Ultra Petroleum to sell China interests

Ultra Petroleum Corp. announced the execution of a stock purchase agreement for the sale of Sino-American Energy Company which represents all of Ultra’s interests in Bohai Bay, China for $223 million.

The reserve volumes sold represent all of Ultra’s international assets and comprise 1% of Ultra’s year-end 2006 proved reserves. The sale is expected the fourth quarter of 2007. The purchaser of Bohai Bay is SPC E&P (China), a subsidiary of Singapore Petroleum Company Limited. Jefferies Randall and Dewey acted as advisors for Ultra in this transaction.

Ultra Petroleum Corp. is an independent, exploration and production company focused on developing its long-life natural gas reserves in the Green River Basin of Wyoming – the Pinedale and Jonah Fields. Ultra is listed on the New York Stock Exchange under the symbol “UPL”. The Company had 151,892,002 shares outstanding as at June 30, 2007.