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

To: NPValue who wrote (4046)	4/9/1999 5:32:00 PM
From: Farmer	Read Replies (1) \| Respond to of 4851

Personally, I feel that if Watford has any clout the market would be seeing it right now. I don't think that all of a sudden on Apr 19th that things are going to change because of a speech to institutional investors. He would have made those contacts before then and we should have seen the volume to support institutional buying now. What really gets me is when you call the Ultra IR dept and the stock has moved from $1.10 to $1.25 they try to pretend that the stock is doing well and has made a significant gain for the day. A significant gain is going back to the $ 4-5 dollar range for me.They are even admitting now that the stock was heavily pumped as the Lickster has said. When Watford joined Ultra there should have been a pretty good run up but that was not the case. Regards,Farmer

To: NPValue who wrote (4046)	4/9/1999 6:56:00 PM
From: Gerald Atwater	Respond to of 4851

NPValue -- <<Sorry if this post is perceived as "negative,">> Certainly not perceived such by me. You ask valid questions and make reasonable statements. I don't think UP is receiving US$2.14, though. More in the range of US$155-1.65. Depending where in the US the gas is being delivered, the price varies quite a bit. Management has been spotty; that's why Michael Watford was hired. The "old" team was mostly explorationists and deal makers. Hopefully that will change now that production wells are coming on line and with Watford in charge. As to why a major hasn't jumped all over UP, I can only guess that it is off the radar for most of them, small potatoes besides. And with oil and gas being so depressed for so long most of them are working at staying even or aligning with other majors, or merging. It could also be that the majors don't feel that comfortable with the technology of tight sands drilling. It is fairly new. Also, the majors are primarily oil, although Amoco (now BPAmoco) took over Snyder's Jonah wells in exchange for property elsewhere, and made a shift to gas a few years ago. I'm losing patience, too. If I had to sell my UP stock today I'd be looking for a strong tree and a strong rope! Basically I'm sticking with UP for some non-bottomline intangibles: Its relationship to the environment, to the people of southwestern Wyoming; its ability to work with the environmental groups; its good relationship with the BLM; the deal with Pacificorps to curb pollution; the things it does around its wells to contain air and water pollutants. For me these are examples of a company that is forward looking, not some company out to make a buck no matter the cost. This company has always acted as though it intended to be around for the long haul! I guess the coming months will settle the matter. Me broke or me on the mend! Gerry Atwater

To: NPValue who wrote (4046)	4/9/1999 8:24:00 PM
From: upultra	Read Replies (2) \| Respond to of 4851

NPVAlue & Farmer, First my thoughts on why a major has not taken over UP. We have to remember that the entire Oil & Gas industry is in a slump. True Ultra is a bargin at current prices, but based on the talked about takeover price of about $3/share that is still close to $200 million. Cash that alot of company's don't have and cannot part with. Also Ultra does not want to be taken over. Given the Big Bear fiasco not too many companies (even if they have the cash) are going to buy a company without looking at the books, logs and other records. Anyone wanting to look at these must sign a confidentiality agreement which prohibits a hostile takeover for 6 months. There are numerous companies looking at these records (with regard to UP selling an interest in their land interest). Only AEC (who does have the cash) won't sign the agreement and therefore is not looking at the books. Farmer, I don't think anyone would disagree that Ultra was heavily promoted during its' run up to $9.15 but this is not unusual in junior exploration companies and should be expected by investors. I have to (respectfully) disagree with you regarding Watford. I don't think his presense is reflected in the share price. I would think he is still learning the ropes and planning his strategy. Once done (by April 19) he will make his presentation (sales pitch) on what Ultra has, and where he intends to take the company. The analysts and institutional investors will then (hopefully) make their minds up on whether UP has regained its credibility. (I am hoping they will as I am still holding my share -- and yes averaging down as finances permit). I do agree that a signifigant gain would see the share price back up to the $4 - $5 range and if things go Ultra's way this year (there are a number of items) I believe we can see that. cheers, riker