Ultra Petroleum Reports Strong Financial and Operating Results and Record
Production for 2009


    



    
</pre>
<p><location>HOUSTON</location>, <chron>Feb. 12</chron> /CNW/ -- Ultra Petroleum Corp. (NYSE:   UPL) continued to deliver strong financial and operating performance for both the fourth quarter and full-year 2009. Highlights for 2009 include:</p>
<pre>
    

    --  Record natural gas and crude oil production of 180.1 Bcfe, an increase
        of 24 percent, or 26 percent on a per share basis, over 2008
    --  Operating cash flow(1) of $637.6 million
    --  Earnings of $282.2 million, or $1.86 per diluted share - adjusted
    --  Superior returns in 2009 (adjusted): 70 percent cash flow margin(3),
31
        percent net income margin(2),18 percent return on capital employed,
and
        32 percent return on equity


    
</pre>
<p>Total natural gas and crude oil production for the year-ended <chron>December 31, 2009</chron> increased 24 percent, or 26 percent on a per share basis, to a record high of 180.1 billion cubic feet equivalent (Bcfe) compared to production of 145.3 Bcfe for 2008. This is the largest annual production level ever achieved by Ultra Petroleum. For 2009, production is comprised of 172.2 billion cubic feet (Bcf) of natural gas and 1.3 million barrels of condensate.</p>
<p/>
<p>Ultra Petroleum reported operating cash flow(1) of <money>$637.6 million</money> for the year-ended <chron>December 31, 2009</chron>. Adjusted net income was <money>$282.2 million</money>, or <money>$1.86</money> per diluted share for 2009. The reported net loss of <money>$451.1 million</money> included a non-cash ceiling test write-down (<money>$673.0 million</money> net of taxes) of the company's carrying value of natural gas and oil properties stemming from significantly lower natural gas and condensate prices at the end of the first quarter of 2009 as well as unrealized mark-to-market losses on the company's commodity derivative contracts (<money>$60.3 million</money> net of taxes). These unrealized losses are typically excluded by the investment community in published estimates.</p>
<p/>
<p>"Margins do matter in the oil and gas industry. Over the past four years, Ultra has sustained healthy operating cash flow margins averaging 72 percent and net income margins averaging 37 percent. These outstanding margins were achieved in a widely fluctuating commodity price environment," commented Michael D. Watford, Chairman, President and Chief Executive Officer. "We have the dominant position in a world-class asset that we operate at a very low cost, which provides us with a competitive advantage in the consistency and sustainability of our growth and returns. We intend to replicate these superior returns as we continue to grow our position in the Marcellus," Watford added.</p>
<p/>
<p>For the year-ended <chron>December 31, 2009</chron>, Ultra Petroleum's average realized natural gas price was <money>$4.88</money> per thousand cubic feet (Mcf), including realized gains and losses on commodity derivatives. Excluding those realized gains and losses on commodity derivatives, the company's average price realized for natural gas was <money>$3.49</money> per Mcf. The average condensate price realized by the company in 2009 was <money>$49.80</money> per barrel (Bbl).</p>
<p/>
<p>Natural gas and crude oil production for the fourth quarter ended <chron>December 31, 2009</chron> increased 17 percent to 47.6 Bcfe compared to 40.6 Bcfe in the fourth quarter 2008. This is the largest quarterly production level ever achieved by Ultra Petroleum. For the fourth quarter of 2009, production is comprised of 45.7 Bcf of natural gas and 329.3 thousand barrels of condensate.</p>
<p/>
<p>Operating cash flow(1) for the fourth quarter 2009 was <money>$172.2 million</money>. Adjusted earnings for the period ended <chron>December 31, 2009</chron> were <money>$78.5 million</money> or <money>$0.51</money> per diluted share.</p>
<p/>
<p>In the fourth quarter of 2009, Ultra Petroleum's average realized natural gas price was <money>$4.86</money> per Mcf, including realized gains and losses on commodity derivatives. Excluding those realized gains and losses on commodity derivatives, the company's average price realized for natural gas was <money>$4.20</money> per Mcf. The average condensate price realized by the company in the fourth quarter of 2009 was <money>$65.97</money> per Bbl.</p>
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    Wyoming - Operational Highlights

