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

To: kfdkfd who wrote (4345)	9/8/1999 5:19:00 PM
From: LowtherAcademy	Read Replies (2) \| Respond to of 4851

Kevin, Wow! I don't know what to say. Other than: Think about what you are saying!!! UP will be in court on Monday and it won't be pretty. Quoted from the Restraining Order issued August 30th: (Paragraph 7) "7. The oil and gas leases described on Exhibit A are unique properties and the Farmout Agreement represents an irreplaccable opportunity for Plaintiffs to acquire and interest in them. Based on the Affidavits of Mr. Erickson and Mr. Laird, and testimony at the hearing, the value of these oil and gas leases and contract rights are premised upon the potential for development of very significant gas reserves to be realized by further drilling. It is also impossible to quantify the difference in value represented by the Ultra Agreements and the proposed amendment to the Ultra Agreement of August 27, 1999. Therefore money damages are inadequate to compensate Plaintiffs for loss of their rights in those oil and gas leases. 8. Therefore, if Ultra Petroleum (USA) Inc and Ultra Resources Inc. may declare that the Ultra Agreements are terminated on September 1, 1999. Plaintiffs will suffer immediate and irreparable loss and damage, as more particularly set out in the Verified Complaint and Affidavits filed herein, before this Court has had an opportunity to enter a preliminary injunction herein and before notice can be given and the Defendants and their counsel can be heard in opposition. CONCLUSION OF LAW 3.Plaintiff has made a sufficient showing by the Complaint, Affidavit and oral testimony that a temporary restraining order should be granted." All of the allegations by Pannonian and Laird might be proved groundless, but in my opinion there is a huge risk premium one takes by buying at this point in time. Good luck with your investments, Lew