Ultra Petroleum
Closes Sale of China Interests and Appoints Roger A. Brown to the Board of
Directors
��� HOUSTON,
Oct. 24 /PRNewswire-FirstCall/ -- Ultra Petroleum Corp.
(NYSE: UPL) today reported the closing on its previously
announced sale of Sino-American Energy Company which represents all of Ultra's
interest in Bohai Bay, China. The transaction's effective date is June 30,
2007. The purchaser of the Bohai Bay asset is SPC E&P (China) Pte Ltd, a
wholly-owned subsidiary of Singapore Petroleum Company Limited.
��� The company
is also announcing the appointment of Roger A. Brown to the Board of Directors.
He will serve on the Audit and Nominating and Corporate Governance Committees.
Mr. Brown was most recently Vice President Strategic Initiatives for Smith
International, Inc., and prior to that, President of Smith Technologies, a
division of Smith International. He retired from Smith earlier this year. He
holds a Bachelor of Science, Economics, History and Political Science and a
Juris Doctorate all from the University of Oklahoma.��
��� "We are
delighted to quickly close the sale of our Bohai Bay assets," commented
Michael D. Watford, Chairman, President and Chief Executive Officer. "And,
we are very fortunate to have Mr. Brown join our Board of Directors. His
leadership and knowledge of the energy sector will be a valuable asset for
Ultra as we continue to execute our business plan," Watford added.
��� Conference
Call Webcast Scheduled for October 31, 2007
��� Ultra Petroleum's third quarter 2007
conference call will be available via live audio webcast at 10:00 a.m. Central
Time (11:00 a.m. Eastern Time) on Wednesday, October 31, 2007. To listen to
this webcast, log on to http://www.ultrapetroleum.com. The webcast will be
archived on Ultra Petroleum's website through February 20, 2008.
��� Ultra
Petroleum Corp. is an independent, exploration and production company focused
on developing its long-life natural gas reserves in the Green River Basin of
Wyoming -- the Pinedale and Jonah Fields. Ultra is listed on the New York Stock
Exchange under the symbol "UPL". The Company had 151,892,002 shares
outstanding as at June 30, 2007.
��� This news
release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The opinions, forecasts,
projections or other statements, other than statements of historical fact, are
forward-looking statements. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, we can give no
assurance that such expectations will prove to have been correct. Certain risks
and uncertainties inherent in the Company's business are set forth in our
filings with the SEC, particularly in the section entitled "Risk
Factors" included in our Annual Report on Form 10-K for our most recent
fiscal year and from time to time in other filings made by us with the SEC.
These risks and uncertainties include increased competition, the timing and
extent of changes in prices for crude oil and natural gas, particularly in
Wyoming, the timing and extent of the Company's success in discovering,
developing, producing and estimating reserves, the effects of weather and
government regulation, availability of oil field personnel, services, drilling
rigs and other equipment, and other factors listed in the reports filed by the
Company with the SEC.
��� This release can be found at
http://www.ultrapetroleum.com
SOURCE� Ultra Petroleum Corp.
��� -0-���������������������������� 10/24/2007
��� /CONTACT:�
Kelly L. Whitley, Manager, Investor Relations, of Ultra Petroleum Corp.,
+1-281-876-0120, ext. 302, info@ultrapetroleum.com /
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��� /Web site:�
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��� (UPL)