Ultra Voluntarily Delists from Toronto Stock Exchange

Ultra Petroleum Corp. (Amex: UPL; Toronto: UP) announced that as of the close of business on March 31, 2004 the Toronto Stock Exchange (TSX) accepted Ultra's request to voluntarily delist all its common shares from trading on the TSX. The primary reason for delisting is that trading activity for Ultra on the TSX has dropped to the point where on average 98% of trading now takes place on the American Stock Exchange (AMEX). Due to low trading volumes on the TSX, Ultra was removed from the S&P/TSX Composite Index in September 2003. Also, listing fees on the TSX have increased to $69,550 CDN, while listing fees on AMEX remain $30,000 U.S. Therefore, it was decided that in the best interest of Ultra and its shareholders it was prudent to delist from the TSX and continue trading on the AMEX under the symbol UPL.

Ultra remains a Canadian company incorporated in the Yukon Territories. All Canadian investors should confirm with their accountants and/or investment specialists as to any impact the delisting has regarding Canadian RRSP investment portfolios.

"We appreciate the efforts of the TSX in helping us build Ultra to where we are today. However, with 98% of our trading activity now on the AMEX, we decided it was time to remove ourselves from that relationship and continue with our U.S. listing only. We greatly appreciate our Canadian shareholders and would hope they will continue with us as we move to the future with the impressive growth we have enjoyed thus far. We still have a long way to go and new growth targets already in sight. Again, the Toronto Stock Exchange has been a very cooperative and professional organization to work with and we thank them for all their years of support," stated Michael D. Watford, Chairman, President and Chief Executive Officer.

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