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Pinedale Vertical Well Performance 900 800 Cumulative Production (MMCF) 7-year history validates 700 high-quality inventory 600 500 400 4 Bcfe type curve 300 200 100 - 1 2 3 4 5 6 7 8 9 10 11 12 Months Ultra Petroleum Corp. NASDAQ: UPL 26
Ultra Petroleum Corp.
December 2017

Midland Basin Acquisition Summary Acquisition Overview Pro Forma Leasehold Acquired crude oil and natural gas properties in QEP Acreage in Martin County, TX for 683.5 million 2017 Permian Acquisition Acreage 13,000 net acres(1) Over 730 potential horizontal drilling locations in four horizons Middle Spraberry, Spraberry Shale, Wolfcamp A and Wolfcamp B Additional potential horizontal drilling locations in emerging prospective horizons Nearly all of the acreage is held by production to the Wolfcamp Formation or deeper Average 84% working interest, subject to a 25% royalty burden Current net production of 550 Boed (71% oil) from Pro Forma Statistics(2) 89 vertical wells Net Acres Potential Horizontal Drilling Acquisition structured as a like-kind-exchange Locations 1,880 41,900 and was funded utilizing proceeds from the Pinedale Divestiture, which closed on 28,800 1,150 September 20, 2017 18,800 710 Acquisition closed on October 24, 2017 County Line CL + CL + CL CL + CL + CL Mustang MS + MS MS + Springs '17 Permian '17 Permian MS Acquisition Acquisition (1) Approximately 700 additional acres contracted for in the transaction were not included in the closing , but are expected to be acquired by the Company within the next 30 days for an aggregate purchase price not to exceed 38 million. 11 (2) County Line and Mustang Springs acreage as of September 30, 2017; excludes acreage in the southern Midland Basin and on the Central Basin Platform.
QEP Resources, Inc.
December 2017

Pinedale Field Overview (contd) 6 Month Cumulative Production Operator Acreage Map 130,000 Legend 120,000 Rig Location (8/1/16) 110,000 100,000 Pinedale Bcfe Contour 90,000 Vanguard Non-Op 80,000 70,000 QEP Resources 60,000 Samson Resources 50,000 40,000 Jonah Energy 30,000 Ultra Petroleum 20,000 10,000 FIRST 6 MONTH MCF Sublette County Sublette County Legend Rig Location Vanguard Acreage 30
Vanguard Natural Resources, Llc
October 2016
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