Ultra Petroleum Closes Sale of China Interests and Appoints Roger A. Brown to the Board of Directors

    HOUSTON, Oct. 24 /CNW/ -- Ultra Petroleum Corp. (NYSE:   UPL) today
reported the closing on its previously announced sale of Sino-American Energy
Company which represents all of Ultra's interest in Bohai Bay, China. The
transaction's effective date is June 30, 2007. The purchaser of the Bohai Bay
asset is SPC E&P (China) Pte Ltd, a wholly-owned subsidiary of Singapore
Petroleum Company Limited.
    The company is also announcing the appointment of Roger A. Brown to the
Board of Directors. He will serve on the Audit and Nominating and Corporate
Governance Committees. Mr. Brown was most recently Vice President Strategic
Initiatives for Smith International, Inc., and prior to that, President of
Smith Technologies, a division of Smith International. He retired from Smith
earlier this year. He holds a Bachelor of Science, Economics, History and
Political Science and a Juris Doctorate all from the University of Oklahoma.
    "We are delighted to quickly close the sale of our Bohai Bay assets,"
commented Michael D. Watford, Chairman, President and Chief Executive Officer.
"And, we are very fortunate to have Mr. Brown join our Board of Directors. His
leadership and knowledge of the energy sector will be a valuable asset for
Ultra as we continue to execute our business plan," Watford added.
    Conference Call Webcast Scheduled for October 31, 2007
    Ultra Petroleum's third quarter 2007 conference call will be available
via live audio webcast at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) on
Wednesday, October 31, 2007. To listen to this webcast, log on to
http://www.ultrapetroleum.com. The webcast will be archived on Ultra
Petroleum's website through February 20, 2008.
    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,
of  Ultra Petroleum Corp., +1-281-876-0120, ext. 302, info@ultrapetroleum.com
Web Site: http://www.ultrapetroleum.com

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