Upl

Ultra Petroleum Corp.
Michael D. Watford
Chairman, President and CEO
IPAA Oil and Gas Investment Symposium

April 20, 2015
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
2014 Accomplishments
Operations
Repositioned portfolio to higher returning assets in the west while shedding lower
returning assets in the east
Increased PV-10 by 72% to $7.1B and proved reserves 49% to 5.4 Tcfe
Achieved 805% reserve replacement ratio at $0.75/Mcfe Finding Cost
Increased operatorship to 82% from 62% across entire portfolio
Tripled oil production
Financial
Grew net income 53% to $402.8MM and EBITDA 34% to $810.0MM vs. 2013
Increased field level margins by ~$1.00 per Mcfe by swapping Marcellus production
for more Pinedale production
Generated 58% cash flow margin and 34% net income margin
Raised $850MM of new debt attractively priced at 6.125% with BB rating
2015 Game Plan

2015
Capital Investment Program
$460MM
$15
$15 $35
Drilling program
169 gross (110 net) Wyoming wells
22 gross (22 net) Utah wells
Production goal 275 285 Bcfe

179 gross (113 net) Wyoming wells online
1 gross (1 net) Utah wells online
$395
Wyoming
Utah
Infrastructure
Corporate
Growing Proved Reserves and Value

1P PV-10 ($MM)
1P Reserves (Bcfe)
8,000
6,000
5,371
5,000
7,000
$7,098
6,000
4,000
5,000
3,614
4,000
3,000
$4,132
3,000
2,000
2,000
1,000
1,000
0
2013
2014
2013
2014
Note: YE 2013 price deck of $3.67/mmbtu HH gas price and $96.92/bbl WTI, including 5 year PUD capital of $1.758MM. YE 2014 price deck of $4.35/mmbtu HH gas
price and $94.99/bbl WTI, including 5 year PUD capital of $3.538MM.
Future Proved Reserves Growth

19,078
20,000
18,000
5,749
16,000
13,329
14,000
Bcfe
12,000
3,796
3,796
4,162
4,162
4,162
Technical
PUD*
Probable
Other
Possible
9,533
10,000
8,000
6,000
4,000
5,371
2,000
0
YE14
1P
Note: Technical PUDs of 4.2 Tcfe refers to those locations that could be booked if the company adopted a larger 5-yr development plan. Technical PUDs meet all the
technical criteria to be considered proved reserves.
Operated + West = Higher Value

3P Reserves (Bcfe)
20,000
19,271
19,078
18,000
20,000
19,271
19,078
18,000
5,769
16,000
14,000
3P Reserves (Bcfe)
9,241
14,000
12,000
12,000
10,000
10,000
8,000
8,000
13,309
6,000
4,699
16,000
9,120
14,378
6,000
10,030
10,151
4,000
4,000
Non-Operated
Operated
2,000
Appalachia
Rockies
2,000
0
2013
2014
2013
2014
Note: Year End 2014 3P reserves estimated by Netherland, Sewell & Associates, Inc., a third-party, independent engineering firm. 3P reserves were estimated using a gas
price of $5.00 HHUB and an oil price of $94.99 WTI.
Long-Life, Low-Cost, Tight Gas

WY
Pinedale/Jonah Fields
Net Acres: 67,000
Proved Developed: 2,255 Bcfe
Total Proved: 5,025 Bcfe
Total Resource: 13.9 Tcfe
Total WI Wells: 1,670
Production: 682 Mmcfe/d
UT
CO
Ultra Operated
QEP Operated
Pinedales Profitable Well Economics

250%
Reserve Size (Bcfe)
Well Cost
($/MM)
IRR
200%
150%
100%
4.0
5.0
6.0
$3.8
26%
43%
64%
$3.5
31%
51%
77%
$3.2
38%
63%
94%
50%
Economics at $3.50/Mcf wellhead price and $70/Bbl
Payout for a 5 Bcfe well at $3.5MM = 22 months
0%
$3.00
$4.00
$5.00
Wellhead Gas Price ($/Mcf)
4.0 Bcfe
5.0 Bcfe
$6.00
6.0 Bcfe
Economics assume $3.5MM/well
Improving Operating Efficiencies

