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

To: Gerald Atwater who wrote (4112)	5/15/1999 11:15:00 AM
From: Farmer	Read Replies (2) \| Respond to of 4851

Latest from the broker following UP. Allan Laird, the President of Arrowhead Minerals (V-AOW) www.arrow-head.com calls it a two-base hit. He is referring to Arrowhead, Ultra Petroleum (T-UP) www.ultrapetroleum.com and Western Gas's first well of the year in the Green River Basin. The Warbonnet well initially produced at 3–5 million cubic feet a day from six completed zones and after 20 days was still doing 2-3 million cubic feet. That's a bit of a downer for some people who are hoping for one of those home runs of 6 million plus. But to put it into perspective, the average natural gas well these days in Canada is half a million mcf. But Laird also suggests he still has a chance for a three-base hit because there is another three zones to be tested on the well. They are the bottom zones, which tend to be the best. There is just one little problem. There is a tool stuck between the zones tested and those three zones and he figures he will wait until Schlumberger knows how to get past the tool into the other zones and not damage the well. Of particular interest on this well is that completion costs were less than half of what was expected and we hope that trend continues. Coming news – look for an Ultra Board of Directors meeting next Friday which might finally tell us how many things sit for them and Arrowhead any day may have a significant new partner with lots of tight gas experience, and some Texas dollars to spend……