Ultra Petroleum Reports Strong Financial and Operating Results,
Industry-Leading Returns, and Record Production for First Quarter 2010


    


    
</pre>
<p><span class="xn-location">HOUSTON</span>, <span class="xn-chron">May 5</span> /CNW/ -- Ultra Petroleum Corp. (NYSE:   UPL) continued to deliver strong financial and operating performance for the first quarter of 2010. Highlights for the first quarter include:</p>
<pre>
    

    --  Record natural gas and crude oil production of 48.5 Bcfe, an increase
        of 15 percent over the same period in 2009
    --  Operating cash flow(1) of  $188.9 million, up 52 percent from the same
        period a year ago
    --  Earnings of $85.0 million, or $0.55 per diluted share - adjusted, an
        increase of 114 percent from 2009
    --  Superior returns in the first quarter (adjusted): 69 percent cash flow
        margin(3) , 31 percent net income margin(2), 47 percent return on
        equity, and 21 percent return on capital employed


    
</pre>
<p>For the first quarter of 2010, production of natural gas and crude oil increased 15 percent to a record 48.5 billion cubic feet equivalent (Bcfe). This compares to production of 42.1 Bcfe during the first quarter of 2009 and production of 47.6 Bcfe for the fourth quarter of 2009. The company's production for the first quarter was comprised of 46.6 billion cubic feet (Bcf) of natural gas and 321.9 thousand barrels of condensate.</p>
<p/>
<p>Ultra Petroleum reported operating cash flow(1) of  <span class="xn-money">$188.9 million</span> for the quarter-ended <span class="xn-chron">March 31, 2010</span>, a 52 percent increase over the same period in 2009. Adjusted net income was <span class="xn-money">$85.0 million</span>, or <span class="xn-money">$0.55</span> per diluted share for the first quarter of 2010. This compares to <span class="xn-money">$39.7 million</span>, or <span class="xn-money">$0.26</span> per diluted share in the first quarter of 2009, which represents a 114 percent increase from the same period a year ago. Net income, as reported, was <span class="xn-money">$202.4 million</span> and included an unrealized mark-to-market gain of <span class="xn-money">$117.4 million</span> net of taxes on the company's commodity hedges. This unrealized gain is typically excluded by the investment community in published estimates.</p>
<p/>
<p>"Once again, Ultra Petroleum delivered strong results for its shareholders. We operate one of the lowest cost structures, allowing net income breakeven at a <span class="xn-money">$2.52</span> per Mcfe natural gas price and a cashflow breakeven of <span class="xn-money">$1.25</span> per Mcfe. During the quarter, Ultra sustained healthy cash flow margins of 69 percent, 31 percent net income margin, 47 percent return on equity, and 21 percent return on capital," stated Michael D. Watford, Chairman, President and Chief Executive Officer.</p>
<p/>
<p>During the first quarter of the year, Ultra Petroleum's average realized natural gas price, including realized gains and losses on commodity derivatives, was <span class="xn-money">$5.37</span> per thousand cubic feet (Mcf). This compares to <span class="xn-money">$4.46</span> in the first quarter of 2009, an increase of 20 percent. Excluding realized gains and losses on commodity derivatives, the company's average price for natural gas was <span class="xn-money">$5.38</span> per Mcf for the first quarter of 2010. This compares to <span class="xn-money">$3.95</span> in the first quarter of 2009, an increase of 36 percent. The realized condensate price in the first quarter of 2010 was <span class="xn-money">$69.52</span> per barrel (Bbl), as compared to <span class="xn-money">$28.56</span> per Bbl for the same period in 2009, an increase of 143 percent.</p>
<p/>
<p>"We take comfort in our legacy position in Pinedale and its long-term profitability. Our realized natural gas prices, not including hedges, is 36 percent higher than the first quarter of 2009, while comparatively Henry Hub pricing is marginally ahead. Once again with our low cost structure, the increases in realizations go straight to our bottom line," commented Watford.</p>
<pre>
    