    
</pre>
<p>For the year-ended <chron>December 31, 2009</chron>, Ultra Petroleum drilled 222 gross (113.9 net) wells. The company continues to make significant progress in improving drilling efficiencies. In Pinedale, the company averaged 20 days per well spud to total depth (TD) as compared to its average of 24 days in 2008. This is a 17 percent improvement over 2008. Ultra's new measure of success is the number of wells drilled in less than 20 days from spud to TD. In 2009, 73 percent of the wells were drilled in under 20 days as compared to 27 percent of the wells in 2008. During the fourth quarter of 2009, Ultra set a new Pinedale record in drilling time from spud to TD of 13,500 feet in 11 days. Largely as a result of improved drilling times, pad well costs continue to decrease year-over-year. For the full-year 2009, pad well costs decreased to <money>$5.0 million</money>, as compared to <money>$5.5 million</money> for full-year 2008.</p>
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</pre>
<p> </p>
<p> </p>
<pre>
    
                                 Improving Efficiencies
    -----------------------------------------------------------------------
                                        2006      2007      2008      2009 
                                        ----      ----      ----      ---- 
    Spud to TD (days)                     61        35        24        20 
    Rig release to rig release (days)     79        48        32        24 
    % wells drilled < 20 days              0%        2%       27%       73%
    Well cost - pad ($MM)               $7.0      $6.2      $5.5      $5.0


    
</pre>
<p>The average estimated ultimate recovery (EUR) of the Ultra-operated wells completed in 2009 significantly exceeded those completed in 2008. All of Ultra's-operated rigs remain in the better parts of the Pinedale field where the wells are more productive, leading to higher average per-well reserve estimates. The table below details the increase in average EUR of Ultra-operated wells completed, by quarter, since 2008.</p>
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</pre>
<p> </p>
<p> </p>
<pre>
    
                           Ultra-Operated Average EUR (Bcfe)
    ----------------------------------------------------------------------
                                          Q1        Q2        Q3        Q4
                                          --        --        --        --
    2008                                 4.1       3.2       4.4       6.7
    2009                                 6.2       6.9       6.4       6.4


    
</pre>
<p>The company continues to expand its resource assessment in the Pinedale Anticline. In 2009, Ultra brought on-line 16 delineation wells. The EUR of these delineation wells averaged 26 percent higher than the pre-drill reserve estimates determined by the company's independent third-party reserve engineering firm.</p>
<p/>
<p>The company brought on-line nine five-acre wells in 2009. Results from the company's five-acre pilot program continue to demonstrate that significant incremental reserves will be recovered from 5-acre wells. Ultra plans to continue conducting 5-acre pilots in 2010 in order to gain more data to support increased density drilling in Pinedale.</p>
<p/>
<p>"We have a great team of folks executing daily on our legacy Wyoming assets with consistently improving results," stated Watford.</p>
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    Pennsylvania - Operational Highlights

