Ultra Petroleum Increases Full Year 2007 Production Growth Target to 31 Percent and Announces Executive Retirements

    HOUSTON, Dec. 28 /CNW/ -- Ultra Petroleum Corp. (NYSE:   UPL) today
announced that for the third time this year, it is increasing 2007 production
guidance. The new production guidance for 2007 is 120.0 billion cubic feet of
gas equivalent (Bcfe) increased from the previous guidance of 116.5 Bcfe. This
represents a 31% increase over 2006 inclusive of substantial shut-ins during
the year and the sale of the Chinese asset. Production guidance for the fourth
quarter 2007 is 32.3 Bcfe, which is an increase from the previous 28.8 Bcfe
    "Our new production target for 2007, reflecting a 33% increase on a per
share basis over 2006, is evidence of our productivity gains despite fewer rig
days in 2007," commented Michael D. Watford, Chairman, President and Chief
Executive Officer. "And our well costs continue to decrease," Watford added.
    Additionally, two executives will be retiring at year-end: Stephen R.
Kneller, VP - Exploration, Domestic and Michael G. Patterson, VP -
International. Both individuals have played key roles in Ultra's success over
the past handful of years.
    Mr. Kneller is one of the longest serving employees at Ultra and was
extremely influential in the development of the Pinedale Field acreage,
including the acquisition of Ultra's original Pinedale and Jonah lease
position. He will continue to work with the company in a part-time consulting
    With the sale of the company's Bohai Bay interest late in the year, Mr.
Patterson will be retiring. He leaves behind a distinguished career in
international exploration and production and was instrumental to Ultra's
success in China.
    "Steve's and Mike's wisdom, leadership and knowledge will be missed by
everyone at Ultra. I wish to thank both of them for their contributions in
shaping Ultra into the premier oil and gas company that it is today,"
commented Watford. "We are fortunate that Steve will continue on in a limited
consulting capacity in order to provide a strong transition for his team and
the company," Watford added.
    About Ultra
    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 152,770,685 shares outstanding on November 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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