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Gold/Mining/Energy : Ultra Petroleum (UPL) -- Ignore unavailable to you. Want to Upgrade?

To: Bob Parker who wrote (4000)	3/25/1999 3:30:00 PM
From: debra vogt	Read Replies (1) \| Respond to of 4851

ZUltra Petroleum Corp_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ A U T O M A T E D N E W S R E L E A S E _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _Ultra Petroleum Corp NEWS RELEASE March 25, 1999 RESERVES ESTIMATES REVISED UPWARDS, PRODUCTION DOUBLES Denver, CO - Michael Watford, CEO of Ultra Petroleum Corp., announced today that the Company is in receipt of a reserves report dated December 31, 1998 by independent reservoir engineers Gilbert, Laustsen, Jung and Associates (GLJ) of Calgary, Alberta. Proved plus probable reserves increased 43% from 296.1 BCFE as of July 1, 1998 to 422.2 BCFE at Dec. 31, 1998. Figures from both periods have been adjusted to reflect a change in the reserves accounting method instituted by Ultra's new CEO. "These figures eliminate reserves associated with certain production payments to provide a more accurate view of Ultra's net reserves," said Watford. Proved reserves increased from 39.3 BCFE to 43 BCFE, while probable reserves increased from 256.8 BCFE to 379.2 BCFE. Production net to Ultra doubled from 555 Mmcfe in the first quarter ended September 30, 1998 to 1,132 Mmcfe in the second quarter ending December 31, 1998. Ultra Petroleum Corp. (TSE: UP) is a natural gas exploration and development company with U.S. headquarters in Denver, Colorado. The Company is exploring and developing the natural gas potential of its extensive lease holdings in the Green River Basin of southwest Wyoming. -30- Investor contact: David Russell at 800-688-5651 This release includes "forward-looking statements" within the meaning of applicable securities laws. Such forward-looking statements include without limitation, estimates or projections with respect to reserves, production levels, cash flows, earnings, and capital expenditures. Factors that could cause actual results to differ materially are described in the Ultra's 20-F report filed with the United States Securities and Exchange Commission, and include, without limitation, rig and equipment availability, commodity prices, exploration risk, operating hazards, weather, competition, governmental/regulatory developments, and inherent uncertainties in estimating reserves and production rates. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ You can view this news release and any links associated with it at ultrapetroleum.com _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _