Ultra Petroleum Provides Production and Capital Budget Guidance for 2008; Increases 2009 Production and Provides Preliminary 2010 Guidance

    HOUSTON, Feb. 19 /CNW/ -- Ultra Petroleum Corp. (NYSE:   UPL) today
reported that the company's Board of Directors' approved the 2008 capital
budget of $755.0 million, an increase from $714.5 million of capital spent in
    Domestic production for 2008 is expected to grow approximately 18 - 22
percent to 135.0 - 140.0 Bcfe as compared to 114.4 Bcfe for 2007. All
production growth is generated organically. In 2008, the company is planning a
near doubling, from 2007 levels, of the number of delineation wells it expects
to drill. As part of its five year 120 well delineation drilling plan, 26 will
be drilled in 2008.

    2008       1st Quarter 2nd Quarter 3rd Quarter 4th Quarter  Full-Year 2008
     (Bcfe)    31.0 - 32.0 31.0 - 32.0 34.5 - 36.0 38.5 - 40.0  135.0 - 140.0
    At this time, Ultra is increasing its previous 2009 production guidance
of 160.0 - 165.0 Bcfe to 170.0 - 175.0 Bcfe, targeting a 25 - 30 percent
increase over 2008 at similar capital expenditures levels. In addition, the
company is providing preliminary production guidance for 2010 of 200.0 - 205.0
Bcfe, targeting production growth of 18 - 21 percent. With more access
anticipated in 2009, associated with the satisfactory conclusion of the
SEIS/ROD process currently underway, these capital budget and production
forecasts will be increased.

                              2008             2009             2010
    Estimated Total
    (Bcfe)                135.0 - 140.0    170.0 - 175.0    200.0 - 205.0
    "In 2008, we expect to drill 240 gross (113 net) wells in Wyoming. But,
more importantly, we will accelerate our delineation well drilling plans. It
is extremely important for us to continue defining the Pinedale Field so we
can get our arms around the actual size of the resource. We are planning
2008's drilling program with about 20 percent of our net wells to be devoted
to delineation," commented Michael D. Watford, Chairman, President and Chief
Executive Officer. "These wells cost more to drill and take longer, but are
instrumental to resource expansion and key to value creation. We look forward
to more reserves and more value at year-end 2008," added Watford.
    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 152,313,738 shares outstanding on January 31, 2008.
    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 http://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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