80
70
major changes in well design and rigs
60
50
Rig Release to 40
Rig Release
30
(Days)
20
10
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
600
optimization and technology application
500
400
Rig Release to
Rig Release 300
(hours)
200
Record Well
197 hours
100
0
2009
2010
2011
2012
2013
2014
Leads to Further Cost Reductions

$8.0
Pinedale Field
$7.0
$6.0
$5.0
Total
Well Cost
($MM)
$4.0
$3.0
$2.0
$1.0
$2006
2007
2008
2009
2010
2011
2012
2013
2014
2015e
10
2015 Targeted Well Cost Reductions

$3.8
$3.71
$3.7
$3.6
$3.47
Millions
$3.5
$3.40
$3.4
$3.35
$3.30
$3.3
$3.2
$3.1
$3.0
4Q14
1Q15e
2Q15e
3Q15e
4Q15e
11
Extensive Future Wyoming Development
<35% field
developed
4,770 remaining
gross locations
2,570 wells drilled
Gross locations as of Dec. 31, 2014
12
Uinta Basin Oil Opportunity

Three Rivers
WY
UT
CO
Net Acres: 9,000

Proved Developed: 14 MMBOE
Total Proved: 36 MMBOE
Total Resource: >100 MMBOE
Total WI Wells: 123
Production: 7,230 Boped
13
Uinta Well Economics

150%
Reserve Size (MBO)
Well Cost
($/MM)
120%
IRR
90%
60%
200
250
300
$1.9
31%
49%
72%
$1.7
39%
64%
91%
$1.5
52%
83%
124%
30%
Economics at $50/BBL wellhead price
0%
$40
Payout for a 300 MBO well at $1.7MM = 16 months

$45
$50
$55
$60
Wellhead Oil Price

200 MBO
250 MBO
300 MBO
14
Strong Uinta Well Performance

Area
2014 Well
Count
Average
IP30
(BO/d)
Average
IP60
(BO/d)
Average
IP90
(BO/d)
Average
IP120
(BO/d)
Average
IP180
(BO/d)
37
172
157
160
143
129
21
151
140
125
109
96
17
100
97
89
82
74
180
Area 1 Type Curve
160
140
BOPD
120
100
80
60
40
20
0
12
18
24
Months on Production
30
36
15
Uinta Accomplishments
Operations Success:
Achieved 2014 exit rate of 11,000 BOE/d, nearly tripling production
Decreased LOE by 40%
Reduced drilling cycle time to 6 days from 8 days
Value Enhancement:
Reduced oil price differentials by 24%
Improved run times to 95% from 90%
Waterflood Pilot:
Pilot for 1H 2015
Upside: 2 to 4 times increase in reserves with 80% less capex
16
Resource Upside: Waterflood Pilot

UINTAH CO.
Altamont-Bluebell
Wonsits
Redwash
Monument Butte
Analog
Field
Primary
Recovery
Incremental
Recovery
Secondary
to Primary
Ratio
Redwash
53 MMBO
53 MMBO
Wonsits
22 MMBO
26 MMBO
1.2
GMBU
5%
10% - 20%
2-4
A
Natural Buttes
DUSHESNE CO.
Greater Monument Butte Unit
Leland Bench
Ultra
Three Rivers
Wonsits
Redwash
A
A
LGR
DC
Travis
CP
Wasatch
Flooded
Interval
Flooded
Interval
Flooded
Interval
Flooded
Interval
Planned
Flood Interval
17
Uinta Oil Market Infrastructure

Rail Terminal
Refinery
Highway
Ogden Rail Terminal

Holly
Frontier
Big West
Chevron
Salt Lake
City
Tesoro
Ultra
Uinta Basin
Provo Rail Terminal

Three Rivers
Field
25 miles
Helper Rail Terminal

Price Rail Terminal
18
Marcellus Shale Natural Gas

Anadarko/Mitsui AMI
Net Acres: 91,000
Proved Developed: 130 Bcfe
Total Proved: 130 Bcfe
Total Resource: 4.7 Tcfe
Total WI Wells: 133
Production: 53 Mmcfe/d
Ultra-Interest Lands
PA
19
Marcellus Well Economics

