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

To: upultra who wrote (4050)	4/9/1999 10:26:00 PM
From: Gerald Atwater	Read Replies (1) \| Respond to of 4851

From the April 1, Pinedale Roundup, Pinedale, Wyoming, Cat Urbigkit reporting: <<McMurry to drill deep well in Jonah Western offers interests in Jonah McMurry Oil Company plans to drill a 20,000-foot exploratory well in the Yellow Point area of the Jonah Natural Gas Field, 18 miles east of Marbleton, according to the current issue of Geo-Notes, the publication of the Wyoming Geological Survey. The deep gas well will test gas-production potential in the Frontier and Dakota formations, and may also test the Rock Springs and Blair formations as well. The well will be drilled in the same area as McMurry's 3-12 Yellow Point well, which flowed 2.3 MMcfgd from the Lance formation, according to Geo-Notes. The publication also reported that Western Gas Resources' Lance Oil and Gas is offering to sell working interests in the Jonah Field (G.A. note -- 12 1/2% interest), and that Lance owns working interests in 19 producing wells with a current production of approximately 45 MMcfgd. McMurry also completed a wildcat well four miles north of the Jonah Field. The 1-36 Falcon well flowed 1.7 MMcfgd. Geo-Notes also reported on development along the Pinedale Anticline, with Ultra Petroleum's completion of two discovery wells to sales pipelines. Ultra's 32-33 Cottonwood Federal initially flowed 1.1 MMcfgd; 15-8 Lovatt Draw produced an undisclosed amount; 3-22D Mesa well flowed 5.1 MMcfgd; the 3-28 Stewart Point well flowed 7.7 MMcfgd; and Ultra's 13-2A Pinedale Federal well is flowing gas into a pipeline at the rate of 4 MMcfgd, Geo-Notes reported. Spot prices for natural gas at Opal averaged $1.88 during the fourth quarter of 1998, down 45 cents from 1997's $2.33. Applications for permit to drill in the state were up in l998 to 2,505, which is the largest number the Wyoming Oil and Gas Conservation Commission has approved for a number of years, according to Geo-Notes. The average daily rig count for 1998 was 39, which was the same as in 1997. Most drilling was for natural gas, including coalbed methane.______________________________________ Applications for Permit to Drill in Sublette County 1995 . . . . . . 61 1996 . . . . . . 118 1997 . . . . . . 179 1998 . . . . . . 230>>

To: upultra who wrote (4050)	4/16/1999 2:31:00 PM
From: Hickory	Read Replies (2) \| Respond to of 4851

Upultra and others, I can't see why you think Watford is such as asset to the UP. Basically, he raised a lot of capital for Nuevo in an environment of rising oil and gas prices, when Wall Street was jumping on the bandwagon. That was a rather easy task. Watford built a company that is losing money. Wow!! great accomplishment!!! Sure hope he isn't similarly successful with UP. I am still long UP, haven't sold any of my holdings. It has huge holdings with what I believe is great potential. But UP can only tap that potential if it can get enuf capital to pay for expensive wells. And it can't get that capital by selling shares--not at less than US $1.