Educated guess (plus some optimisation)...
Code:
function reload()
{
   var a;   for (a=0;  a < bullets; a+=1)
   {
      bul_panel[a] = pan_create(NULL, 101);       // Create this bullet-panel in runtime
      bul_panel[a].bmap = hud_bullet;             // bmap_create("frame.pcx");
      bul_panel[a].size_x = hud_bullet.width;     // <<< Important addition
      bul_panel[a].size_y = hud_bullet.height;    // <<< Important addition
      bul_panel[a].pos_x = 366 - 7*a;             // Position it in "clip"
      set(bul_panel[a], SHOW);                    // display "this" bullet-panel
      wait(1);
   }
}

Your panels are being created with a width & height of 0 by 0.
The above code should fix that.


"There is no fate but what WE make." - CEO Cyberdyne Systems Corp.
A8.30.5 Commercial