates (based on $1.80ish/Mcf gas) showed between $0.78 and $0.85/share for '98. Sure, Newport is on the TSE200 and is currently producing approx. 148 mmcf/d of gas and 6,200 bopd but compare that to the much smaller (approx. 5000 boepd, maybe a bit more) and totally oil producer in Upton. Is the current premium for being bigger and in gas really warranted? Time'll tell but from initial "value" glance risk/reward looks interesting with URC although suspect it'll be penalized for ugly year it delivered.

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