    
</pre>
<p>During 2009, Ultra drilled 37 gross (22.5 net) wells in Pennsylvania. The company's first production in the Marcellus program began in <chron>July 2009</chron>, and by year-end 13 wells were producing. Initial production (IP) rates for the producing wells average 7,500 Mcf per day with an average lateral length of just over 3,800 feet. Preliminary estimated ultimate recoveries affirm Ultra's 3.75 Bcfe type-curve, with some preliminary EURs exceeding 6.0 Bcfe. The cost to drill and complete a horizontal Marcellus well during 2009 was <money>$3.5 million</money>.</p>
<p/>
<p>The company's four pipeline interconnects to major interstate pipelines remain well ahead of the drilling campaign. By mid-year, this interconnect capacity is expected to exceed 560 MMcf per day.</p>
<p/>
<p>The company began 2009 with 288,000 gross (152,000 net) acres in the Marcellus. Through a combination of land acquisitions, trades and swaps, Ultra increased its holdings to 326,000 gross (169,000 net) acres by year-end. On <chron>December 21, 2009</chron>, Ultra announced that it had signed a purchase and sale agreement to acquire approximately 160,000 gross (80,000 net) acres in the Marcellus Shale. Upon closing of the acquisition in late <chron>February 2010</chron>, the company will hold approximately 486,000 gross (249,000 net) acres. With the acquisition, the company's core position in Tioga, Bradford, Lycoming, and Potter counties in north-central Pennsylvania will expand to include the adjacent counties of Clinton and Centre.</p>
<p/>
<p>"In 2009, we initiated our horizontal Marcellus activity with above expectation results. Accordingly, we believe that we have substantially de-risked our Marcellus acreage due to these results. Well performance is improving along with our returns. Of the horizontal wells that we have completed so far, IP rates have ranged from over 3,400 Mcf per day to 10,400 Mcf per day, including two wells that are producing over 7,500 Mcf per day after 30 days. Examining our early wells, the first six have 30-day production averaging over 3,000 Mcf per day with the next seven wells averaging over 5,700 Mcf per day. In 2010, our Marcellus development program will expand with a drilling program exceeding 110 wells.</p>
<p/>
<p>In addition, our Marcellus production will access the traditionally higher value natural gas markets in the Northeast," stated Watford.</p>
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    Hedges - Derivative Contracts

    
</pre>
<p>The total volume of commodity derivative contracts for 2010 is 98.3 Bcf at an average price of <money>$5.49</money> per Mcf. In 2011, the total volume is 73.0 Bcf at an average price of <money>$5.61</money> per Mcf.</p>
<p/>
<p>"Our hedge position for 2010 and 2011 underpins our excellent economics in Wyoming. These hedged volumes along with our 73 Bcf of annual firm transportation on Rockies Express, accessing Northeast markets, create a solid foundation for financial success," stated Watford.</p>
<p/>
<p>As of today, Ultra Petroleum has the following positions in place to mitigate its commodity price exposure.</p>
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<p> </p>
<p> </p>
<p> </p>
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                                        Total Volume    Average Price per Mcf
                                            (Bcf)         at Point of Sale   
                                      -----------------  ----------------
    Q1 2010                                  21.6            $5.51 Mcf
    Q2 2010                                  26.4            $5.48 Mcf
    Q3 2010                                  26.7            $5.48 Mcf
    Q4 2010                                  23.6            $5.50 Mcf
    ----------                               ----            
    Total 2010                               98.3            $5.49 Mcf
                                                    
    Q1 2011                                  18.0            $5.61 Mcf
    Q2 2011                                  18.2            $5.61 Mcf
    Q3 2011                                  18.4            $5.61 Mcf
    Q4 2011                                  18.4            $5.61 Mcf
    ----------                              -----
    Total 2011                               73.0            $5.61 Mcf


    Natural Gas Marketing Update

    
</pre>
<p>The table below provides a historical and future perspective on average annual basis differentials for Wyoming natural gas (NW Rockies) and premium markets in the Northeast (Dominion South). It illustrates the permanent tightening in the basis differential that occurred in 2009 and is expected to continue as reflected in the future natural gas strip. One of the primary reasons the basis differential significantly tightened in 2009 is due to the Rockies Express Pipeline (REX) being placed in-service during the year. REX delivers 1.8 Bcf per day of natural gas from the Rockies into the Northeast. The basis differential is expressed as a percentage of Henry Hub.</p>
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</pre>
<p> </p>
<p> </p>
<pre>
    
