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

Bohai Bay China China Green River Basin Wyoming

Ultra 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

Wyoming Reserve Growth 95% CAGR

Production Growth 57% CAGR

Year 2003 Results $116 mm capital expenditures 53% reserve growth to 1,073.4 bcfe 66% 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 2004 $190mm capital budget 38% production growth – 40 bcfe 20% 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, 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, 2003 Jonah Field Pinedale Anticline Field

LabargePlatform Lance Sand Fairway 25 Miles Wide 25 sq. miles ~500 Wells 750+ MMcfd Field OGIP = 10 Tcf* Recoverable = 8.5 Tcf* *source EnCana Jonah Field 75 sq. miles ~210 Wells MMcfd Field OGIP = ? Tcf Recoverable = ? Tcf Lance Tight Gas Sand Fairway Pinedale Anticline Field

Pinedale / Jonah Comparison 11,0007,000 Average Bottom Hole Pressure (psi) 5,0002,200 Average Completed Interval (ft) 48,00016,000 Approximate Productive Acres PINEDALEJONAH Producing Well EUR (BCF)

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

Ultra’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 (%)

Ultra Cost Structure Comparison Total Costs $/Mcfe Source – Wachovia UPL #1 at $1.61 / Mcfe

Ultra Cost Structure Comparison F&D Costs Source - Wachovia UPL #1 at $0.25 / Mcfe

Pinedale Reserve Growth YE locations on 17,780 UPL acres Avg location 6.4 Bcf gross Tcf YE locations on 7,480 UPL acres Avg location 4.9 Bcf gross Tcf Based on NSAI Reserve Reports YE locations on 25,440 UPL acres Avg location 7.4 Bcf gross Tcf UPL Acreage 4-6 BCF 6-8 BCF 8-10 BCF BCF BCF BCF BCF BCF 20+ BCF

Additional Opportunities What’s not in NSAI’s Pinedale Anticline numbers  East / West Expansion  Mesaverde  20 acre downspacing  Other Horizons

Pinedale 3D Mesaverde Interval Ultra Interest Mesaverde Tests Seismic Amplitude from 3D Data wells wells

Increased Density Drilling – 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, 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 % exploration interest- 9-10% net Reserves

Bohai Bay, China Development Update 11-1 / 11-2 Fields Under Development Platforms Set, wells drilling, FPSO under construction First Oil in late / 11-5 Fields Oil in Place report approved for 11-3/11-5 ODP approval expected Q First Oil late 2005-early / 12-1S / 11-6 Fields OIP reports to be submitted Q2 ’04 ODP approval expected Q4 ’04 First Oil late 2006

Bohai Bay Blocks

Bohai Bay Blocks Development Fields CFD 11-1 / 11-2 Fields /36 Q CFD 11-3 / /36 Q CFD /36 Q CFD 12-1S /36 Q CFD /36 Q CFD /36 CFD /36 TOTAL GrossReservesPotentialMMBOEBlock Est Date of First Oil

11-1 / 11-2 Field Development Bohai 8 Drilling Rig Drilling Production Wells

11-1 / 11-2 Field Development Bow of FPSO under construction

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

11-1/11-2 Field Development Union of FPSO Bow & Stern

Annual Production Growth CAGR ~49%

Proved 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: UPL Toronto 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 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 You can also obtain this form from the SEC by calling SEC N Sam Houston Pkwy E, Suite 1200 Houston, TX Fax