Ultra Petroleum Reports 42% Increase in First Quarter Production

    HOUSTON, April 20 /CNW/ -- Ultra Petroleum Corp. (Amex:   UPL) today
reported the largest quarterly production in the company's history. Production
for the first quarter of 2007 increased 42 percent to a record 28.5 billion
cubic feet equivalent (Bcfe) from the first quarter of 2006. Production in
Wyoming alone, at the company's core asset, increased over 50 percent.

    Production volumes for the quarter are as follows:

                                                  Three months ended
                                         March 31, 2007        March 31, 2006
    Oil liquids (Bbls) - Domestic               193,507               128,411
    Oil liquids (Bbls) - China                  417,585               466,145
    Natural Gas (Mcf) - Domestic             24,819,436            16,531,259
    Total Production (Mcfe)                  28,485,988            20,098,595

    Additionally, Ultra has added to its calendar 2008 natural gas hedge
position. Currently, Ultra has hedged 100,000 mmbtu/day at $7.41/Mcf or
$6.83/mmbtu. The sales point for the natural gas hedges is the Opal, Wyoming
    On April 19, FERC approved the Rockies Express Pipeline (REX). REX will
move gas from the Rockies to the Midwest and eventually the Northeast and will
significantly increases the take-away capacity for natural gas in the Rockies.
It is expected to be operational during the first quarter of 2008.
    "We continue to set company production records at the industry's lowest
cost structure. Our attractive margins will only improve with construction of
Rockies Express and the reduction of basis differentials already being priced
into the forward market for natural gas. With Wyoming natural gas prices near
$7.50/Mcf for 2008 and our 27 year drilling inventory, we are well
positioned," commented Michael D. Watford, Chairman, President and Chief
Executive Officer.
    The public comment period for the Draft Supplemental Environmental Impact
Study (SEIS) for the Pinedale Field that was issued by the Bureau of Land
Management (BLM) in late December 2006, closed April 6. It is anticipated that
the BLM will issue the Record of Decision during the third quarter of 2007.
When this occurs, Ultra would gain access to additional acreage year round
commencing in the 2007-2008 winter drilling season. This would allow for
accelerated development of the field and a significant increase in the annual
number of wells drilled.

    Conference Call Webcast Scheduled for May 2, 2007
    Ultra Petroleum's first quarter 2007 conference call will be available
via live audio webcast at 10:00 a.m. Central Daylight Time (11:00 a.m. Eastern
Daylight Time) Wednesday, May 2, 2007. To listen to this webcast, log on to
http://www.ultrapetroleum.com. The webcast will be archived on Ultra
Petroleum's website through July 31, 2007.

    About Ultra Petroleum
    Ultra Petroleum is an independent, exploration and production company
focused on developing its long-life natural gas reserves in the Green River
Basin of Wyoming, and crude oil reserves in Bohai Bay, offshore China. Ultra
Petroleum is listed on the American Stock Exchange under the symbol "UPL" with
151,905,920 shares outstanding as of March 31, 2007.

    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; risks inherent in the Company's
China operations; 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, Extension 302, 
info@ultrapetroleum.com Web Site: http://www.ultrapetroleum.com/

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Ultra Petroleum Corp.

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