                 Basis Differential as a Percentage (%) of Henry Hub
    -------------------------------------------------------------------  
                                             2010  2010
                     2006  2007  2008  2009  YTD  Balance  2011  2012
                     ----  ----  ----  ----  ---  -------  ----  ----
    NW Rockies         78    58    69    77    98    94      94    93
    Dominion South    104   105   105   107   106   103     103   102


    
</pre>
<p>"Ultra's total revenue mix will dramatically shift in 2010, with half being priced outside the Rockies. In previous years, 100 percent of our revenues were based upon Opal natural gas prices. Simply stated, we were a Rockies price taker. Now with REX being fully operational into the Northeast, married with our increasing Marcellus production, we estimate that in 2010 almost half of Ultra's natural gas will receive premium gas prices in the Northeast. Over the next few years, as Ultra's production continues to increase in the Northeast, a larger and larger percentage of revenues will be derived from the premium priced markets. Higher price realizations coupled with a consistent low cost structure, translates into the company earning wider margins," commented Watford. "An additional item of importance is the increase in spot prices year-over-year for Opal natural gas versus Henry Hub. Opal is approximately 50 percent higher today than it was a year ago as compared to Henry Hub which is up approximately 10 percent."</p>
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    Senior Notes Offering

    
</pre>
<p>On <chron>December 23, 2009</chron>, Ultra Petroleum's wholly-owned subsidiary Ultra Resources, Inc. entered into an agreement with a group of thirteen institutional investors providing for the private placement of <money>$500.0 million</money> in Senior Unsecured Notes. The Notes are to be issued in a series of tranches as described in the table below.</p>
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<p> </p>
<p> </p>
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    Amount            Term                        Coupon Rate
    ------            ----                        -----------
    $116.0 million    7 year term due in 2017       4.98%
    $207.0 million    10 year term due in 2020      5.50%
    $87.0 million     12 year term due in 2022      5.60%
    $90.0 million     15 year term due in 2025      5.85%


    
</pre>
<p>The Notes are expected to close in two tranches; <money>$270.0 million</money> that were issued on <chron>January 28, 2010</chron>, and <money>$230.0 million</money> that are scheduled to be issued on <chron>February 16, 2010</chron>. Net proceeds from the offering will be used to repay existing bank debt and for general corporate purposes, including funding of the company's Pennsylvania Marcellus Shale acquisition.</p>
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    Other Highlights During the Year

    
</pre>
<p>Ultra Petroleum was a recipient of the 2009 Oil, Gas, Geophysical, and Geothermal Development Environmental Best Management Practices (BMP) Award from the Bureau of Land Management (BLM) in <chron>July 2009</chron>. The award is significant to Ultra as the BLM recognizes natural gas and crude oil operators, along with their partners, who demonstrate leadership and creativity in reducing the impacts of developing natural gas and crude oil on public lands. Ultra planned and is implementing best management practices specifically designed to reduce the amount of nitrogen oxide (NOx) and volatile organic compounds (VOCs) stemming from everyday operations. The partnership between Ultra and the government exemplifies the ability of industry to collaborate in developing practices that reduce the impacts to the health and welfare of the human and wildlife environment while still allowing for the orderly development of natural gas and crude oil resources on Federal lands. The orderly development ensures a reliable American source of affordable energy for domestic consumption.</p>
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    Conference Call Webcast Scheduled for February 12, 2010

    
</pre>
<p>Ultra Petroleum's fourth quarter and full-year 2009 conference call will be available via live audio webcast at <chron>11:00 a.m. Eastern Standard Time</chron> (<chron>10:00 a.m. Central Standard Time</chron>) <chron>Friday, February 12, 2010</chron>. To listen to this webcast, log on to <a href="http://www.ultrapetroleum.com">www.ultrapetroleum.com</a>. The webcast will be archived on Ultra Petroleum's website through <chron>April 30, 2010</chron>.</p>
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    Financial tables to follow.



