Ultra Petroleum Increases Full Year 2007 Production
Growth Target to 31 Percent and Announces Executive Retirements
��� HOUSTON,
Dec. 28 /PRNewswire-FirstCall/ -- Ultra Petroleum
Corp.
(NYSE: UPL) today announced that for the third time this year, it is increasing
2007 production guidance. The new production guidance for 2007 is 120.0 billion
cubic feet of gas equivalent (Bcfe) increased from
the previous guidance of 116.5 Bcfe. This represents
a 31% increase over 2006 inclusive of substantial shut-ins during the year and
the sale of the Chinese asset. Production guidance for the fourth quarter 2007
is 32.3 Bcfe, which is an increase from the previous
28.8 Bcfe guidance.
��� "Our
new production target for 2007, reflecting a 33% increase on a per share basis
over 2006, is evidence of our productivity gains despite fewer rig days in
2007," commented Michael D. Watford, Chairman, President and Chief
Executive Officer. "And our well costs continue to decrease," Watford added.
���
Additionally, two executives will be retiring at year-end: Stephen R. Kneller, VP - Exploration, Domestic and Michael G.
Patterson, VP - International. Both individuals have played key roles in
Ultra's success over the past handful of years.
��� Mr. Kneller is one of the longest serving employees at Ultra
and was extremely influential in the development of the Pinedale Field acreage,
including the acquisition of Ultra's original Pinedale and Jonah lease
position. He will continue to work with the company in a part-time consulting
position.
��� With the
sale of the company's Bohai Bay
interest late in the year, Mr. Patterson will be retiring. He leaves behind a
distinguished career in international exploration and production and was
instrumental to Ultra's success in China.
���
"Steve's and Mike's wisdom, leadership and knowledge will be missed
by everyone at Ultra. I wish to thank both of them for their contributions in
shaping Ultra into the premier oil and gas company that it is today,"
commented Watford. "We are fortunate that Steve will continue on in a
limited consulting capacity in order to provide a strong transition for his
team and the company," Watford added.
��� About Ultra
��� 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 and trades under the ticker symbol "UPL".� The company had 152,770,685 shares
outstanding on November 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-���������������������������� 12/28/2007
��� /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)