Ultra Petroleum (UPL) Message Board

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Gold/Mining/Energy : Ultra Petroleum (UPL)

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To: NPValue who wrote (4046)	4/9/1999 8:24:00 PM
From: upultra	Read Replies (2) of 4851

NPVAlue & Farmer, First my thoughts on why a major has not taken over UP. We have to remember that the entire Oil & Gas industry is in a slump. True Ultra is a bargin at current prices, but based on the talked about takeover price of about $3/share that is still close to $200 million. Cash that alot of company's don't have and cannot part with. Also Ultra does not want to be taken over. Given the Big Bear fiasco not too many companies (even if they have the cash) are going to buy a company without looking at the books, logs and other records. Anyone wanting to look at these must sign a confidentiality agreement which prohibits a hostile takeover for 6 months. There are numerous companies looking at these records (with regard to UP selling an interest in their land interest). Only AEC (who does have the cash) won't sign the agreement and therefore is not looking at the books. Farmer, I don't think anyone would disagree that Ultra was heavily promoted during its' run up to $9.15 but this is not unusual in junior exploration companies and should be expected by investors. I have to (respectfully) disagree with you regarding Watford. I don't think his presense is reflected in the share price. I would think he is still learning the ropes and planning his strategy. Once done (by April 19) he will make his presentation (sales pitch) on what Ultra has, and where he intends to take the company. The analysts and institutional investors will then (hopefully) make their minds up on whether UP has regained its credibility. (I am hoping they will as I am still holding my share -- and yes averaging down as finances permit). I do agree that a signifigant gain would see the share price back up to the $4 - $5 range and if things go Ultra's way this year (there are a number of items) I believe we can see that. cheers, riker

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