The increase in capital budget to $735 from $690 million as it has increased the number of Marcellus wells this year to 35 from 23. The company drilled five horizontal Marcellus well in Q2, with each testing more than 5.3 Mmcf/d, including two wells broght on production at more than 13 Mmcf/d (gross). 100 wells planned to be drilled next year on the region!

I estimate 2009 and 2010 CFPS of $3.94 and $4.25, respectively. Production is expected to average roughly 484 MMcfe/d in 2009. I say for exposure to the sector Ultra Petroleum is #1 in terms of holding its ground share price wise in a pull back and room to surge upwards on a run.... this is supported by the fact the company possesses material postitions in what I beleive are two of the lowest-cost resource plays in North america. The strength of these geological characrteristics are further enhanced by the efficiency of Ultra's operations and diligent cost control. Given this Ultra can earn strong returns on capital despite low (relative low) commodity price environment. Long and strong UPL.

Also I suggest fellow UPL board readers consider a long position in ODE.V as it has some very good valuation metrics to pull share price skywards as it taps deep reserves; see related article: http://energymarketwatch.net/ode.htm Odyssey has 50 million BOE according to study to work with and when you look at that relative to share price and shares outstanding it is a low risk-high reward scenario imo.