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

Chairman,Chairman, President & CEOPresident & CEO

Bohai Bay Bohai Bay

ChinaChina

Green River Green River Basin Basin

WyomingWyoming

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

Ultra HighlightsUltra Highlights

0

200

400

600

800

1,000

1,200

1,400

1,600

1999 2000 2001 2002 2003 2004

Bcf

e

Reserve GrowthReserve Growth

83% CAGR

Reserve Growth – Reserve Growth – Proved + ProbableProved + Probable

-

500

1,000

1,500

2,000

2,500

3,000

3,500

1900 1900

Bc

fe

2003 2004

66%

Production GrowthProduction Growth

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

1999 2000 2001 2002 2003 2004

MM

cfe

60% C

AGR

Year 2004 ResultsYear 2004 Results

$196 mm capital expenditures$196 mm capital expenditures

42% reserve growth to 1,528 bcfe42% reserve growth to 1,528 bcfe

71% annual production growth to 49.3 bcfe71% annual production growth to 49.3 bcfe

$0.39 / Mcfe Finding & Development Cost

>1000% Reserve Replacement Ratio

30+ year Reserve to Production Ratio

Year 2005Year 2005

$290mm capital budget $290mm capital budget

42% production growth – 70 bcfe42% production growth – 70 bcfe

18% reserve growth – 1,800 bcfe18% reserve growth – 1,800 bcfe

100-110 Gross wells in Wyoming

Begin Production at CFD 11-3/11-5

3 exploration wells in China

TD 7395 NCNT0

LabargeLabargePlatformPlatform

Lance Sand Fairway25 Miles Wide

36 sq. miles~600 Wells700 MMcfd

10-acre spacing

Field OGIP = 13.0 Tcf*Field OGIP = 13.0 Tcf*

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

Jonah Field

75 sq. miles75 sq. miles~250 Wells~250 Wells

400 + MMcfd400 + MMcfdField OGIP = 40+ TcfField OGIP = 40+ Tcf

Recoverable = ? TcfRecoverable = ? Tcf

Lance Tight Gas Sand FairwayLance Tight Gas Sand FairwayPinedale Anticline

Field

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:$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

RO

R (

%)

Ultra’s Financial Metrics - 2004Ultra’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

Ultra Cost Structure ComparisonUltra Cost Structure ComparisonTotal Costs 2004 vs. Peer GroupTotal Costs 2004 vs. Peer Group

$/Mcfe$/Mcfe

$/Mcfe Median Source – JP Morgan

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

UP

L

UC

L

EO

G

XT

O

AP

A

KM

G

PX

D

BR

RR

C

EA

C

PP

P

KW

K

WG

R

AP

C

DV

N

TH

X

EC

A

PX

P

NF

X

CH

K

WT

I

SF

Y

SG

Y

FS

T

SK

E

BB

G

UPL #1 at $1.83 / Mcfe

Average: $3.15/Mcfe

Ultra Cost Structure ComparisonUltra Cost Structure Comparison2004 F&D Costs vs. Peer Group2004 F&D Costs vs. Peer Group

$/Mcfe$/Mcfe

$/Mcfe$/Mcfe MedianMedian Source - Wachovia

$0.00$0.50$1.00$1.50$2.00$2.50$3.00$3.50$4.00$4.50$5.00

UPL

NBL

PXP

WG

R

XTO

BR

RRC

APC

BRY

EOG

EAC

KCS

UCL

DVN

REM SM UNT

FST

PQUE EP

L

DEC

NFX

SFY

UPL #1 at $0.39 / McfeUPL #1 at $0.39 / Mcfe

Mean = $1.79

2005-2006E Asset Intensity Estimates

93%79%

71%71%

65%64%64%

61%59%

55%55%

54%50%

42%42%

40%39%39%

38%35%

33%33%

32%31%31%

19%14%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

SKESGY

VPIWTI

DVNFST

KMGNFXPPPECATHXPXDSFYCHKAPCEACEOGPXPUCLAPAXTONBLRRCKWBR

WGUPL

Source – J.P. Morgan

Les

s A

ttra

ctiv

eM

ore

Att

ract

ive

Median = 42%

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

Increased Density Increased Density Drilling – PinedaleDrilling – Pinedale

2003 WOGCC approves Ultra and Anschutz applications for drilling 20-acre pilot wells. 18 20-acre wells drilled in ’04.

July 2004 WOGCC approves 20-acre density for Questar application, North 1/3 of anticline!

November 2004, WOGCC approves Jonah Field Wide 10-acre well density

WOGCC has since approved additional increased density pilots on Pinedale for other operators

33N 108W33N 109W

32N 108W32N 109W

31N 109W31N 108W

30N 109W30N 108W

WARBONNET

ROSS BUTTE

BOULDER

RIVERSIDE

POLE CREEK

MESA

HALF MOON

STEWART POINT

PETRA 1/4/2005 11:05:32 AM

Based on NSAI Reserve Reports

UPL Acreage4-6 BCF6-8 BCF

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

20+ BCF

YE 2004• 1,160 locations 649 40-acre 511 20-acre• Avg location 6.9 Bcf• 8 Tcf gross

PINEDALE PINEDALE RESERVE RESERVE GROWTHGROWTH

Pinedale Future Reserve GrowthPinedale 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

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 %

China UpdateChina 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

Bohai Bay BlocksBohai Bay Blocks

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

110,000

1999 2000 2001 2002 2003 2004 2005E 2006E 2007E

MM

cfe

Annual Production Growth

CAGR ~ 47%

0

500

1,000

1,500

2,000

2,500

1999 2000 2001 2002 2003 2004 2005E 2006E 2007E

Bcf

eProved Reserve Growth

CAGR ~54%

Positioned for Growth

Extraordinary project inventory

Unmatched organic growth

Industry leading cost structure

High rate of return projects

Experienced management

Ultra Petroleum Corp.

Listed: American Stock Exchange Symbol: UPLIssued 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.

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

281-876-0120281-876-2831 Fax

www.ultrapetroleum.com