    
</pre>
<p> </p>
<p> </p>
<pre>
    
    Ultra Petroleum Corp.
    Consolidated Statements of Operations (unaudited)
    All amounts expressed in US$000's 
    
</pre>
<p> </p>
<pre>
    
                               For the Year Ended        For the Quarter Ended
                                  December 31,                 December 31,
                               ------------------        ---------------------
                                2009        2008             2009      2008
                                ----        ----             ----      ----
    Volumes
         Oil liquids
          (Bbls)             1,320,072    1,121,525        329,344    304,254
         Natural gas (Mcf) 172,189,447  138,563,717     45,656,098 38,823,824
                           -----------  -----------     ---------- ----------
         MCFE - Total      180,109,879  145,292,867     47,632,162 40,649,348
                           -----------  -----------     ---------- ----------
    
</pre>
<p> </p>
<pre>
    
    Revenues
         Oil sales             $65,739      $98,026        $21,727    $14,162
         Natural gas sales     601,023      986,374        191,577    193,234
                                ------       ------         ------     ------
    Total operating
     revenues                  666,762    1,084,400        213,304    207,396
                               -------    ---------        -------    -------
    
</pre>
<p> </p>
<pre>
    
    Expenses
         Lease operating
          expenses              40,679       36,997         10,551      9,199
         Production taxes       66,970      119,502         21,660     21,165
         Gathering fees         45,155       37,744         11,402     10,123
                                 -----        -----          -----      -----
    Total lease
     operating costs           152,804      194,243         43,613     40,487
                               -------      -------         ------     ------
    
</pre>
<p> </p>
<pre>
    
         Transportation
          charges               58,011       46,310         15,187     13,209
         Depletion and
          depreciation         201,826      184,795         49,824     54,113
         Write-down of
          proved oil and
          gas properties     1,037,000            -              -          -
         General and
          administrative         8,871       11,230          1,141      3,053
         Stock
          compensation          10,901        5,816          3,278        956
                                ------        -----          -----        ---
    Total operating
     expenses                1,469,413      442,394        113,043    111,818
                             ---------      -------        -------    -------
    
</pre>
<p> </p>
<pre>
    
    Other (expense)
     income, net                (2,888)         833             37         49
    Interest and debt
     expense                   (37,167)     (21,276)       (10,229)    (6,278)
    Realized gain
     (loss) on
     commodity
     derivatives               239,366       18,991         30,185     15,908
    Unrealized (loss)
     gain on
     commodity
     derivatives               (92,849)      14,225         26,030     (1,540)
                               -------       ------         ------     ------
    (Loss) income
     before income
     taxes                    (696,189)     654,779        146,284    103,717
    
</pre>
<p> </p>
<pre>
    
    Income tax
     provision
     (benefit) -
     current                    23,043        5,473         15,348        943
    
</pre>
<p> </p>
<pre>
    
    Income tax
     (benefit)
     provision -
     deferred                 (268,179)     235,031         35,545     37,681
                              --------      -------         ------     ------
    
</pre>
<p> </p>
<pre>
    
    Net (loss)
     income                  $(451,053)    $414,275        $95,391    $65,093
                             ---------     --------        -------    -------
    
</pre>
<p> </p>
<pre>
    
    Impairment of
     proved oil and
     gas properties,
     net of tax               $673,013     $      -        $     -    $     -
    Unrealized loss
     (gain) on
     commodity
     derivatives, net
     of tax                     60,259       (9,232)       (16,893)       999
                                ------       ------        -------        ---
    Adjusted net
     income                   $282,219     $405,043        $78,498    $66,092
                              --------     --------        -------    -------
    Operating cash
     flows (1)                $637,557     $825,277       $172,221   $159,383
                              --------     --------       --------   --------
    (1) (see non-GAAP
         reconciliation)
    
