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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Goldberry who wrote (2062)	1/20/1997 11:16:00 AM
From: Kerm Yerman	of 24925

Graham / Ulster Petroleums Just last Friday I added the company to my TOP 20 SELECTION LISTING, deleting Morrison Petroleums. Even with high debt position, I like ULP's prospects for 1997. Last week I received materials from the company. Cash flow for 1996 is estimated at $1.80/share (5.7X CF/P ratio) and 1997 estimate is $2.20/share (4.7X CF/P ratio). Earnings for 1996/97 are estimated at $0.30 and $0.35/share. Cash flow and earnings are based upon $20.00/bbl WTI and $1.50 Cdn/@ wellhead per mcf. Estimates are based upon total fully diluted shares. I might add that I like the fact that there are only 26.2 million shares outstanding. Average production estimate for 1996 is 14,700 boe/d, up from 13,100 from 1995. 1997 estimate is 19,000 boe/d, a very healthy jump. Company production is evenly split between oil and natural gas. I won't expand upon their properties, but in short they are very good and the company is really focused upon their game plan. For the common stock, I look for shares to hit $13.25 by June and with continued exploration success, $15.50 by year end.

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