Document:

Execution version

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT, dated December 12, 2013 (this “Agreement”), is entered into by and among Ultra Petroleum Corp., a
Yukon, Canada corporation (the “Company”), and the several Purchasers listed in Schedule I to the Purchase Agreement
(defined below) (collectively, the “Initial Purchasers”) for whom Goldman, Sachs & Co. is acting as representative
(the “Representative”).

 

The Company and the
Initial Purchasers are parties to the Purchase Agreement, dated December 6, 2013 (the “Purchase Agreement”),
by and among the Company and the Initial Purchasers, which provides for the sale by the Company to the Initial Purchasers of $450,000,000
aggregate principal amount of the Company’s 5.750% Senior Notes due 2018 (the “Securities”). As an inducement
to the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the Initial Purchasers and
their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement
is a condition to the closing under the Purchase Agreement.

 

In consideration of
the foregoing, the parties hereto agree as follows:

 

1.          Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

“Business
Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by law to remain closed.

 

“Company”
shall have the meaning set forth in the preamble and shall also include the Company’s successors.

 

“DTC”
shall mean the Depository Trust Company.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

“Exchange
Dates” shall have the meaning set forth in Section 2(a)(ii) hereof.

 

“Exchange
Offer” shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to Section
2(a) hereof.

 

“Exchange
Offer Registration” shall mean a registration under the Securities Act effected pursuant to Section 2(a) hereof.

 

“Exchange
Offer Registration Statement” shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on
another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus
contained therein, all exhibits thereto and any document incorporated by reference therein.

 

    	 

    	 

    

   

“Exchange Securities” shall mean the Company’s 5.750% Senior Notes due 2018 and,
to the extent the Securities are guaranteed by any of the Company’s subsidiaries under the Indenture, the guarantees of such
subsidiaries in respect of such 5.750% Senior Notes due 2018, containing terms identical to the Securities (except that the Exchange
Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with
this Agreement) and to be offered to Holders of Securities in exchange for Securities pursuant to the Exchange Offer.

 

“Free Writing
Prospectus” shall mean each free writing prospectus (as defined in Rule 405 under the Securities Act).

 

“Holders”
shall mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of their successors, assigns and
direct and indirect transferees who become owners of Registrable Securities under the Indenture; provided that for purposes of
Sections 4 and 5 of this Agreement, the term “Holders” shall include Participating Broker-Dealers.

 

“Indenture”
shall mean the Indenture, dated as of December 12, 2013, by and among the Company and U.S. Bank National Association, as trustee,
pursuant to which the Securities and the Exchange Securities are to be issued, as such Indenture is amended or supplemented from
time to time in accordance with the terms thereof.

 

“Initial Purchasers”
shall have the meaning set forth in the preamble.

 

“Inspector”
shall have the meaning set forth in Section 3(a)(xiii) hereof.

 

“Majority
Holders” shall mean the Holders of a majority of the aggregate principal amount of the outstanding Registrable Securities;
provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder,
any Registrable Securities owned directly or indirectly by the Company or any of its affiliates shall not be counted in determining
whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if
the Company shall issue any additional Securities under the Indenture prior to consummation of the Exchange Offer or, if applicable,
the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to which this
Agreement relates shall be treated together as one class for purposes of determining whether the consent or approval of Holders
of a specified percentage of Registrable Securities has been obtained.

 

“Participating
Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof.

 

“Participating
Holder” shall mean any Holder of Registrable Securities that has returned a completed and executed Questionnaire to the
Company in accordance with Section 2(b).

 

“Person”
shall mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization, or a government
or agency or political subdivision thereof.

 

“Prospectus”
shall mean the prospectus included in, or deemed a part of, a Registration Statement, including any preliminary prospectus, and
any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to
the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other
amendments and supplements to such prospectus, and in each case including any document incorporated by reference therein.

 

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“Purchase
Agreement” shall have the meaning set forth in the recital.

 

“Questionnaire”
shall mean a selling security holder questionnaire distributed by the Company to a Holder upon receipt of a Shelf Request by the
Holder, which may include an indemnification by such Holder in accordance with Section 5(b).

