Ultra to Begin Drilling Pinedale Anticline Acreage

Ultra Petroleum confirms that on July 13, 2004 the Wyoming Oil & Gas Conservation Commission voted unanimously to approve 20-acre density drilling of Lance Pool (Lance and Mesaverde Formation) wells on the Company's Pinedale Anticline acreage operated by subsidiaries of Questar Corp. located in the Stewart Point and Mesa areas of the Pinedale Anticline in Townships 32 and 33 North, Range 109 West, 6th PM, Sublette County, Wyoming. Ultra has an approximately 28% average Working Interest in this acreage.

Ultra continues work on its increased density pilot project in the Warbonnet and Riverside areas of the Pinedale Anticline to gather the information necessary to determine the proper well density for these areas of the Pinedale Anticline.

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