120%
Reserve Size (Bcfe)
100%
Well Cost
($/MM)
80%
IRR 60%
40%
20%
6.0
7.0
8.0
$6.5
14%
21%
29%
$6.0
17%
26%
35%
$5.5
22%
31%
42%
Economics at $3.00/Mcf wellhead price

Payout for 7 Bcfe well at $6.0MM = 38 months
0%
$2.00
$3.00
$4.00
$5.00
Wellhead Gas Price

6 BCFE
7 BCFE
8 BCFE
20
Industrys Low-Cost Producer

$12.00
2014 All-In Costs per Mcfe
$10.00
$8.00
All-in Costs
per Mcfe
$6.00
Mean $6.89/Mcfe
$4.00
$2.00
2014 Costs Per Mcfe

LOE
$0.47
Production Tax 0.42
Gathering Fees 0.24
Transportation 0.31
DD&A
1.18
G&A
0.08
Int. & Debt
0.51
$3.21
$0.00
Source: Wells Fargo
21
Shift in Basis Differentials

120%
Basis Differentials as a Percentage of Henry Hub
100%
94%
80%
96%
96%
91%
91%
92%
90%
86%
60%
77%
40%
94%
81%
77%
78%
69%
63%
78%
58%
54%
54%
20%
58%
46%
0%
NW Rockies
Dominion South
Transco Leidy
22
Strong & Stable Margins

Cash Flow Margin
Net Income Margin

60%
100%
Net Income Breakeven ($/Mcfe)
Cash Flow Breakeven ($/Mcfe)
90%
50%
80%
$1.18
$1.15
$1.35
$1.62
$1.78
70%
$2.53
$2.82
$3.07
$2.82
31%
30%
29%
29%
2010
2011
2012
2013
$3.10
40%
60%
50%
30%
40%
70%
73%
64%
30%
55%
58%
20%
20%
34%
10%
10%
0%
0%
2010
2011
2012
2013
2014
2014
23
Driving Higher Margins & Cash Flows

Margin/Mcfe by Area
West Production %
$3.50 HH and $60 WTI
Pre/Post Pinedale Acquisition Gas Volumes
$4.00
100%
$3.50
$2.88
$3.00
90%
95%
80%
$2.50
70%
$2.00
60%
$1.50
$1.22
$1.00
73%
50%
40%
30%
$0.50
20%
$0.00
10%
Wyoming
Pennsylvania
0%
Before
2015
Repositioning of assets improves field level margins by ~9%

Cash flows of traded volumes improve by ~$55MM per year
24
Competitive Margins
$7.00
$6.27
$6.00
$5.10
($/Mcfe)
$5.00
$4.75
$4.72
$5.20
$4.79
$4.40
$3.75
$3.79
$4.00
$3.90
$3.96
$3.00
$2.81
$2.72
$2.00
$2.55
$2.53
$2.43
$2.41
$1.95
$1.00
$1.00
$0.40
$0.00
GPOR
AR
UPL
NFG*
All-In Margin (ex. DD&A)
COG
RRC
Cash Production Expenses
EQT
RICE
G&A
CNX
ECR
Interest Expense
*NFG is converted from FY ending Sept 30 to calendar year 2014 for comparison purposes
Source: Scotia Howard Weil and Company Data
25
Why Ultra Petroleum?

Rate of return focused exploration & production company
Long-life, low-cost western basin natural gas producer
Extensive development inventory
26
Ultra Petroleum Corp.

Market Data as of December 31, 2014
Shares of Common Stock Outstanding: 152.9MM
Market Capitalization: $2.0B Enterprise Value: $5.4B
52 Week Price Range: $12.82 (12/30/14) - $31.43 (05/01/14)
Investor Contact:
Kelly Whitley
Director, Investor Relations
(281) 582-6602
kwhitley@ultrapetroleum.com
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 Companys 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 companys 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 SECs 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
SECs 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 SECs website.
27
Appendix
28
Production and Financial Guidance

FY 2015 estimated production
275 285 Bcfe
91% Wyoming
5% Pennsylvania
4% Utah
Q1 2015 realized pricing

