Ultra Petroleum Corp. Pinedale Acquisition Summary Investor Presentation August 14, 2014

Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and crude oil exploration, development and production. The company is listed on the New York Stock Exchange and trades under the ticker symbol “UPL”.

Ultra Petroleum Corp. NYSE: UPL

Transaction Overview Transaction Summary 

Pro Forma snapshot (6/30/14) Proved Reserves Impact

On August 13, 2014, Ultra entered into a definitive

Before = 4.4 Tcfe

agreement with Shell to swap Shell’s Pinedale assets for a portion of Ultra’s Marcellus assets and $925 million in

8%

After = 6.2 Tcfe

4%

3% 2%

cash (the “Acquisition”) 

Net purchase of $925 million for Net 1P of 1,824 Bcfe 

Pinedale 88%

Acquire: 2,056 Bcfe of 1P in Pinedale 100% Operated



Divest: 232 Bcfe of 1P in Pennsylvania 80% Non-Operated



Q2 2014 average net production of 189 Mmcfepd

PV-10 Value Impact Before = $5.9bn

acquired from Shell and 100 Mmcfepd divested to Shell 

Pinedale 95%

Financing of the Acquisition will consist of approximately

11%

After = $7.8bn 3% 9%

8%

$225 million of revolving credit facility borrowings and $700 million of new senior notes, to be issued at the parent company level, Ultra Petroleum Corp.

Ultra Petroleum Corp. NYSE: UPL

Pinedale 81%

Pinedale 88%

Reserves Unaudited

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Transaction Rationale Unique opportunity to increase ownership in core Pinedale asset Expected strong growth while spending within cash flow Transitions asset base to lower-cost, higher-margin portfolio Increases proved reserve base at highly attractive valuation Increases operatorship to 82% from 62% across portfolio Provides additional exposure to favorable Western US gas prices to 92% from 76% Retains portfolio diversification through remaining higher-quality Marcellus acreage

Ultra Petroleum Corp. NYSE: UPL

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Transaction Increases 1P Reserves by 1.8 Tcfe Reserves, Bcfe

Acquired Pinedale from  Shell = 2.1 Tcfe 1P Reserves 35% PDP   65% PUD

Note: Year end 2013 price deck of $3.67 / mmbtu Henry Hub gas price and WTI oil price of $96.92 / bbl including 5 year PUD capital of $1,758mm. Mid-year update price deck of $4.10 / mmbtu Henry Hub gas price and WTI oil price of $100.34 / bbl including 5 year PUD capital of $2,459mm. Pro forma price deck of $4.10 / mmbtu Henry Hub gas price and WTI oil price of $100.34 / bbl including 5 year PUD capital of $3,772mm. Mid-year 2014 & pro forma reserves unaudited.

Ultra Petroleum Corp. NYSE: UPL

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Transaction Increases 1P Reserves PV10 by $1.8bn PV‐10 Values, $MM

Acquired Pinedale from  Shell = $2.1 billion  1P PV‐10 57% PDP   43% PUD

Note: Year end 2013 price deck of $3.67 / mmbtu Henry Hub gas price and WTI oil price of $96.92 / bbl including 5 year PUD capital of $1,758mm. Mid-year update price deck of $4.10 / mmbtu Henry Hub gas price and WTI oil price of $100.34 / bbl including 5 year PUD capital of $2,459mm. Pro forma price deck of $4.10 / mmbtu Henry Hub gas price and WTI oil price of $100.34 / bbl including 5 year PUD capital of $3,772mm. Mid-year 2014 & pro forma reserves unaudited.

Ultra Petroleum Corp. NYSE: UPL

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Pinedale Assets – Acquisition Shell Pinedale Assets    

189 Mmcfepd of net production Proved reserves of 2.1 Tcfe 515 net wells, ~19,600 net acres 1,000+ gross future drilling locations

Current UPL Operated Same WI  Current UPL Operated Acquire Additional WI from Shell 

Current Shell Operated Acquire Additional WI and Become Operator

Ultra Pinedale Pro Forma  644 Mmcfepd of net production  Proved reserves of 6.2 Tcfe  1,309 net operated wells, 162 net non-op wells, ~68,600 net acres  5,000+ gross future drilling locations  Significant synergies with legacy Pinedale/Jonah assets Ultra Petroleum Corp. NYSE: UPL

Current Shell Operated Acquire New WI And Operatorship

UPL non‐op WI  (QEP Operated)

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Pinedale’s Profitable Well Economics 250%

Robust Reinvestment Opportunities

200%

Reserve Size (Bcfe) Well Cost ($/MM)

150% IRR 100%

50%

4.0

5.0

6.0

$4.0

42%

69%

102%

$3.7

50%

81%

122%

$3.5

57%

95%

139%

Economics at $4.50/Mcf wellhead price 0% $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00

Wellhead Gas Price 4.0 Bcfe

5.0 Bcfe

6.0 Bcfe

Economics at $3.7MM/well

Ultra Petroleum Corp. NYSE: UPL

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Marcellus Asset Summary Divested Assets

Divested Area

 155,000 net acres  Potter, Tioga, NE Lycoming counties  100 Mmcfepd of net production  12% operated, 88% Shell operated  Proved reserves of 232 Bcfe

