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

To: Little Joe who wrote (4004)	3/25/1999 7:14:00 PM
From: kfdkfd	Read Replies (2) \| Respond to of 4851

The new method of booking reserves is a conservative approach and one that is a more realistic reflection of field development. Previously, all the production was booked to Ultra, wells funded by others such as Halliburton which had debt loads attached to them were included in the numbers. That is what has changed. Note that UP still had a healthy increase in the reserves. Also, PUD's (Proven, Undeveloped Locations) around new wells will not be assigned any proven value in the future, instead it will be assigned when those wells are actually drilled. Thereby UP is taking a more conservative approach in stating reserves etc. and reflecting the value of the various levels of field development.