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Here's what Morningstar posted recently on UPL:
"Ultra Petroleum (UPL)
Current Price: $33/Morningstar Fair Value Estimate: $64
Ultra's portfolio includes sizable positions in two of the lowest-cost natural gas producing regions in the U.S.--Wyoming's Pinedale Anticline and Pennsylvania's Marcellus Shale. With Royal Dutch Shell (RDS.A) as a neighbor and partner in both plays, there is clear interest from major integrated companies in its assets. A takeout offer from one of the majors or a larger independent could also help fast-track value realization; Ultra remains one of our top takeover candidates given the quality and scalability of its assets."

A Motley Fool article posted today buy Micheal Olsen is summarized:
"CVX acq Atlas. XOM acq XTO. BHP acq Petrohawk (90% ng) - $15B deal. Majors dont expect ng to stay at $4+, shale-gas economics controversial although been drilling the Barnett shale for 6-7 years. Who's next?

Heres the link:

Check out the EV/Proved Reserves number for UPL - at $1.54 lowest of the field. BHP's $15B acquisition of HK (Petrohawk) is three times UPL capitalization and at a EV/proved reserves of $4.44.

My conclusion is I've added a little to my UPL holding.
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