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

To: upultra who wrote (4683)	7/16/2000 10:40:16 PM
From: Gerald Atwater	Read Replies (1) \| Respond to of 4851

I'd have responded, riker, but I don't know what it bodes. Did Ultra have revenue five years ago? Doesn't it depend on where you start for the increase to be meaningful? Do you know what the numbers were then? . . . Actually, riker, I'm happier with your post just prior to this one about the possibility of seven rigs working in early August, and also the Record of Decision on the Pinedale EIS due on July 27. Those are truly significant events. The ROD will give Ultra enough well locations to keep it busy for years. (And I'm not even including any of the 22 NEW Jonah locations!) And those well locations will be subject to the 3-D seismic that was done late last year. So the odds of success are increased. At the moment, though, I think the 22 Jonah/Stud Horse Butte locations are the icing on the cake. Just think, there are approximately 150 SHB wells listed on the WOGCC site: 60+ are Producing, 20 are shown as Not Drilled, 8 as Spudded, 45+ are marked "Confidential," meaning no information released (I think most of these are involved in the sale of McMurry assets to Alberta Energy). So, of 150 listed wells NOT ONE is marked Dry Hole, or Pluged/Abandoned. (I'm assuming that a Confidential label cannot be used to hide a Dry Hole or one Plugged/Abandoned.) A SHB well appears to be a certain producer (although at what flow rate no one can know beforehand). Stud Horse would appear to be the Golden Goose! Seven rigs working! If it happens, think about it! I don't believe Ultra ever in the past had more than a couple at the same time. Production and cash flow increases are virtual certainties. Could it be that the times of going to the banker hat in hand and begging for a loan are behind this company?! Never smart to get too cocky! But I do like our chances for at least the next little while! At this point I think Michael Watford might even be having some fun. Sleep well my fellow Longs, Gerry Atwater