Natural gas: 6 - 8% discount to NYMEX
Crude oil & condensate: 18 20% discount to NYMEX
Q1 2015 expense guidance

Total operating costs per Mcfe $3.34 - $3.52
Assumes realized pricing above
Income tax guidance

Estimate no cash taxes and anticipates a cash tax refund in 2015
29
Hedging Summary
NYMEX
Q1 2015
Q2 2015
Q3 2015
Q4 2015
FY 2015
Volume (Bcf)
17.8
57.7
58.4
19.7
153.6
$/Mmbtu
$4.54
$3.50
$3.50
$3.50
$3.62
$/Mcf
$4.81
$3.71
$3.71
$3.71
$3.84
Note: Amounts may not total due to rounding
30
Lower 48 Natural Gas Production

Lower 48 Pipeline Data
75
70
65
Bcf/Day
60
55
50
Source: SpringRock
31
Growing Natural Gas Demand

Annual Gas Demand Change
4.0
3.5
3.0
Bcf/d
2.5
2.0
1.5
1.0
0.5
0.0
2014
2015
2016
LNG
Power Gen
2017
Industrial
2018
Mexico
2019
2020
Transport
Source: Simmons & Company, IEA, EIA, CITI, FERC
32
Growing Natural Gas Demand

Cumulative Gas Demand
30.0
~23 Bcf/d incremental demand 2014 2020

~12 Bcf/d incremental demand 2014 - 2017
25.0
Bcf/d
20.0
15.0
10.0
5.0
0.0
2014
2015
LNG
2016
Power Gen
2017
Industrial
Mexico
2018
Transport
2019
2020
Source: Simmons & Company, IEA, EIA, CITI, FERC
33
Uinta Basin Players

Uintah
Duschesne
WY
Utah
Colorado
Northern Edge of Uinta Basin

UT
Altamont
CO
CUM: 312 MMBo 539 Bcf
EP
DVN
CPG
BBG
QEP
NFX
NFX
UPL
CPG
APC
BRY
Monument Butte
CUM: 72 MMBo 244 Bcf
Oil Production
Gas Production
QEP
EOG
EP
XOM
Natural Buttes / Wonsits-Red Wash

CUM: 2.3 Tcf 18 MMBo
UPLs Three Rivers Project is located between the legacy Altamont,

Monument Butte, Natural Buttes and Wonsits-Red Wash Fields.
34
Uinta Production Growth

10,000
9,000
8,000
Avg Boe/d
7,000
6,000
5,000
4,000
3,000
2,000
1,000
2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Gross Production
Net Production
35
Pinedale & Uinta Comparison

Pinedale
Three Rivers
Type Section
Type Section
10,100
4,400
Upper Green River

5,100
Lower Lance
(Main Pay Section)
Pinedale
Reservoir Top (MD):
10,100
4,400
Reservoir Base (MD):
13,300
7,000
Average Porosity:
6%
7%
Average Permeability:
0.1 md
Number of Frac Stages:
16
Days to Drill a Well:
10
5.5
$3.5MM
$1.7MM
7.5 MMcfe/D
200 BO/D
Completed Well Cost:

Lower Green River
Three Rivers
Typical 24 Hour IP:

Typical EUR:
4 6 Bcfe
0.5 md
200 300 MBO
7,000
13,300
36
Debt Structure
$ Millions
Covenants
Parent Ultra Petroleum Corp.

5.75% Notes due December 2018
6.125% Notes due October 2024

Total Outstanding
450
850
1,300
518
>2.25 Interest Coverage Ratio (EBITDA: Interest)

(5.1x on Dec. 31, 2014)
Subsidiary Ultra Resources, Inc.