Retained Area

Retained Assets  91,000 net acres  W. Lycoming, Clinton, Centre counties  55 Mmcfepd of net production  Anadarko operated  Proved reserves of 133 Bcfe

Ultra Petroleum Corp. NYSE: UPL

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Marcellus Economics: The Case for Change IRR @ $2.00

Divest

Well Cost ($/MM)

Reserve Size (Bcfe) 5.0

6.0

7.0

8.0

$      8.0 

0%

0%

0%

3%

$      7.0 

0%

0%

3%

6%

$      6.0 

0%

2%

6%

11%

$      5.0 

1%

6%

12%

18%

Retain

IRR @ $3.00 Well Cost ($/MM)

Reserve Size (Bcfe)

 Ultra has not been participating in low-return opportunities that are now part of the divested assets  Divested assets have zero returns at current price realizations, limited returns up to $4.00  Retained assets yield good returns at $3.00, with significant upside at $4.00 120%

5.0

6.0

7.0

8.0

$      8.0 

2%

7%

12%

17%

100%

$      7.0 

5%

11%

17%

24%

80%

$      6.0 

9%

17%

25%

34%

IRR 60%

$      5.0 

16%

26%

38%

51%

40% 20%

IRR @ $4.00

0%

Reserve Size (Bcfe) Well Cost ($/MM)

Case for Change:

$2

$3

$4

$5

5.0

6.0

7.0

8.0

$      8.0 

11%

18%

26%

35%

$      7.0 

16%

25%

35%

48%

5 BCFE

$      6.0 

23%

35%

50%

67%

$      5.0 

35%

53%

75%

101%

Economics at $7.0MM/well Pinedale IRR @ $4 wellhead gas are ~65%

Ultra Petroleum Corp. NYSE: UPL

Wellhead Gas Price 6 BCFE

7 BCFE

8 BCFE

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Uinta Asset Summary October 2013 Acquisition    

4,700 Boe/d of production (gross) 39 producing wells 8 day cycle time planned 45 wells planned for 2014

August 2014 Update    

9,300 Boe/d of production (gross) 94 producing wells < 6 day cycle times being achieved 72 wells expected in 2014

WY

UPL Three Rivers  Altamont‐Bluebell

UT

CO

Wonsits‐Redwash Randlett

Monument Butte

UT

CO

Natural Buttes

DUSHESNE CO

West Tavaputs

UINTAH CO

EMERY CO

Ultra Petroleum Corp. NYSE: UPL

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Early Look Ahead… 2013A

2014E

2015E

2016E

2017E

2018E

Operations Realized price ($/Mcf) Realized price ($/Bbl) Capex ($MM) Acquisitions ($MM) Production Oil (mbbls) Gas (bcf) Production (Bcfe)

$ $ $ $

3.57 91.25 376 644

$ 4.05 $ 4.00 $ $ 81.00 $ 78.00 $ $ 560 $ 725 $ $ 925

1,196 225 232

3,400 231 250

5,600 270 305

4.15 $ 4.35 $ 4.55 74.00 $ 73.00 $ 72.00 885 $ 925 $ 955

7,500 303 348

7,700 340 385

8,075 365 414

Income Statement ($MM) EBITDA

$

604 $

820 $ 1,010 $

1,210 $ 1,360 $ 1,480

2,460 $ 3,370 $ 3,190 $

3,015 $ 2,735 $ 2,350

Balance Sheet ($MM) Ending net debt balance

$

Ultra Petroleum Corp. NYSE: UPL

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Ultra Petroleum Corp. • Market Data as of June 30, 2014 • Shares of Common Stock Outstanding: 153.2MM Market Capitalization: $4.5B Enterprise Value: $6.9B 52 Week Price Range: $18.22 (10/31/13) - $31.43 (5/01/14) Investor Contact: Kelly Whitley Director Investor Relations (281) 582-6602 [email protected]

This presentation contains or incorporates by reference forward looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts included in this document and other statements that include the words "believe", "expects", "anticipates", "intends", "estimates", "projects", "target", "goal", "plans", "objective", "should", or similar words are forward looking statements and reflect the Company’s current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected, and actual results may differ materially from those projected. Important factors that may cause actual results to differ from the forward-looking statements in this presentation include: increased competition; the timing and extent of changes in prices for crude oil and natural gas; the timing and extent of discovery, development, production and estimation of oil and natural gas reserves; the effects of weather and government regulation; the availability of oil field personnel and services and equipment; and other risks detailed in the company’s SEC filings, particularly in its Annual Report on Form 10-K available from Ultra Petroleum Corp. at 400 North Sam Houston Parkway E., Suite 1200, Houston, TX 77060 (Attention: Investor Relations). You can also obtain this information from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at www.sec.gov. This presentation may contain certain non-GAAP financial measures. Reconciliation and calculation schedules for the non-GAAP financial measures can be found on our website at www.ultrapetroleum.com. SEC guidelines permit oil and gas companies to disclose only proved, probable and possible reserves in filings with the SEC. In connection with this presentation, we may use the terms “risked reserves” or resource “potential” or “upside” or other descriptions of volumes of reserves or resource that the SEC’s guidelines may prohibit us from including in filings with the SEC. Investors are urged to review the reserve disclosures in our SEC filings, which are available on our website or the SEC’s website.

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