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

To: Elizabeth Andrews who wrote (4140)	5/29/1999 1:47:00 PM
From: Gerald Atwater	Read Replies (2) \| Respond to of 4851

Beth, perhaps you do mean Q4, ending June 30, l999, which is what "next" means; however, I think you might mean Q3, ending March 31, l999. Q3 is available at sedar.com (someone posted this previously) and isn't yet posted at Ultra's web site. Small wonder. Next to Q3 I'm pretty! Ugly as a junk yard dog it is. If you'd seen the figures you'd probably describe M.Watford's approach to Anschultz as "Watford's craven crawl." They're indicative of the dire straits Ultra was in and therefore its weak bargaining position. In that light maybe the 13.2 million Watford got from Anschultz is a real coup! Q4 should show a real improvement and maybe even positive cash flow. Course if it doesn't you'll get to say "Told you so, Told you so!" (IMO the biggest mistake I and others in the past made was expecting too much too soon from an undercapitalized company. More and more Jean's 3-5 year scenario is looking right on. In that scenario we're in Year Two.) Gerry Atwater