    Wyoming - Operational Highlights

    
</pre>
<p>Ultra's Pinedale drilling campaign continues to be enhanced through increased efficiency gains, evidenced in part by record drilling performance. In the first quarter, Ultra drilled 45 gross (20 net) wells. On an operated basis, Ultra set a new all-time record averaging 15.6 days per well spud to total depth (TD), which compares to an average of 22.7 days in the first quarter of 2009 and is a 31 percent improvement over the prior year period. Further, Ultra recently set a new Pinedale record in drilling time reaching 13,500 feet in 10.25 days as compared to the previous record of 10.75 days. In addition, 92 percent of the wells drilled in the first quarter reached TD in 20 days or less while 53 percent were drilled in less than 15 days. Total days per well, as measured by rig-release to rig-release averaged 19.7 days for the first quarter, a decrease of 36 percent over the first quarter of 2009. Total rig days, which sums the number of days Ultra-operated rigs were employed in Pinedale during the first quarter was 749, as compared to 1,101 days over the same period a year ago. Remarkably, Ultra drilled 6 percent more wells in the first quarter 2010, while the number of rig days decreased by 32 percent. These significant improvements in operating efficiencies translate into continued cost reductions. Ultra's completed well costs averaged <span class="xn-money">$4.8 million</span> for the first quarter of 2010, as compared to <span class="xn-money">$5.0 million</span> for the first quarter of 2009.</p>
<pre>
    


    
</pre>
<p> </p>
<p>                   Improving Efficiencies</p>
<p> </p>
<pre>
    
                                    2007     2008     2009   Q1 2010
                                    ----     ----     ----   -------
    Spud to TD (days)                 35       24       20         16
    Rig release to rig release
     (days)                           48       32       24         20
    % wells drilled < 20 days          2%      27%      73%        92%
    Well cost - pad ($MM)           $6.2     $5.5     $5.0       $4.8



    
</pre>
<p>For the first quarter 2010, Ultra Petroleum's gross operated production volumes in Pinedale averaged 695 million cubic feet (MMcf) per day, which ranks the company as the largest operator in the field. Ultra's seven operated rigs remain in the more prolific areas of the Pinedale field where the wells are more productive, leading to higher initial production (IP) rates and reserves per well estimates. The average Ultra-operated IP rate for wells brought on line during the first quarter of 2010 was 9,800 Mcf per day, and the average estimated ultimate recovery (EUR) for the Ultra-operated wells was 6.1 Bcfe.</p>
<pre>
    

    Pennsylvania - Operational Highlights

    
</pre>
<p>Ultra Petroleum continues to execute its planned horizontal Marcellus Shale drilling program with successful results widely dispersed across the company's acreage holdings. During the first quarter 2010, Ultra's production in Pennsylvania reached 64 MMcf per day gross (32 MMcf per day net) and remains on track to achieve the company's projected 2010 net exit rate of 130 MMcf per day. In the first quarter 2010, Ultra drilled 26 gross (16 net) wells in Pennsylvania. As of <span class="xn-chron">April 30</span>, there are 22 horizontal wells producing in Pennsylvania. The average IP rate for the wells is 7,700 Mcf per day, which exceeds the company's current type curve estimates by 38 percent.</p>
<p/>
<p>Since commencing its horizontal drilling program in <span class="xn-chron">May 2009</span>, the company has demonstrated significant improvements in operating efficiencies. During the first quarter, the company averaged 9.5 days from spud to TD for Ultra-operated wells. This compares to an average of 12.6 days for Ultra-operated horizontal wells drilled in 2009, or a 25 percent decrease. Total days per well, as measured by rig-release to rig-release averaged 14.6 days for the first quarter, an improvement of 30 percent over the Ultra-operated wells drilled during 2009.</p>
<p/>
<p>To date, nearly fifty percent of the company's gross acreage position in Pennsylvania is covered by 3-D seismic. The company expects this seismic data will enable Ultra and its partners to identify future drilling prospects and improve the company's ability to position drilling units optimally, allowing for longer drilling laterals with a higher percentage of the horizontal section remaining in the targeted zone.</p>
<p/>
<p>The company upgraded the meter station on its Dominion pipeline interconnect to 80 MMcf per day during the quarter and has now obtained a total of 365 MMcf per day of pipeline interconnect capacity. Ultra has diligently maintained a pace of securing pipeline interconnect capacity in excess of its drilling campaign. By mid-year, the aggregate interconnect capacity is expected to exceed 750 MMcf per day.</p>
<p/>
<p>"We are aggressively de-risking our concentrated and high-graded Marcellus acreage position with excellent results. On a project basis, we plan to have over 170 horizontal Marcellus wells drilled on our acreage by year-end 2010," Watford added.</p>
<pre>
    

