Webcast Alert: Ultra Petroleum Corporation Announces Its AMEX Oil, Gas, Energy IIF Webcast

Business Wire, Dec 4, 2006

HOUSTON -- Ultra Petroleum Corporation (AMEX:UPL) announces the following Webcast:

What:    Ultra Petroleum Corporation AMEX Oil, Gas, Energy IIF Webcast
When:    December 5, 2006 @ 10:00 AM Eastern
Where:   http://www.investorcalendar.com/EventPage.asp?ID=112150
How:     Live over the Internet -- Simply log on to the web at the
         address above
Contact: Kelly Whitley, 281-876-0120 or kwhitley@ultrapetroleum.com

If you are unable to participate during the live webcast, the call will be available for replay at http://www.investorcalendar.com/ClientPage.asp?ID=112150 or http://www.investorcalendar.com/

Ultra Petroleum Corp. is a publicly traded (AMEX:UPL), rapidly growing independent exploration and production company focused on its core properties in the Green River Basin of southwestern Wyoming (Pinedale Anticline and Jonah Field) and the shallow waters of Bohai Bay, China.

Ultra controls more than 148,000 gross (78,688 net) acres in and around the prolific 36 square mile Jonah natural gas field and the 90 square mile Pinedale Anticline area. Ultra believes that these areas hold a minimum of 34 Tcfe of gross recoverable reserves between them. Currently, Ultra has an inventory of over 2,500 undrilled locations averaging over 5.1 Bcfe recoverable on a mix of 10, 20 and 40 acre spacing as identified by its third party reservoir engineering firm. Additionally, Ultra currently has several pilot projects at Pinedale evaluating the feasibility of increased density drilling. Ultra enjoyed a drilling success rate of 100% in 2005 in Wyoming with 2005's program wells completed at year-end averaging 6.8 Bcfe per well. In addition to being the largest lease owner on the Pinedale Anticline, Ultra also has an interest in two oil exploration / development blocks (631,702 acres) in Bohai Bay, China with all nine oil discoveries currently in production.

Since 1999, Ultra has grown proved reserves more than 2,600 percent to over 2.0 Tcfe. Production for the last five years has increased at an average compound annual growth rate of 68% to 73.8 Bcfe in 2005, comprised of 61.7 Bcf of natural gas and 0.464 million barrels of oil from the Wyoming properties, and 1.556 million barrels from Bohai Bay, China.