I was recently asked by a friend about Ultra Petroleum (NYSE - UPL). I
know the company and while I haven't thoroughly examined the company, I
did take a quick look. I know a number of former Peyto Exploration
& Development (TSE - PEY) shareholders did buy UPL in or around
2006/2007. At the time I did analyze them but just couldn't justify the
investment. They have very strong returns on investment (like Peyto)
and are the low cost producer of natural gas in the USA (like Peyto),
but the valuation was too high.
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