 

“Registrable
Securities” shall mean the Securities; provided that the Securities shall cease to be Registrable Securities on the earliest
of (i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities
have been exchanged or disposed of pursuant to such Registration Statement, (ii) if an Exchange Offer is completed, on or after
the Exchange Date with respect to the Holders that are eligible to participate in the Exchange Offer but fail to tender such Securities
in the Exchange Offer or (iii) when such Securities cease to be outstanding.

 

“Registration
Expenses” shall mean any and all expenses incident to performance of or compliance by the Company with this Agreement,
including without limitation: (i) all SEC, stock exchange or Financial Industry Regulatory Authority, Inc. registration and filing
fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable
fees and disbursements of counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities
or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing
and distributing any Registration Statement, any Prospectus and any amendments or supplements thereto, any underwriting agreements,
securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with
this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under
applicable securities laws, including the Trust Indenture Act, (vi) the fees and disbursements of the Trustee and its counsel,
(vii) the fees and disbursements of counsel for the Company and, in the case of a Shelf Registration Statement, the fees and disbursements
of one counsel for the Participating Holders (which counsel shall be selected by a majority in principal amount of Registrable
Securities held by the Participating Holders and which counsel may also be counsel for the Initial Purchasers) and (viii) the fees
and disbursements of the independent public accountants and independent petroleum engineers of the Company, including the expenses
of any special audits or “comfort” letters required by or incident to the performance of and compliance with this Agreement,
but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above) or
the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale
or disposition of Registrable Securities by a Holder.

 

“Registration
Statement” shall mean any registration statement filed under the Securities Act of the Company that covers any of the
Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to
any such registration statement, including post-effective amendments, in each case including the Prospectus contained therein,
all exhibits thereto and any document incorporated by reference therein.

 

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“Representative”
shall have the meaning set forth in the preamble.

 

“SEC”
shall mean the United States Securities and Exchange Commission.

 

“Securities”
shall have the meaning set forth in the recital.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf Effectiveness
Period” shall have the meaning set forth in Section 2(b) hereof.

 

“Shelf Registration”
shall mean a registration effected pursuant to Section 2(b) hereof.

 

“Shelf Registration
Statement” shall mean a “shelf” registration statement of the Company that covers all or a portion of the
Registrable Securities (but no other securities unless approved by the Holders of a majority of the Registrable Securities to be
covered by such Shelf Registration Statement) on an appropriate form under Rule 415 under the Securities Act, or any similar rule
that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated
by reference therein.

 

“Shelf Request”
shall have the meaning set forth in Section 2(b) hereof.

 

“Staff”
shall mean the staff of the SEC.

 

“Target Registration
Date” shall have the meaning set forth in Section 2(a) hereof.

 

“Trust Indenture
Act” shall mean the Trust Indenture Act of 1939, as amended from time to time.

 

“Trustee”
shall mean the trustee with respect to the Securities under the Indenture.

 

“Underwriter”
shall have the meaning set forth in Section 3(e) hereof.

 

“Underwritten
Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to the public.

 

2.          Registration
Under the Securities Act. (a) To the extent not prohibited by any applicable law or applicable interpretations of the Staff,
the Company shall (i) cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders to exchange all
the Registrable Securities for Exchange Securities, (ii) use its reasonable best efforts to cause such Exchange Offer Registration
Statement to become effective under the Securities Act by December 12, 2014 (the “Target Registration Date”)
and (iii) have such Registration Statement remain effective until 180 days after the last Exchange Date for use by one or more
Participating Broker-Dealers. The Company shall commence the Exchange Offer promptly after the Exchange Offer Registration Statement
is declared effective by the SEC and use its reasonable best efforts to complete the Exchange Offer not later than 60 days after
such effective date.

 

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The Company shall commence
the Exchange Offer by mailing the related Prospectus, appropriate letters of transmittal and other accompanying documents to each
Holder stating, in addition to such other disclosures as are required by applicable law, substantially the following:

 

		(i)	that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities
validly tendered and not properly withdrawn will be accepted for exchange;

 

		(ii)	the dates of acceptance for exchange (which shall be a period of at least 20 Business Days from
the date such notice is mailed) (the “Exchange Dates”);

 

		(iii)	that any Registrable Security not tendered will remain outstanding and continue to accrue interest
but will not retain any rights under this Agreement;

 

