Ultra Petroleum Provides Production and Capital Budget Guidance for 2009

    HOUSTON, Feb. 17 /CNW/ -- Ultra Petroleum Corp. (NYSE:   UPL) today
reported that the company's Board of Directors' approved the 2009 capital
budget of $720.0 million.  The 2009 capital budget is planned to be allocated
as follows:


    Wyoming:                                 $ millions
       Development Drilling                        $602
       Gathering System                              30
       Wyoming Total                               $632
       Exploration Drilling                         $60
       Gathering System                              13
       Pennsylvania Total                           $73
    General & Administrative:                       $15
    Total Capital Budget                           $720

    Production for 2009 is expected to grow approximately 18 - 22 percent to
172.0 - 177.0 Bcfe as compared to 145.3 Bcfe for 2008.  All production growth
is generated organically.


                 1st          2nd          3rd          4th       Full-Year
    2009       Quarter      Quarter      Quarter      Quarter       2009
     (Bcfe)  40.0 - 41.0  43.0 - 44.0  45.5 - 47.0  43.5 - 45.0 172.0 - 177.0

    "In 2009, we are pursuing a conservative and disciplined capital program
that is in keeping with our long-term strategy of balancing growth and
profitability.  Ultra's legacy Wyoming assets warrant growth and re-investment
throughout the cycle.  We own long-term assets, and long-term commodity price
assumptions drive value, not near-term commodity price moves.  At this time,
over 50 percent of our estimated 2009 production is hedged at a realized price
of $5.81 per Mcf, which provides comfort that we can execute our 2009 plan
without stressing our balance sheet," commented Michael D. Watford, Chairman,
President and Chief Executive Officer.

    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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