Morgan Stanley Investment Management Inc. announcement regarding holdings in Ultra Petroleum Corporation



    TORONTO, June 20 /CNW/ - Morgan Stanley Investment Management Inc.
("MSIM") announced today that in November 2004, MSIM together with certain
affiliated entities acquired ownership or control over greater than 10% of the
issued and outstanding shares of Ultra Petroleum Corp. (the "Issuer") (AMEX -
UPL).
    In connection with its holdings in the Issuer, MSIM and its affiliated
entities have, to date, inadvertently failed to make necessary filings as
required under applicable Canadian securities laws, and are currently taking
steps to fulfill their filing requirements. MSIM and its affiliated entities
will be filing an Early Warning Report as prescribed under applicable Canadian
securities laws in connection with this release.
    Morgan Stanley has, however, made all required filings under applicable
U.S. securities laws with respect to its holdings in the Issuer on a timely
basis.
    As of June 18, 2007, MSIM, and certain of its investment advisory
affiliates, hold 15,290,534 shares representing approximately 10.06% of the
outstanding shares of the Issuer, over which they have control but not
beneficial ownership. Certain of MSIM's non-investment advisory affiliates
hold 298,032 shares representing approximately 0.20% of the outstanding shares
of the Issuer, over which they have ownership and control. The aggregate
holdings of 15,588,566 shares represents approximately 10.26% of the
outstanding shares of the Issuer. The foregoing calculations are based on
151,957,294 shares issued and outstanding as at April 25, 2007.
    MSIM, and its affiliated entities, have acquired shares of the Issuer
through secondary market trading on the American Stock Exchange, certain
European exchanges, and through the U.S. over-the-counter market. All shares
of the Issuer acquired by MSIM and its affiliated entities have been acquired
in the ordinary course of business as passive investments only and not for the
purposes of influencing management control of the Issuer.
    MSIM and its investment advisory affiliates provide asset management
services to clients, generally on a discretionary basis. In the ordinary
course of its advisory business, MSIM and its affiliated investment advisory
entities exercise control and direction over securities held in client
accounts.
    Affiliated entities of MSIM having holdings included in this release are
Morgan Stanley Asset & Investment Trust Management Company Limited, Morgan
Stanley Investment Management Inc., Van Kampen Asset Management Inc., Morgan
Stanley Investment Advisors Inc., FrontPoint Partners LLC, Morgan Stanley
Capital Services Inc., Morgan Stanley & Co. Incorporated, and Morgan Stanley &
Co. International plc.




For further information:

For further information: and to obtain a copy of the Early Warning
Report in connection with this release please contact Erica Platt, Corporate
Communications, at (212) 762-6848; The report will also be available at
www.sedar.com; Morgan Stanley Investment Management Inc., 1221 Avenue of the
Americas, New York, NY 10020

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