		(iv)	that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer
will be required to (x) in the case of a Holder electing to exchange a Registrable Security in global form, to comply with the
applicable procedures of DTC for book-entry tenders, and, (y) in the case of a Holder electing to exchange a Registrable Security
in certificated form, to surrender such Registrable Security, together with the appropriate letters of transmittal, to the institution
and at the address (located in the Borough of Manhattan, The City of New York) and in the manner specified in the notice, prior
to the close of business on the last Exchange Date; and

 

		(v)	that any Holder will be entitled to withdraw its election, not later than the close of business
on the last Exchange Date, by (x) in the case of a Holder withdrawing its election to exchange a Registrable Security in global
form, complying with the applicable procedures of DTC for withdrawal of tenders, and, (y) in the case of a Holder withdrawing its
election to exchange a Registrable Security in certificated form, sending to the institution and at the address (located in the
Borough of Manhattan, The City of New York) specified in the notice, a telegram, telex, facsimile transmission or letter setting
forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such
Holder is withdrawing its election to have such Registrable Securities exchanged.

 

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As a condition to participating
in the Exchange Offer, a Holder will be required to represent to the Company that (i) any Exchange Securities to be received by
it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer it has no
arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the
Exchange Securities in violation of the provisions of the Securities Act, (iii) it is not an “affiliate” (within the
meaning of Rule 405 under the Securities Act) of the Company and (iv) if such Holder is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other
trading activities, then such Holder will deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus
to purchasers) in connection with any resale of such Exchange Securities.

 

As soon as practicable
after the last Exchange Date, the Company shall:

 

		(i)	accept for exchange Registrable Securities or portions thereof validly tendered and not properly
withdrawn pursuant to the Exchange Offer; and

 

		(ii)	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or
portions thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and deliver
to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities surrendered
by such Holder.

 

The Company shall use
its reasonable best efforts to complete the Exchange Offer as provided above and shall comply with the applicable requirements
of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange
Offer shall not be subject to any conditions, other than that the Exchange Offer does not violate any applicable law or applicable
interpretations of the Staff.

 

(b)          In
the event that (i) the Company determines that the Exchange Offer Registration provided for in Section 2(a) above is not available
or may not be completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable
interpretations of the Staff, (ii) the Exchange Offer is not for any other reason completed by the Target Registration Date, or
(iii) upon receipt of a request by any Holder of Registrable Securities that (A) is prohibited by applicable law or SEC policy
from participating in the Exchange Offer or (B) may not resell the Exchange Securities acquired by it in the Exchange Offer to
the public without delivering a prospectus and that the Prospectus contained in the Exchange Offer Registration Statement is not
appropriate or available for such resales by such Holder or (iv) any Initial Purchaser shall so request (a “Shelf Request”)
in connection with any offer or sale of Registrable Securities that are ineligible to be exchanged in the Exchange Offer, the Company
shall use its reasonable best efforts to cause to be filed as soon as practicable after such determination, date or Shelf Request,
as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof
and to have such Shelf Registration Statement become effective under the Securities Act; provided that no Holder will be entitled
to have any Registrable Securities included in any Shelf Registration Statement, or be entitled to use the prospectus forming a
part of such Shelf Registration Statement, until such Holder shall have delivered a completed and signed Questionnaire and provided
such other information regarding such Holder to the Company as is contemplated by Section 3(b) hereof.

 

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In the event that the
Company is required to file a Shelf Registration Statement pursuant to clause (iv) of the preceding sentence, the Company shall
use its reasonable best efforts to file and have become effective under the Securities Act both an Exchange Offer Registration
Statement pursuant to Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement (which may be
a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable
Securities held by the Initial Purchasers after completion of the Exchange Offer.

 

The Company agrees
to use its reasonable best efforts to keep the Shelf Registration Statement continuously effective for one year or such shorter
period that will terminate when all the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant
to the Shelf Registration Statement (the “Shelf Effectiveness Period”). The Company further agrees to supplement
or amend the Shelf Registration Statement and the related Prospectus if required by the rules, regulations or instructions applicable
to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules
and regulations thereunder for shelf registration or if reasonably requested by a Holder of Registrable Securities with respect
to information relating to such Holder, and to use its reasonable best efforts to cause any such amendment to become effective
under the Securities Act, if required, and such Shelf Registration Statement and Prospectus to become usable as soon as practicable
thereafter. The Company agrees to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly
after its being used or filed with the SEC.