</pre>
<p> </p>
<pre>
    
    Weighted average
     shares - basic            151,367      152,075        151,456    150,537
    Weighted average
     shares - diluted          151,367      156,531        154,433    153,868
    
</pre>
<p> </p>
<pre>
    
    Earnings per share
    Net income - basic          ($2.98)       $2.72          $0.63      $0.43
    Net income - fully
     diluted                    ($2.98)       $2.65          $0.62      $0.42
    
</pre>
<p> </p>
<pre>
    
    Adjusted earnings per
     share
    Adjusted net income -
     basic                       $1.86        $2.66          $0.52      $0.44
    Adjusted net income -
     fully diluted               $1.86        $2.59          $0.51      $0.43
    
</pre>
<p> </p>
<pre>
    
    Realized Prices
         Oil liquids (Bbls)     $49.80       $87.40         $65.97     $46.55
         Natural gas (Mcf),
          including realized
          gain (loss) on
          commodity   
          derivatives            $4.88        $7.26          $4.86      $5.39
         Natural gas (Mcf),
          excluding realized
          gain (loss) on
          commodity 
          derivatives            $3.49        $7.11          $4.20      $4.98
    
</pre>
<p> </p>
<pre>
    
    Costs Per MCFE
         Lease operating
          expenses               $0.23        $0.25          $0.22      $0.23
         Production taxes        $0.37        $0.82          $0.45      $0.52
         Gathering fees          $0.25        $0.26          $0.24      $0.25
         Transportation
          charges                $0.32        $0.32          $0.32      $0.32
         Depletion and
          depreciation           $1.12        $1.27          $1.05      $1.33
         General and
          administrative -
          total                  $0.11        $0.12          $0.09      $0.10
         Interest and debt
          expense                $0.21        $0.15          $0.21      $0.15
                                 -----        -----          -----      -----
                                 $2.61        $3.19          $2.59      $2.91
                                 -----        -----          -----      -----
    
</pre>
<p> </p>
<pre>
    
    Note: Amounts on a per 
     MCFE basis  may not
     total due to rounding.
    
</pre>
<p> </p>
<p> </p>
<p>Adjusted Margins</p>
<p> </p>
<pre>
    
         Adjusted Net Income (2)    31%          37%            32%        30%
         Adjusted Operating
          Cash Flow Margin (3)      70%          75%            71%        71%



    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
    Ultra Petroleum Corp.
    Supplemental Balance Sheet Data
    All amounts expressed in US$000's
                                         As of         As of
                                        December      December
                                           31,           31,
                                        --------      --------
                                          2009          2008
                                          ----          ----
    
</pre>
<p> </p>
<pre>
    
    Cash and cash equivalents            $14,254      $14,157
    Long-term debt
       Bank indebtedness                 260,000      270,000
       Senior Notes                      535,000      300,000
                                          ------       ------
                                        $795,000     $570,000
                                        --------     --------



    
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<p> </p>
<p> </p>
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    Ultra Petroleum Corp.
    Reconciliation of Cash Flow and Cash Provided by Operating Activities
    (unaudited) 
    All amounts expressed in US$000's
    
</pre>
<p> </p>
<pre>
    
    The following table reconciles net cash provided by operating activities
    with operating cash flow as derived from the company's financial 
    information.  These statements are unaudited and subject to adjustment.
    
</pre>
<p> </p>
<pre>
    
                                   For the Year Ended    For the Quarter Ended
                                        December 31,          December 31,
                                   ------------------    ---------------------
                                      2009      2008        2009        2008
                                      ----      ----        ----        ----
    
</pre>
<p> </p>
<pre>
    
    Net cash provided by
     operating activities           $592,641  $840,803    $170,305   $132,617
      Net changes in
       operating assets
       and liabilities
       and other non-
       cash items*                    44,916   (15,526)      1,916     26,766
                                      ------   -------       -----     ------
      Cash flow from operations
       before changes in
       operating assets
       and liabilities              $637,557  $825,277    $172,221   $159,383
                                    --------  --------    --------   --------
    
