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

2. Bohai Bay China China Green River Basin Wyoming

3. 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

4. Wyoming Reserve Growth 95% CAGR

5. Production Growth 57% CAGR

6. 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

7. 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

8. 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

9. 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 400 + MMcfd Field OGIP = ? Tcf Recoverable = ? Tcf Lance Tight Gas Sand Fairway Pinedale Anticline Field

10. 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) 6.010.0

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

12. 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 (%)

13. Ultra Cost Structure Comparison Total Costs 2002 - $/Mcfe Source – Wachovia UPL #1 at $1.61 / Mcfe

14. Ultra Cost Structure Comparison F&D Costs 1998-2002 Source - Wachovia UPL #1 at $0.25 / Mcfe

15. Pinedale Reserve Growth 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 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

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

17. Pinedale 3D Mesaverde Interval Ultra Interest Mesaverde Tests Seismic Amplitude from 3D Data 2002 - 16 wells 2003 - 54 wells

18. 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

19. 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 15-18.2% exploration interest- 9-10% net Reserves

20. Bohai Bay, China Development 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

21. Bohai Bay Blocks

22. Bohai Bay Blocks Development Fields CFD 11-1 / 11-2 Fields 130 - 18004/36 Q4 2004 CFD 11-3 / 11-5 40 - 8004/36 Q4 2005 CFD 12-1 100 - 135 05/36 Q4 2006 CFD 12-1S 25 - 4505/36 Q4 2006 CFD 11-6 100 - 10004/36 Q4 2006 CFD 2-1 30 - 50 04/36 CFD 16-1 20 - 50 04/36 TOTAL 445 - 670GrossReservesPotentialMMBOEBlock Est Date of First Oil

23. 11-1 / 11-2 Field Development Bohai 8 Drilling Rig Drilling Production Wells

24. 11-1 / 11-2 Field Development Bow of FPSO under construction

25. 11-1/11-2 Field Development FPSO Stern Being Fitted with Power and Separator Modules

26. 11-1/11-2 Field Development Union of FPSO Bow & Stern

27. Annual Production Growth CAGR ~49%

28. Proved Reserve Growth CAGR ~58%

29. Positioned for Growth  Extraordinary project inventory  Unmatched organic growth  High rate of return projects  Experienced management

30. 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 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 1200 Houston, TX 77060 281-876-0120 281-876-2831 Fax www.ultrapetroleum.com