Ultra Petroleum Increases 2009 and 2010 Natural Gas Hedges

    HOUSTON, Feb. 3 /CNW/ -- Ultra Petroleum Corp. (NYSE:   UPL) today
announces additional 2009 and 2010 natural gas hedges. The total net volume
hedged for 2009 currently is 93.0 Bcf at an average realized price of $5.81
per Mcf, and in 2010 the total net volume hedged currently is 6.8 Bcf at an
average realized price of $5.50 per Mcf.

    "We have a significant portion of our estimated 2009 natural gas
production presold at a realized price of $5.81 per Mcf. Given that the
average well size we plan to drill during the year is approximately 6.0 Bcf
per well, then the single well internal rate of return is over 50 percent
reinforcing our strong economics in a lower priced commodity world," commented
Mike Watford, Chairman, President and Chief Executive Officer.

    As of today, Ultra Petroleum has the following contracts in place to
mitigate its commodity price exposure.


                                                      Average Price per Mcf
                                Total Net Volume      ---------------------
                                   (Bcf)                at Point of Sale
                                   ------               ----------------
    Q1 2009                         13.0                   $5.13 Mcf
    Q2 2009                         31.0                   $5.96 Mcf
    Q3 2009                         31.0                   $5.96 Mcf
    Q4 2009                         18.0                   $5.80 Mcf
    Total 2009                      93.0                   $5.81 Mcf

    Q1 2010                          1.7                   $5.50 Mcf
    Q2 2010                          1.7                   $5.50 Mcf
    Q3 2010                          1.7                   $5.50 Mcf
    Q4 2010                          1.7                   $5.50 Mcf
    Total 2010                       6.8                   $5.50 Mcf

    About Ultra Petroleum

    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 and trades under the ticker symbol "UPL".  The company
had 151,232,545 shares outstanding on January 31, 2009.

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

    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 Sam Houston
Parkway E., Suite 1200, Houston, 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 www.sec.gov.


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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