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

Ultra Petroleum Corp.Ultra Petroleum Corp.Michael D. WatfordMichael D. Watford

Chairman, President & CEOChairman, President & CEO

Bohai Bay Bohai Bay

ChinaChina

Green River Green River Basin Basin

WyomingWyoming

Ultra HighlightsUltra Highlights

Hundreds of long-life natural gas drilling locations

Exciting International exploration and development

High rate of return projects

Exceptional drilling success rate – 95% since ‘00

Industry leading reserve and production growth

0

200

400

600

800

1000

1200

1999 2000 2001 2002 2003

Bcf

eWyoming Reserve GrowthWyoming Reserve Growth

95% CAGR

Production GrowthProduction Growth

-

5,000

10,000

15,000

20,000

25,000

30,000

1999 2000 2001 2002 2003

MM

cfe 57% C

AGR

Year 2003 ResultsYear 2003 Results

$116 mm capital expenditures$116 mm capital expenditures

53% reserve growth to 1,073.4 bcfe53% reserve growth to 1,073.4 bcfe

66% annual production growth to 28.9 bcfe66% annual production growth to 28.9 bcfe

$0.29 / Mcfe Finding & Development Cost

1,390% Reserve Replacement Ratio

37 year Reserve to Production Ratio

Year 2004Year 2004

$190mm capital budget$190mm capital budget

38% production growth – 40 bcfe38% production growth – 40 bcfe

20% reserve growth – 1,300 bcfe20% reserve growth – 1,300 bcfe

80 Gross wells – Wyoming

3-5 exploration / appraisal wells in China

Begin Production at CFD 11-1/11-2

Green River Basin, WyomingGreen River Basin, Wyoming

Land position

178,000 gross acres

101,000 net acres

Operate over 60% of

acreage

Average WI >50%

3,200 net producing acres

Largest interest owner on

Pinedale Anticline

As of December 31, 2003Jonah Field

PinedaleAnticline

Field

TD 7395 NCNT0

LabargeLabargePlatformPlatform

Lance Sand Fairway25 Miles Wide

25 sq. miles~500 Wells

750+ MMcfd

Field OGIP = 10 Tcf*Field OGIP = 10 Tcf*

Recoverable = 8.5 Tcf*Recoverable = 8.5 Tcf**source EnCana*source EnCana

Jonah Field

75 sq. miles75 sq. miles~210 Wells~210 Wells

400 + MMcfd400 + MMcfd

Field OGIP = ? TcfField OGIP = ? Tcf

Recoverable = ? TcfRecoverable = ? Tcf

Lance Tight Gas Sand FairwayLance Tight Gas Sand FairwayPinedale Anticline

Field

Pinedale / Jonah ComparisonPinedale / Jonah Comparison

11,0007,000Average BottomHole Pressure (psi)

5,0002,200Average CompletedInterval (ft)

48,00016,000ApproximateProductive Acres

PINEDALEJONAH

ProducingWell EUR (BCF)

6.0 10.0

Typical Pinedale Well Production Typical Pinedale Well Production Profile Profile

0

2

4

6

8

10

0 1 2 3 4 5 6 7 8 9 10

YEARS OF PRODUCTION

MMcf/dAVERAGE DAILY PRODUCTION

30+ yrs

> 20% EUR

Ultra’s Pinedale Well EconomicsUltra’s Pinedale Well Economics

Typical Pinedale Well:$3.00/Mcf

Well cost: $4.1 MM

Reserves / well: 10 Bcfe

ROR: 53%

F&D cost: < $0.50/Mcfe

Pay out: 1.9 years

Reserve life: 40 years

IRR

(%

)

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

UPL

EV

G

APA BR

Y

UC

L

BR

CW

EI

NE

V

MU

R

SFY

NB

L

KM

G

WR

C

PQU

E

CPE

Cost/Mcfe Median

Ultra Cost Structure ComparisonUltra Cost Structure ComparisonTotal Costs 2002 - $/McfeTotal Costs 2002 - $/Mcfe

Source – Wachovia

UPL #1 at $1.61 / Mcfe

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

UPL

WG

RK

WB

RY

KM

GA

PAN

EVD

VN

UN

TSW

NSF

YD

NR

MU

RC

HK

PEN

EPL

CO

GW

RC

SGY

PPP

CW

ET

HX

RR

CT

MR

$/Mcfe

Median

Ultra Cost Structure ComparisonUltra Cost Structure ComparisonF&D Costs 1998-2002F&D Costs 1998-2002

