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Ultra Petroleum Corp.

Ultra Petroleum Corp. Michael D. Watford Chairman, President & CEO. Green River Basin Wyoming. Bohai Bay China. Ultra Highlights. 1,000 plus long-life natural gas drilling locations. High rate of return projects Exceptional drilling success rate – 98% since ‘00

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Ultra Petroleum Corp.

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  1. Ultra Petroleum Corp. Michael D. Watford Chairman,President & CEO

  2. Green River Basin Wyoming Bohai Bay China

  3. Ultra Highlights • 1,000 plus long-life natural gas drilling locations • High rate of return projects • Exceptional drilling success rate – 98% since ‘00 • Industry best cost structure • Industry leading reserve and production growth

  4. 83% CAGR Reserve Growth

  5. 66% 2003 2004 Reserve Growth – Proved + Probable

  6. 60% CAGR Production Growth

  7. Year 2004 Results $196 mm capital expenditures 42% reserve growth to 1,528 bcfe 71% annual production growth to 49.3 bcfe $0.39 / Mcfe Finding & Development Cost >1000% Reserve Replacement Ratio 30+ year Reserve to Production Ratio

  8. Year 2005 $290mm capital budget 100-110 Gross wells in Wyoming Begin Production at CFD 11-3/11-5 3 exploration wells in China 42% production growth – 70 bcfe 18% reserve growth – 1,800 bcfe

  9. Lance Sand Fairway 25 Miles Wide Labarge Platform Lance Tight Gas Sand Fairway Pinedale Anticline Field 75 sq. miles ~250 Wells 400 + MMcfd Field OGIP = 40+ Tcf Recoverable = ? Tcf Jonah Field 36 sq. miles ~600 Wells 700 MMcfd 10-acre spacing Field OGIP = 13.0 Tcf* Recoverable = 8.5 Tcf* *source EnCana

  10. AVERAGE DAILY PRODUCTION MMcf/d Typical Pinedale Well Production Profile > 20% EUR 30+ yrs

  11. Ultra’s Pinedale Well Economics Typical Pinedale Well: $4.50/Mcf Well cost: $5.0 MM Reserves / well: 8.9 Bcfe ROR: 62% F&D cost: < $0.70/Mcfe Pay out: 1.86 years Reserve life: 42 years ROR (%)

  12. Ultra’s Financial Metrics - 2004 CF Margin 77% Net Income Margin 41% Total Cost Structure $1.83 / Mcfe ROCE 27.7% ROE 50.2% Net Income Breakeven $1.44 / Mcfe

  13. Ultra Cost Structure ComparisonTotal Costs 2004 vs. Peer Group$/Mcfe UPL #1 at $1.83 / Mcfe Average: $3.15/Mcfe $/Mcfe Median Source – JP Morgan

  14. $/Mcfe Median Source - Wachovia Ultra Cost Structure Comparison2004 F&D Costs vs. Peer Group$/Mcfe UPL #1 at $0.39 / Mcfe Mean = $1.79

  15. Median = 42% More Attractive Less Attractive Source – J.P. Morgan 2005-2006E Asset Intensity Estimates

  16. UPL Acreage 4-6 BCF 6-8 BCF 8-10 BCF 10-12 BCF 12-14 BCF 14-16 BCF 16-18 BCF 18-20 BCF 20+ BCF Pinedale ReserveGrowth • YE 1999 • 187 locations on 7,480 UPL acres • Avg location 4.9 Bcf - 0.92 gross Tcf • YE 2001 • 447 locations on 17,780 UPL acres • Avg location 6.4 Bcf - 2.85 gross Tcf • YE 2003 • 636 locations on 25,440 UPL acres • Avg location 7.4 Bcf - 4.7 gross Tcf Based on NSAI Reserve Reports

