Ultra Petroleum Reports 2007 Proved Reserves Increase 25 Percent to 2.980 Tcfe at F&D Costs of $0.98 per Mcfe with 601 Percent Reserve Replacement Ratio

    HOUSTON, Feb. 19 /CNW/ -- Ultra Petroleum Corp. (NYSE:   UPL) today
announced that it replaced 601 percent of 2007 production as of the year-ended
December 31, 2007. Its total proved oil and gas reserves were 2.980 trillion
cubic feet of gas equivalent (Tcfe), up 25 percent from 2.389 Tcfe as of
December 31, 2006. Corporate finding and development costs in 2007, were an
industry leading $0.98 per Mcfe, a decrease from $1.10 per Mcfe in 2006.
    The total 3P third party engineered and economic reserve estimate has
increased to 10.7 Tcfe at year-end 2007 up from 9.9 Tcfe at year-end 2006. The
PV-10 value of these reserves has increased to $12.0 billion in 2007 from $9.7
billion in 2006. The $2.3 billion or 24 percent increase in PV-10 value
assumes flat capital expenditures.
    All reserves are independently and completely prepared by the reserve
engineering firm Netherland, Sewell and Associates, Inc. (NSAI). This is the
ninth consecutive year their estimate of Ultra's natural gas reserves has
increased. Again, only those proved undeveloped locations in the company's
budgeted three-year drilling plan are included as proved reserves in the
report. Locations that are not in the three-year budget, but would otherwise
satisfy the definition of proved reserves are included in the probable and
possible categories.
    The company's inventory of low-risk, high rate of return natural gas
drilling locations continues to grow. At year-end 2006 the number of undrilled
locations in Ultra's inventory was 4,845. In 2007 we drilled over 200 wells
and ended the year with an undrilled inventory of 5,300 locations. The
company's inventory of low risk, high return natural gas locations grew by
more than 650 wells, or three times what Ultra drilled in 2007.
    "Ultra's reliable and economic resource base, as measured by the third
party reserve engineering firm NSAI, for year-end 2006 was 9.9 Tcfe valued at
$9.7 billion on a PV-10 basis. As of year-end 2007, NSAI increased their
estimate of Ultra's reliable and economic reserves to 10.7 Tcfe which
increased Ultra's PV-10 value to $12.0 billion, again assuming flat cap-ex for
the next twenty years. A better indicator of value more accurately depicting
the low risk nature of our assets may be a PV-8 economic measure which totals
$14.7 billion in our base cap-ex case and $15.9 billion in our accelerated
cap-ex case. Of course none of these values incorporate the delineation and
exploration upside still ahead of us," stated Michael D. Watford, Chairman,
President and Chief Executive Officer. "In 2007 Ultra replaced 601 percent of
its oil and gas production at an industry leading finding and development cost
of $0.98 per Mcfe. More importantly, the third party identified, engineered,
and economic resource base net to Ultra in Wyoming has grown from 9.9 Tcfe to
10.7 Tcfe, well on our way to the 12.0 Tcfe target. Year-end 2007 undrilled
locations grew to 5,300, an increase of 650 locations. At forecasted 2008
capital expenditure levels, our undrilled inventory totals 24 years," Watford

    Reserve tables to follow.

                            Ultra Petroleum Corp.
                              December 31, 2007

                                                SEC Pricing -- $6.13 per Mcf

                Net      Net      Net                SEC               Future
    Reserve     Gas      Oil    Equiv.     PV-8     PV-10    Economic   Capex
     Category  (BCF)    (MMB)   (BCFE)    (MM$)     (MM$)      Wells    (MM$)

    PDP     1,039.024   8.402 1,089.436 3,020.943  2,738.650   670          -

    PDNP       45.200   0.362    47.372   130.893    119.340    26     26.823

    PUD     1,758.431  14.067 1,842.836 3,481.745  2,983.203   687  2,073.824

     Proved 2,842.655  22.831 2,979.644 6,633.581  5,841.194 1,383  2,100.647

    Prepared by Netherland, Sewell and Associates, Inc.

                            Ultra Petroleum Corp.
                              December 31, 2007

                                    Natural Gas Sensitivity -- $7.00 per Mcf
                                                         $700 million Cap-Ex

                Net     Net     Net                                   Future
    Reserve     Gas     Oil    Equiv.     PV-8        PV-10  Economic  Capex
     Category  (BCF)   (MMB)   (BCFE)     (MM$)       (MM$)    Wells   (MM$)

    PDP    1,040.608  8.413  1,091.086  3,385.755 3,066.781    671          -

    PDNP      45.108  0.361     47.276    148.988   136.016     26     26.823

    PUD    1,758.431 14.067  1,842.836  4,085.790  3,522.568   687  2,073.824

     ved   2,844.147 22.842  2,981.197  7,620.533  6,725.366 1,384  2,100.647

    Prob.  3,833.873 30.479  4,016.748  4,394.584  3,351.926 2,196  6,917.771

     PB.)  6,678.020 53.321  6,997.945 12,015.117 10,077.292 3,580  9,018.418

    Poss.  3,575.647 27.886  3,742.964  2,710.186  1,899.738 2,417  7,614.464

     + PB.
     PS.) 10,253.667 81.207 10,740.909 14,725.303 11,977.030 5,997 16,632.882

     Wells 9,167.951 72.433   9,602.55                       5,300 16,606.060

    Prepared by Netherland, Sewell and Associates, Inc.

    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" 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,
forecast, projections, or statements other than those of historical fact, are
forward-looking statements. Although the company believes that the
expectations reflected in the forward-looking statements are based on
reasonable assumptions, it can give no assurance that such expectations will
prove to have been correct and undertakes no obligation to update this
information. The company urges investors to consider that these statements are
not guarantees of performance and that actual results could and may differ
materially from these forward-looking statements.
    The SEC permits oil and gas companies, in their SEC filings, to disclose
only "proved" reserves that the company has demonstrated to be economically
and legally producible under existing economic and operating conditions by
actual production or conclusive formation tests. Any reserve estimates in this
press release that are not specifically designated as "proved" reserves may
include not only proved reserves, but also other categories of reserves that
the SEC guidelines allow in news releases but strictly prohibit the company
from including in its SEC filings. Investors are urged to consider this
disclosure and additional disclosure in the company's Annual Report on Form
10-K, available on its website or by request to 363 North Sam Houston Parkway
E., Suite 1200, Houston, 77060 (Attention: Investor Relations). You can also
obtain this information from the SEC by calling 1-800-SEC-0330 or on its
website at http://www.sec.gov.

For further information:

For further information: Kelly L. Whitley, Manager Investor Relations of
Ultra Petroleum Corp., (281) 876-0120, ext. 302, info@ultrapetroleum.com, Web
Site: http://www.ultrapetroleum.com

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