</pre>
<p> </p>
<pre>
    
    (1) Operating cash flow is defined as net cash provided by operating 
    activities before changes in operating assets and liabilities. Management
    believes that the non-GAAP measure of operating cash flow is useful as an
    indicator of an oil and gas exploration and production company's ability
    to internally fund exploration and development activities and to service 
    or incur additional debt.  The company has also included this information
    because changes in operating assets and liabilities relate to the timing
    of cash receipts and disbursements which the company may not control and
    may not relate to the period in which the operating activities occurred. 
    Operating cash flow should not be considered in isolation or as a 
    substitute for net cash provided by operating activities prepared in
    accordance with GAAP.
    
</pre>
<p> </p>
<pre>
    
    (2) Adjusted Net Income Margin is defined as Adjusted Net Income divided
    by the sum of Oil and Natural Gas Sales plus Realized Gain (Loss) on 
    Commodity Derivatives 
    
</pre>
<p> </p>
<pre>
    
    (3) Adjusted Operating Cash Flow Margin is defined as Operating Cash Flows
    divided by the sum of Oil and Natural Gas Sales plus Realized Gain (Loss) 
    on Commodity Derivatives.
    
</pre>
<p> </p>
<pre>
    
    * Other non-cash items include excess tax benefit from stock based
compensation and other.

    About Ultra Petroleum

    
</pre>
<p>Ultra Petroleum Corp. is an independent exploration and production company focused on developing its long-life natural gas reserves in the Green River Basin of Wyoming - the Pinedale and <person>Jonah Fields</person> and is in the early exploration and development stages in the Appalachian Basin of Pennsylvania. Ultra is listed on the New York Stock Exchange and trades under the ticker symbol "UPL".  The company had 152,068,210 shares outstanding on <chron>January 31, 2010</chron>.</p>
<pre>
    

    This release can be found at http://www.ultrapetroleum.com

    
</pre>
<p>This news release includes "forward-looking statements" as defined by the Securities and Exchange Commission (SEC). These forward-looking statements regarding this press release include, but are not limited to, opinions, forecasts, and projections, other than statements of historical fact. Although the company believes that these expectations are obtainable based on reasonable assumptions, it can give no assurance that such assumptions will prove to be correct. Important factors that may cause actual results to differ from these forward-looking statements, include, but are not limited to, increased competition; the timing and extent of changes in prices for crude oil and natural gas, particularly in Wyoming; the timing and extent of its success in discovering, developing, producing and estimating reserves; the effects of weather and government regulation; the availability of oil field personnel and services, drilling rigs and other equipment; and other risks detailed in the company's SEC filings, particularly in its Annual Report on Form 10-K available from Ultra Petroleum Corp. at 363 North <person>Sam Houston</person> Parkway E., Suite 1200, <location>Houston</location>, TX 77060 (Attention: Investor Relations). You can also obtain this information from the SEC by calling 1-800-SEC-0330 or from the SEC's website at <a href="http://www.sec.gov">www.sec.gov</a>.</p>
<p/>
<p>"Completion of 2009 Audit." It should be noted that the company's independent accountants' audit will not be completed, and the related audit opinion with respect to the year-end financial statements will not be dated, until the company completes the final 10-K report and evaluation of internal controls over financial reporting. Accordingly, the financial results reported in this earnings release are preliminary and are subject to adjustment. The company expects to report full audited financial results and file a Form 10-K with the SEC by <chron>March 1, 2010</chron>.</p>
<pre>
    




    

For further information: For further information: Kelly L. Whitley, Manager Investor Relations of Ultra Petroleum Corp., +1-281-876-0120, ext. 302, info@ultrapetroleum.com Web Site: http://www.ultrapetroleum.com

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Ultra Petroleum Corp.

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