ULTRA PETROLEUM ANNOUNCES THIRD QUARTER 2009 FINANCIAL RESULTS,
RECORD PRODUCTION AND INDUSTRY-LEADING RETURNS
HOUSTON, Texas – October 30, 2009 – Ultra Petroleum Corp. (NYSE: UPL) continued to deliver strong
financial and operating performance for the third quarter of 2009. Highlights for the quarter include:
 Record natural gas and crude oil production of 45.9 Bcfe, an increase of 27 percent from third
quarter 2008
 Operating cash flow(1) of $172.6 million
 Earnings of $85.8 million, or $0.57 per diluted share – adjusted
 Per unit all-in costs of $2.48 per Mcfe, down 22 percent from the same period in 2008
 Superior returns in third quarter (adjusted): 71 percent cash flow margin, 35 percent net income
margin, 59 percent return on equity, and 26 percent return on capital
For the third quarter of 2009, production of natural gas and crude oil increased 27 percent to a record
45.9 billion cubic feet equivalent (Bcfe) as compared to 36.3 Bcfe during the third quarter of 2008. Ultra
Petroleum’s third quarter 2009 production levels were the highest quarterly levels ever achieved by the
company. The company’s production for the third quarter was comprised of 43.9 billion cubic feet (Bcf) of
natural gas and 341.5 thousand barrels of condensate (MBbls).
Ultra Petroleum reported operating cash flow(1) for the third quarter of $172.6 million. Adjusted net income
was $85.8 million, or $0.57 per diluted share for the quarter. Due to a non-cash unrealized mark-tomarket
charge of $145.0 million ($94.1 million after tax) on the company’s financial commodity contracts,
the company reported a loss of $8.3 million, or ($0.06) per diluted share. The unrealized loss on
commodity derivative contracts is typically excluded by the investment community in published estimates.
“Once again, Ultra Petroleum’s profitable growth strategy delivers. The company organically grew
production by 27 percent while simultaneously decreasing all-in costs 22 percent to $2.48 per Mcfe from
the same quarter in 2008. While the industry continued to experience low natural gas prices during the
quarter, our returns and margins remain similar to ones achieved last year in a more robust commodity
price environment. This is a true testament to our world-class legacy asset coupled with our industryleading
low-cost structure,” stated Michael D. Watford, Chairman, President and Chief Executive Officer.
During the third quarter of 2009, Ultra Petroleum’s average realized natural gas price was $5.13 per
thousand cubic feet (Mcf), including realized gains and losses on commodity derivatives. The company’s
average price for natural gas was $3.09 per Mcf, excluding realized gains and losses on commodity
derivatives. The realized condensate price in the third quarter of 2009 was $57.47 per barrel (Bbl).

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