Source - Wachovia

UPL #1 at $0.25 / Mcfe

Pinedale ReservePinedale ReserveGrowthGrowth

YE 2001• 447 locations on 17,780 UPL acres• Avg location 6.4 Bcf - 2.85 gross Tcf

YE 1999• 187 locations on 7,480 UPL acres• Avg location 4.9 Bcf - 0.92 gross Tcf

Based on NSAI Reserve Reports

YE 2003• 636 locations on 25,440 UPL acres• Avg location 7.4 Bcf - 4.7 gross Tcf

UPL Acreage4-6 BCF6-8 BCF

8-10 BCF10-12 BCF12-14 BCF14-16 BCF16-18 BCF18-20 BCF

20+ BCF

Additional OpportunitiesAdditional Opportunities

What’s not in NSAI’s Pinedale Anticline numbers

East / West Expansion

Mesaverde

20 acre downspacing

Other Horizons

Pinedale 3D Pinedale 3D Mesaverde IntervalMesaverde Interval

Ultra Interest Mesaverde Tests

Seismic Amplitude from 3D Data

2002 - 16 wells2003 - 54 wells

Increased Density Increased Density Drilling – PinedaleDrilling – Pinedale

WOGCC recognizes common Lance Pool at Jonah and Pinedale. Data from Jonah applicable to submissions in Pinedale.

Jonah 20-acre Pilot complete. 5 and 10-acre Pilots in progress.

Pinedale Increased Density Pilot Projects (20-acre) approved in 2003 for Ultra and Anschutz.

Pilot well drilling initiated

Existing EIS provides for drilling of Increased Density Wells.

Pilot Areas

Bohai Bay, ChinaBohai Bay, China

• Nine fields discovered to date

• Development underway

• Huge Acreage position – 1,100 square miles

• Lightly explored – only 49 exploration wells

• China’s most prolific basin – 10+ BBO

• Remaining appraisal & exploration potential

• 15-18.2% exploration interest- 9-10% net Reserves

Bohai Bay, ChinaBohai Bay, ChinaDevelopment UpdateDevelopment Update

• 11-1 / 11-2 Fields Under Development• Platforms Set, wells drilling, • FPSO under construction• First Oil in late 2004

• 11-3 / 11-5 Fields • Oil in Place report approved for 11-3/11-5• ODP approval expected Q4 2004 • First Oil late 2005-early 2006

• 12-1 / 12-1S / 11-6 Fields• OIP reports to be submitted Q2 ’04• ODP approval expected Q4 ’04• First Oil late 2006

Bohai Bay BlocksBohai Bay Blocks

Bohai Bay Blocks DevelopmentBohai Bay Blocks Development

Fields

CFD 11-1 / 11-2 Fields 130 - 180 04/36 Q4 2004

CFD 11-3 / 11-5 40 - 80 04/36 Q4 2005

CFD 12-1 100 - 135 05/36 Q4 2006

CFD 12-1S 25 - 45 05/36 Q4 2006

CFD 11-6 100 - 100 04/36 Q4 2006

CFD 2-1 30 - 50 04/36

CFD 16-1 20 - 50 04/36

TOTAL 445 - 670

GrossGrossReservesReservesPotentialPotentialMMBOEMMBOE BlockBlock

Est Date of First Oil

11-1 / 11-2 Field DevelopmentBohai 8 Drilling Rig Drilling Production Wells

11-1 / 11-2 Field DevelopmentBow of FPSO under construction

11-1/11-2 Field DevelopmentFPSO Stern Being Fitted with Power and Separator Modules

11-1/11-2 Field DevelopmentUnion of FPSO Bow & Stern

-10,00020,00030,00040,00050,00060,00070,00080,00090,000

1999 2000 2001 2002 2003 2004 E 2005 E 2006 E

MMcfe

Wyoming production CFD 11-1 & 11-2

Annual Production Growth

CAGR ~49%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

1999 2000 2001 2002 2003 2004 E 2005 E 2006 E

Bcf

eProved Reserve Growth

CAGR ~58%

Positioned for Growth

Extraordinary project inventory

Unmatched organic growth

High rate of return projects

Experienced management

Ultra Petroleum Corp.

Listed: American Stock Exchange Symbol: UPLToronto Stock Exchange Symbol: UP

Issued Shares: 74,776,168 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.

363 N Sam Houston Pkwy E, Suite 1200Houston, TX 77060

281-876-0120281-876-2831 Fax

www.ultrapetroleum.com