Ultra Petroleum to Buy Back $1 Billion in Shares

The Board of Directors of Ultra Petroleum Corp. (Amex: UPL) have authorized a share repurchase program for up to an aggregate $1 billion of the company's outstanding common stock, which represents approximately 10% of Ultra's total equity market value, and which will be funded by cash on hand and the company's senior credit facility. Pursuant to this authorization, Ultra will immediately commence a program to purchase up to $250 million of shares through open market or privately negotiated transactions, subject to market conditions and other factors. The company presently has 155,244,664 shares of common stock outstanding.

"The current softness in natural gas prices and subsequently in our equity value, offers us a unique opportunity to deliver near-term value to our shareholders by repurchasing shares at an attractive price. We are very confident of the growth prospects inherent in Ultra's asset base," stated Michael D. Watford, Chairman, President and Chief Executive Officer.

The repurchase program does not obligate the company to acquire any specific number of shares and may be discontinued at any time.

Ultra Petroleum is an independent, exploration and production company focused on developing its long-life natural gas reserves in the Green River Basin of Wyoming, and oil reserves in Bohai Bay, offshore China.