Ultra Petroleum Corp. (Ultra) is an independent oil and gas company engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. The Company’s operations are primarily in the Green River Basin of southwest Wyoming. The Company continually evaluates other opportunities for the acquisition, exploration and development of oil and natural gas properties. As of December 31, 2008, Ultra owns interests in approximately 121,432 gross (59,953 net) acres in Wyoming covering approximately 190 square miles. The Company owns an interest in approximately 984 gross producing wells in this area and is an operator of approximately 50% of the 984 gross wells. The Company owns interests in 287,745 gross (152,227 net) acres in Pennsylvania.