    Commodity Hedges

    
</pre>
<p>The total volume of commodity hedges for the remainder of 2010 currently is 76.7 Bcf at an average realized price of <span class="xn-money">$5.49</span> per Mcf. In 2011, the total volume of commodity hedges is 73.0 Bcf at an average realized price of <span class="xn-money">$5.61</span> per Mcf.</p>
<p/>
<p>As of today, Ultra Petroleum has the following positions in place to mitigate its commodity price exposure:</p>
<p/>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
               Total    Average Price              Total  Average Price
                                                            at Point of
       2010    Volume at Point of Sale       2011 Volume        Sale
       ----    ------ ----------------    ----    ------   ------------
                                                    18.0
                                         Q1 2011     Bcf       $5.61 Mcf
                                                    18.2
     Q2 2010 26.4 Bcf        $5.48 Mcf   Q2 2011     Bcf       $5.61 Mcf
                                                    18.4
     Q3 2010 26.7 Bcf        $5.48 Mcf   Q3 2011     Bcf       $5.61 Mcf
                                                    18.4
     Q4 2010 23.6 Bcf        $5.50 Mcf   Q4 2011     Bcf       $5.61 Mcf
     ------- --------        ---------   -------     ----      ---------
      Total                                         73.0
       2010  76.7 Bcf        $5.49 Mcf Total 2011    Bcf       $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 has significantly tightened is due to the Rockies Express Pipeline (REX) being placed in-service in 2009. REX delivers 1.8 Bcf per day of natural gas from the Rockies into the traditionally higher value natural gas markets in the Northeast. The basis differential is expressed as a percentage of Henry Hub.</p>
<p/>
<p> </p>
<p> </p>
<p>           Basis Differential as a Percentage (%) of Henry Hub</p>
<p> </p>
<pre>
    
                                       2010     2010
                   2006 2007 2008 2009  YTD  Balance  2011 2012
                   ---- ---- ---- ----  ----  ------- ---- ----
    NW Rockies       78   58   69   77   97       91    92   93
    Dominion South  104  105  105  107  106      103   102  101



    
</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. "The recent FERC approval of the Bison and Ruby pipeline projects, both of which are originating in Wyoming and being constructed in the next twelve months, gives additional strength to the relative improvement in Rockies gas prices and decreasing basis differentials," stated Watford.</p>
<pre>
    

    Production Guidance

    
</pre>
<p>Ultra Petroleum is confirming its previous annual natural gas and crude oil production guidance for 2010 of 209 - 216 Bcfe. Production for 2010 is expected to grow approximately 20 percent to 215 Bcfe as compared to 2009's record annual production of 180.1 Bcfe.</p>
<pre>
    

    Production guidance for the second quarter of 2010 is listed in the table
below.

    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
       2010 Estimated Production (Bcfe)
       --------------------------------
    2nd Quarter (E)    Full-Year 2010
    ---------------    --------------
         50-51            209 - 216



    Price Realizations and Differentials Guidance

    
</pre>
<p>In the second quarter of 2010, the company's realized natural gas price is expected to average 4 to 6 percent below the NYMEX price due to regional differentials, before consideration of any hedging activity. Realized pricing for condensate is expected to be about <span class="xn-money">$10.00</span> less than the average NYMEX crude oil price.</p>
<pre>
    

    Expense Guidance

    
</pre>
<p>The following table presents the company's expected expenses per Mcfe assuming a <span class="xn-money">$4.24</span> per mmbtu Henry Hub natural gas price and a <span class="xn-money">$84.20</span> per Bbl NYMEX crude oil price:</p>
<p/>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
    Costs Per Mcfe                              Q2 2010
    --------------                              -------
    Lease operating expenses                    $0.22 - 0.24
    Production taxes                            $0.46 - 0.48
    Gathering fees                              $0.24 - 0.26
    Transportation charges                      $0.32 - 0.34
    Depletion and depreciation                  $1.07 - 1.09
    General and administrative - total          $0.12 - 0.13
    Interest and debt expense                   $0.25 - 0.26
                                                ------------
    Total costs per Mcfe                        $2.68 - 2.80



    Income Tax Guidance

    
</pre>
<p>For the year, Ultra projects a 35.5 percent effective tax rate (based on adjusted net income) with approximately 2 to 3 percent of that amount expected to be currently payable.</p>
<pre>
    

    Other Events During the Quarter

    
</pre>
<p>Ultra Petroleum closed the previously announced strategic Pennsylvania Marcellus Shale acquisition on <span class="xn-chron">February 22, 2010</span>. Also during the first quarter 2010, Ultra high-graded and consolidated its current area of mutual interest with its legacy-acreage partner and amended the existing boundary. The company's leasehold now consists of approximately 413,000 gross (225,000 net) acres across its core position in Tioga, Bradford, Lycoming, and Potter counties in north-central Pennsylvania and the adjacent counties of Clinton and Centre.</p>
<p/>
<p>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 <span class="xn-money">$500.0 million</span> in Senior Unsecured Notes. The Notes were issued in a series of tranches as described in the table below.</p>
<p/>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
        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 closed in two tranches; <span class="xn-money">$270.0 million</span> that were issued on <span class="xn-chron">January 28, 2010</span>, and <span class="xn-money">$230.0 million</span> that were issued on <span class="xn-chron">February 16, 2010</span>. Net proceeds from the offering were used to repay existing bank debt and for general corporate purposes, including funding of the company's Pennsylvania Marcellus Shale acquisition.</p>
<pre>
    

