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Gold/Mining/Energy : Ultra Petroleum (UPL)
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To: Donald Lickman who wrote (4163)6/22/1999 9:48:00 AM
From: shalom  Read Replies (1) of 4851
 
FOR IMMEDIATE RELEASE June 22, 1999

Ultra closes acreage sale

Denver, CO - Mike Watford, Chairman and CEO of Ultra Petroleum Corp.
(TSE:UP), announced today that the previously disclosed sale of
approximately 8% of the Company's acreage in the Green River Basin
has now closed. Purchase price was U.S. $13.2 million in cash and
net carried work commitments.

A major portion of the sale involved acreage, producing wells and
farmout rights with Questar Exploration and Production Company, a
subsidiary of Questar Corp. (NYSE:STR). Questar exercised its
preferential right to purchase by matching Anschutz Wyoming
Corporation's offer for that portion of the sale associated with the
Questar farmout. Anschutz elected to close on the remaining portion
of the transaction.

"Anschutz and Questar are two well capitalized partners who will now
be aggressively developing this portion of our gas reserves on our
behalf," said Watford. "Drilling is expected to start within the
week. With this drilling and seismic program financed and underway,
the Ultra team will be able to focus on exploring and evaluating the
rest of its acreage in this play, both on and off the Pinedale
anticline."

Ultra Petroleum is a natural gas exploration and development company
active in the Green River Basin region of Wyoming. The Company's
primary producing assets are in the Jonah Field in Wyoming. The
Company is listed on the Toronto stock exchange under the symbol UP.

-30-

Investor contact: David Russell at 800-688-5651

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