Ultra Petroleum to Sell China Interests for $223 Million



    HOUSTON, Sept. 27 /CNW/ -- Ultra Petroleum Corp. (NYSE:   UPL) today
announced the execution of a stock purchase agreement for the sale of
Sino-American Energy Company which represents all of Ultra's interests in
Bohai Bay, China for $223 million. The reserve volumes sold represent all of
Ultra's international assets and comprise approximately 1% of Ultra's year-end
2006 proved reserves as detailed in the 2006 10-K report. The sale is expected
to close during the fourth quarter of 2007 and is subject to normal closing
conditions. The purchaser of the Bohai Bay asset is SPC E&P (China) Pte Ltd, a
wholly-owned subsidiary of Singapore Petroleum Company Limited and Jefferies
Randall and Dewey acted as financial advisors for Ultra in this transaction.
    "We are pleased with the value received for the non-core asset and plan
to turn our full attention to Ultra's legacy asset the Pinedale Field, the
nation's second largest natural gas field," commented Michael D. Watford,
Chairman, President and Chief Executive Officer. "Even with the sale of these
producing properties, we look forward to delivering over twenty percent
organic production growth in 2008 and 2009," Watford added.
    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 Jonah Fields. Ultra is listed on
the New York Stock Exchange under the symbol "UPL". The Company had
151,892,002 shares outstanding as at June 30, 2007.
    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
business 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 crude oil and natural gas,
particularly in Wyoming, 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.
    This release can be found at http://www.ultrapetroleum.com




For further information:

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


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