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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: whitepine who wrote (16166)	12/29/2002 10:24:52 PM
From: Ed Ajootian	Respond to of 206334

whitepine, UPL -- I've owned a small amount of Ultra Petroleum for years. I used to own more of it, starting even before they got into their present Wyoming gas play. Every once & a while I look at it with a view toward buying more, but I guess I'm missing something because when I look at the stats, particularly what a rich multiple of cash flow it is trading at, I decide against buying more. I guess folks may be putting a lot of value on their Bohai Bay oil play also, which is scheduled to get to production in '04. Rockies gas prices have really lagged the rest of the continent due to pipeline constraints, but I'm hearing that there is some more capacity coming on in the not-to-distant future. BTW, I really liked that report by RJ. They put forward a very novel metric by which to measure E&P companies' performance, which takes into account the amount of reserves added as adjusted for the increase in enterprise value during the same period. This is an excellent metric IMO and although I've not started to actually crunch numbers with it, I now mentally try to take into account increases in borrowings or stock issuances when looking at increases in reserves, rather than just looking at reserve increases on a gross basis.