Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Ultra Petroleum (UPL) -- Ignore unavailable to you. Want to Upgrade?

To: Little Joe who wrote (4203)	7/31/1999
From: dgz	Read Replies (1) \| Respond to of 4851

Agreed - we never knew there was a problem with management until management was already in the process of being replaced. All we were fed was the good news about all these wonderful wells only to find that the company was virtually broke. With 30-40 wells drilled, UP has pitiful little production to show for it. Then we find out that they don't even know how to determine when a well has paid out so that they can get a bigger piece of the pie. Then they go and sell off most of the only good wells they had for a pitance ($800/acre ?) when the going rate is $3000-4000/acre and most recently about $30,000/acre. I'm not sure Watford is any better then previous management yet, but I certainly hope so because I'd like to see this one grow. I plan to buy back in someday, but I need to see something big happen. So far, its been small improvements here and there with a baby step taken to get back drilling some wells. They need to cut a big deal with a major and get this show on the road before anything significant happens to the stock price - IMHO. (Hope I don't sound too bitter)