$1.0 Billion Revolving Credit Facility
Senior Notes due March 2015 through October 2025
1,560
Total Outstanding
2,078
Total Consolidated Debt Outstanding
3,378
>1.5x PV-9
<3.5x Leverage Ratio (Debt: EBITDA)
(2.2x on Dec. 31, 2014)
As of Dec. 31, 2014
37
Debt Maturity Profile

$900
$800
Redetermination of
senior credit facility
$700
$600
Debt
Balance
(Millions)
$500
$400
$300
$200
$100
$0
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
As of Dec. 31, 2014
38
Benefits of Using Natural Gas

Domestic:
Greater use of this clean, abundant, madeinAmerica energy source will create U.S. jobs and boost
local economies, while advancing our national
security
Abundant: 2,853 Tcf of natural gas reserves and technically

recoverable natural gas in the U.S. will power
America for generations
Clean:
Represents the only clean energy option of

adequate scale available today to start meaningful air
quality improvements over the 10 years
Jobs:
Supported more than 2.8 million jobs in the U.S. in

all 50 states
39
Innovative Employees
We value the multi-faceted skills and performance our talented
employees have to offer
We have a unique, entrepreneurial, value-driven business culture
We operate in a highly decentralized work environment where
employees can see their projects come to fruition
Responsibility and accountability go hand-in-hand for all employees at
all levels; every employee is recognized for their contribution and
performance
All employees are challenged to deliver best-in-class results as normal
everyday business practice
40
Safety and Environmental

We are committed to safe operations, and maintain high standards of
ethical conduct by employees, contractors and service providers
We pursue our work with integrity and respect for the environment
where we conduct our business
We have established a leadership role in the development of industry

best practices which is recognized by regulatory agencies
We are active in incident management and response planning by
working with local government and first responders to identify roles and
responsibilities for a robust unified management approach to unique
situations
We are dedicated to maintain a safe and secure work environment for
all our employees
41

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Ultra Petroleum Corp.

IPAA Oil and Gas Investment Symposium

Ultra Petroleum Corp. NYSE: UPL

Achieved 805% reserve replacement ratio at $0.75/Mcfe Finding Cost

Increased operatorship to 82% from 62% across entire portfolio

Tripled oil production

Raised $850MM of new debt attractively priced at 6.125% with BB rating

Ultra Petroleum Corp. NYSE: UPL

2015 Game Plan

Production goal 275 285 Bcfe

Ultra Petroleum Corp. NYSE: UPL

Growing Proved Reserves and Value

Ultra Petroleum Corp. NYSE: UPL

Future Proved Reserves Growth

Ultra Petroleum Corp. NYSE: UPL

Operated + West = Higher Value

Ultra Petroleum Corp. NYSE: UPL

Long-Life, Low-Cost, Tight Gas

Ultra Petroleum Corp. NYSE: UPL

Pinedales Profitable Well Economics

Reserve Size (Bcfe)

Economics assume $3.5MM/well

Ultra Petroleum Corp. NYSE: UPL

Improving Operating Efficiencies

major changes in well design and rigs

Ultra Petroleum Corp. NYSE: UPL

Leads to Further Cost Reductions

Ultra Petroleum Corp. NYSE: UPL

2015 Targeted Well Cost Reductions

Ultra Petroleum Corp. NYSE: UPL

Extensive Future Wyoming Development

Ultra Petroleum Corp. NYSE: UPL

Gross locations as of Dec. 31, 2014

Uinta Basin Oil Opportunity

Ultra Petroleum Corp. NYSE: UPL

Net Acres: 9,000

Uinta Well Economics

Reserve Size (MBO)

Payout for a 300 MBO well at $1.7MM = 16 months

Wellhead Oil Price

Economics assume $1.7MM/well

Ultra Petroleum Corp. NYSE: UPL

Strong Uinta Well Performance

Ultra Petroleum Corp. NYSE: UPL

Ultra Petroleum Corp. NYSE: UPL

Resource Upside: Waterflood Pilot

Greater Monument Butte Unit

Uinta Oil Market Infrastructure

Ogden Rail Terminal

Provo Rail Terminal

Ultra Petroleum Corp. NYSE: UPL

Helper Rail Terminal

Marcellus Shale Natural Gas

Ultra Petroleum Corp. NYSE: UPL

Marcellus Well Economics

Reserve Size (Bcfe)

Economics at $3.00/Mcf wellhead price

Wellhead Gas Price

Economics assume $6.0MM/well

Ultra Petroleum Corp. NYSE: UPL

Industrys Low-Cost Producer

2014 All-In Costs per Mcfe

2014 Costs Per Mcfe

Source: Wells Fargo