  17. Increased Density Drilling – Pinedale July 2004 WOGCC approves 20-acre density for Questar application, North 1/3 of anticline! 2003 WOGCC approves Ultra and Anschutz applications for drilling 20-acre pilot wells. 18 20-acre wells drilled in ’04. November 2004, WOGCC approves Jonah Field Wide 10-acre well density WOGCC has since approved additional increased density pilots on Pinedale for other operators

  18. UPL Acreage 4-6 BCF 6-8 BCF 8-10 BCF 10-12 BCF 12-14 BCF 14-16 BCF 16-18 BCF 18-20 BCF 20+ BCF PINEDALE RESERVE GROWTH • YE 2004 • 1,160 locations • 649 40-acre • 511 20-acre • Avg location 6.9 Bcf • 8 Tcf gross Based on NSAI Reserve Reports

  19. Pinedale Future Reserve Growth • Continued Expansion of Economic Fairway • Recognition of additional Mesaverde area • Increased Density Drilling • 20-acre performance improvements • 10-acre equivalent drilling density • Other Horizons • Shallower – Behind-Pipe reserves • Deeper new pay zones

  20. Northern Rockies Export Pipe Capacities • Year End 2002 4.0 BCFD • + Kern River 0.90 • + Northwest PL 0.15 • + Grasslands 0.08 • Year End 2003 5.13 BCFD + 28 % • + TransColorado 0.13 • Year End 2004 - 5.26 BCFD • + Cheyenne Plains I 0.56 • Year End 2005 - Est 5.82 BCFD • + Cheyenne Plains II 0.17 • Year End 2006 - Est 5.99 BCFD + 50 %

  21. China Update • First 2 fields on production July ‘04 • Producing at 40,000 bopd gross / 4,000 net • Net production estimates - 2005 ~ 1.8 MM bbls • 2 more fields on production in ‘05, 3 more in ‘06 • Expect 65-80,000 bopd gross plateau in ‘06-’07 • Remaining appraisal & exploration upside • 15-18.2% exploration interest- 8-10% net reserves

  22. Bohai Bay Blocks

  23. CAGR ~ 47% Annual Production Growth

  24. CAGR ~54% Proved Reserve Growth

  25. Positioned for Growth • Extraordinary project inventory • Unmatched organic growth • Industry leading cost structure • High rate of return projects • Experienced management

  26. Ultra Petroleum Corp. 363 N Sam Houston Pkwy E, Suite 1200 Houston, TX 77060 281-876-0120 281-876-2831 Fax www.ultrapetroleum.com Listed: American Stock Exchange Symbol: UPL Issued Shares: 153,144,036 This report contains or incorporates by reference forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this document, including without limitation, statements in Management's Discussion and Analysis of Financial Condition and Results of Operations regarding our financial position, estimated quantities and net present values of reserves, business strategy, plans and objectives of the Company's management for future operations, covenant compliance and those statements preceded by, followed by or that otherwise include the words "believe", "expects", "anticipates", "intends", "estimates", "projects", "target", "goal", "plans", "objective", "should", or similar expressions or variations on such expressions are forward looking statements. The Company can give no assurances that the assumptions upon which such forward-looking statements are based will prove to be correct nor can the Company assure adequate funding will be available to execute the Corporation's planned future capital program. Other risks and uncertainties include, but are not limited to, fluctuations in the price the Company receives for oil and gas production, reductions in the quantity of oil and gas sold due to increased industry-wide demand and/or curtailments in production from specific properties due to mechanical, marketing or other problems, operating and capital expenditures that are either significantly higher or lower than anticipated because the actual cost of identified projects varied from original estimates and/or from the number of exploration and development opportunities being greater or fewer than currently anticipated and increased financing costs due to a significant increase in interest rates. Full details regarding the selected financial information provided above will be available in the Company's annual report and in the Annual Information Form to be filed under the cover of 10-K, also available from the Company at 363 N. Sam Houston Pkwy E., suite 1200, Houston, TX 77060. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

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