    2010 Annual Shareholders' Meeting

    
</pre>
<p>Ultra Petroleum's 2010 Annual Shareholders' Meeting will be held <span class="xn-chron">June 14, 2010</span> at <span class="xn-chron">10:00 a.m. Central Daylight Time</span>.</p>
<pre>
    

    Crowne Plaza Hotel
    425 N. Sam Houston Parkway East
    Houston, Texas 77060

    
</pre>
<p>All shareholders are invited to attend the meeting. Shareholders are asked to sign and return their proxy form mailed with the annual report to ensure representation.</p>
<pre>
    

    Conference Call Webcast Scheduled for May 5, 2010

    
</pre>
<p>Ultra Petroleum's first quarter 2010 conference call will be available via live audio webcast at <span class="xn-chron">11:00 a.m. Eastern Daylight Time</span> (<span class="xn-chron">10:00 a.m. Central Daylight Time</span>) <span class="xn-chron">Wednesday, May 5, 2010</span>. To listen to this webcast, log on to <a href="http://www.ultrapetroleum.com">www.ultrapetroleum.com</a> and follow the link to the webcast. The webcast replay and podcast will be archived on Ultra Petroleum's website through <span class="xn-chron">August 4, 2010</span>.</p>
<pre>
    

    Financial tables to follow.


    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
    Ultra Petroleum Corp.
    Consolidated Statement of Operations
     (unaudited)
    All amounts expressed in US$000's
    
</pre>
<p> </p>
<pre>
    
                                                   For the Quarter Ended
                                                         March 31,
                                                         ---------
                                                      2010           2009
                                                      ----           ----
    Volumes
         Oil liquids (Bbls)                        321,874        319,408
         Natural gas (Mcf)                      46,568,489     40,191,281
                                                ----------     ----------
         MCFE - Total                           48,499,733     42,107,729
                                                ----------     ----------
    
</pre>
<p> </p>
<pre>
    
    Revenues
         Oil sales                                 $22,377         $9,123
         Natural gas sales                         250,747        158,830
                                                    ------         ------
    Total operating revenues                       273,124        167,953
                                                    ------         ------
    
</pre>
<p> </p>
<pre>
    
    Expenses
         Lease operating expenses                   10,324         10,243
         Production taxes                           28,407         17,351
         Gathering fees                             11,955         10,791
                                                     -----          -----
    Total lease operating costs                     50,686         38,385
                                                     -----          -----
    
</pre>
<p> </p>
<pre>
    
         Transportation charges                     15,905         13,355
         Depletion and depreciation                 51,267         60,661
         Write-down of proved oil and gas
          properties                                     -      1,037,000
         General and administrative                  3,621          2,449
         Stock compensation                          2,781          2,125
                                                      ----           ----
    Total operating expenses                       124,260      1,153,975
                                                    ------       --------
    
</pre>
<p> </p>
<pre>
    
    Other income (expense), net                        151         (2,613)
    Interest and debt expense                      (11,718)        (7,297)
    Realized (loss) gain on commodity
     derivatives                                      (669)        20,355
    Unrealized gain (loss) on
     commodity derivatives                         182,020        186,073
                                                   -------        -------
    Income (loss) before income taxes              318,648       (789,504)
    
</pre>
<p> </p>
<pre>
    
    Income tax provision (benefit) -
     current                                         1,805             23
    Income tax provision (benefit) -
     deferred                                      114,467       (276,939)
                                                   -------       --------
    
</pre>
<p> </p>
<pre>
    
    Net income (loss)                             $202,376      $(512,588)
                                                  --------      ---------
    
</pre>
<p> </p>
<pre>
    
    Impairment of proved oil and gas
     properties, net of tax                  $           -       $673,013
    Unrealized (gain) loss on
     commodity derivatives, net of
     tax                                          (117,403)      (120,761)
                                                  --------       --------
    Adjusted net income                            $84,973        $39,664
                                                   -------        -------
    
</pre>
<p> </p>
<pre>
    
    Operating cash flows (1)                      $188,871       $124,186
                                                  --------       --------
    (1) (see non-GAAP reconciliation)
    
</pre>
<p> </p>
<pre>
    
    Weighted average shares - basic                152,073        151,238
    Weighted average shares - diluted              154,366        151,238
    
</pre>
<p> </p>
<pre>
    
    Earnings per share
    Net income - basic                               $1.33         ($3.39)
    Net income - fully diluted                       $1.31         ($3.39)
    
</pre>
<p> </p>
<pre>
    
    Adjusted earnings per share
    Adjusted net income - basic                      $0.56          $0.26
    Adjusted net income -fully
     diluted (4)                                     $0.55          $0.26
    
</pre>
<p> </p>
<pre>
    
    Realized Prices
         Oil liquids (Bbls)                         $69.52         $28.56
         Natural gas (Mcf), including
          realized gain (loss)                       $5.37          $4.46
            on commodity derivatives
         Natural gas (Mcf), excluding
          realized gain (loss)                       $5.38          $3.95
            on commodity derivatives
    
</pre>
<p> </p>
<pre>
    
    Costs Per MCFE
         Lease operating expenses                    $0.21          $0.24
         Production taxes                            $0.59          $0.41
         Gathering fees                              $0.25          $0.26
         Transportation charges                      $0.33          $0.32
         Depletion and depreciation                  $1.06          $1.44
         General and administrative -
          total                                      $0.13          $0.11
         Interest and debt expense                   $0.24          $0.17
                                                     -----          -----
                                                     $2.80          $2.95
                                                     -----          -----
    
</pre>
<p> </p>
<pre>
    
    Note: Amounts on a per MCFE basis
     may not total due to rounding.
    
</pre>
<p> </p>
<pre>
    
    Adjusted Margins
         Adjusted Net Income (2)                        31%            21%
         Adjusted Operating Cash Flow
          Margin (3)                                    69%            66%


    
</pre>
<p> </p>
<p> </p>
<p> </p>
<pre>
    
    Ultra Petroleum Corp.
    Supplemental Balance Sheet Data (unaudited)
    All amounts expressed in US$000's
    
</pre>
<p> </p>
<pre>
    
                                              As of          As of
                                              -----          -----
                                                            December
                                              March 31,           31,
                                            ---------      ---------
                                                 2010            2009
                                               ----            ----
    
</pre>
<p> </p>
<pre>
    
    Cash and cash equivalents                $6,017         $14,254
    Long-term debt
       Bank indebtedness                     11,000         260,000
       Senior Notes                       1,035,000         535,000
                                          ---------         -------
                                         $1,046,000        $795,000


    
</pre>
<p> </p>
<p> </p>
<pre>
    
    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 Quarter Ended
                                                           March 31,
                                                       ---------
                                                      2010           2009
                                                      ----           ----
    
</pre>
<p> </p>
<pre>
    
    Net cash provided by operating
     activities                                   $168,678       $131,917
        Net changes in operating assets and
         liabilities and                            20,193         (7,731)
          other non- cash items*
        Cash flow from operations  before
         changes in                               $188,871       $124,186
          operating assets and liabilities
    
</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>
    
    (4) For the period ended March 31, 2009, fully diluted shares excludes 2.6
     million potentially dilutive instruments that were anti-dilutive due to
     the net loss for the period ended March 31, 2009.
    *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 <span class="xn-person">Jonah Fields</span> 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 152,195,397 shares outstanding on <span class="xn-chron">April 30, 2010</span>.</p>
<pre>
    

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

    
</pre>
<p>This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections or other statements, other than statements of historical fact, are forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the company's businesses are set forth in our filings with the SEC, particularly in the section entitled "Risk Factors" included in our Annual Report on Form 10-K for our most recent fiscal year and from time to time in other filings made by us with the SEC. These risks and uncertainties include increased competition, the timing and extent of changes in prices for oil and gas, particularly in Wyoming and Pennsylvania, the timing and extent of the company's success in discovering, developing, producing and estimating reserves, the effects of weather and government regulation, availability of oil field personnel, services, drilling rigs and other equipment, and other factors listed in the reports filed by the company with the SEC. Full details regarding the selected financial information provided above will be available in the company's report on Form 10-Q for the quarter ended <span class="xn-chron">March 31, 2010</span>.</p>
<pre>
    




    

For further information: For further information: Julie E. Danvers, Investor Relations Analyst of Ultra Petroleum, +1-281-876-0120 Extension 304, info@ultrapetroleum.com Web Site: http://www.ultrapetroleum.com


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