 

(c)          The
Company shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a) or Section 2(b) hereof.
Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to
the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement.

 

(d)          An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless it has
been declared effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) will not be deemed to have become effective
unless it has been declared effective by the SEC or is automatically effective upon filing with the SEC as provided by Rule 462
under the Securities Act.

 

In the event that (i)
either the Exchange Offer is not completed or the Shelf Registration Statement, if required pursuant to Section 2(b)(i) or 2(b)(ii)
hereof, does not become effective on or prior to the Target Registration Date, or (ii) the Company receives a Shelf Request pursuant
to Section 2(b)(iii) or 2(b)(iv) hereof, and the Shelf Registration Statement required to be filed thereby does not become effective
by the later of (x) the Target Registration Date or (y) 90 days after the delivery of such Shelf Request (such later date, the
“Shelf Additional Interest Date”), then the interest rate on the Registrable Securities will be increased by
(A) 0.25% per annum for the first 90-day period immediately following the Target Registration Date or the Shelf Additional Interest
Date, as applicable, and (B) an additional 0.25% per annum with respect to each subsequent 90-day period, in each case until the
Exchange Offer is completed or the Shelf Registration Statement, if required hereby, has become effective under the Securities
Act or is no longer required to be effective, up to a maximum of 1.00% per annum of additional interest.

 

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If the Shelf Registration
Statement, if required hereby, has become effective under the Securities Act and thereafter either ceases to be effective or the
Prospectus contained therein ceases to be usable at any time during the Shelf Effectiveness Period, and such failure to remain
effective or usable exists for more than 30 days (whether or not consecutive) in any 12-month period, then the interest rate on
the Registrable Securities will be increased by (i) 0.25% per annum commencing on the 31st day in such 12-month period and (ii)
an additional 0.25% per annum with respect to each subsequent 90-day period (whether or not consecutive) and ending on such date
that the Shelf Registration Statement has again become effective under the Securities Act or the Prospectus again becomes usable,
up to a maximum of 1.00% per annum of additional interest.

 

(e)          Any
additional interest paid in accordance with this Section 2 shall be liquidated damages and shall be the sole and exclusive remedy
available to Holders due to a failure by the Company to comply with its obligations under Section 2(a) and Section 2(b).

 

3.          Registration
Procedures. (a) In connection with any registration pursuant to Section 2(a) and Section 2(b) hereof, the Company shall as
expeditiously as possible:

 

		(i)	prepare and file with the SEC a Registration Statement on the appropriate form under the Securities
Act, which form (x) shall be selected by the Company, (y) shall, in the case of a Shelf Registration, be available for the sale
of the Registrable Securities by the Holders thereof and (z) shall comply as to form in all material respects with the requirements
of the applicable form and include all financial statements required by the SEC to be filed therewith; and use its reasonable best
efforts to cause such Registration Statement to become effective under the Securities Act and remain effective for the applicable
period in accordance with Section 2 hereof;

 

		(ii)	prepare and file with the SEC such amendments and post-effective amendments to each Registration
Statement as may be necessary to keep such Registration Statement effective for the applicable period in accordance with Section
2 hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed
pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of
and Rule 174 under the Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable
Securities or Exchange Securities;

 

		(iii)	in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to counsel
for the Initial Purchasers, to counsel for such Holders and to each Underwriter of an Underwritten Offering of Registrable Securities,
if any, without charge, as many copies of each Prospectus or preliminary prospectus, and any amendment or supplement thereto, as
such Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition of the Registrable
Securities thereunder; and the Company consents to the use of such Prospectus, preliminary prospectus and any amendment or supplement
thereto in accordance with applicable law by each of the Holders of Registrable Securities and any such Underwriters in connection
with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus, preliminary
prospectus or any amendment or supplement thereto in accordance with applicable law;

 

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		(iv)	use its reasonable best efforts to register or qualify the Registrable Securities under all applicable
state securities or blue sky laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement
shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with such Holders
in connection with any filings required to be made with the Financial Industry Regulatory Authority, Inc.; and do any and all other
acts and things that may be reasonably necessary or advisable to enable each Holder to complete the disposition in each such jurisdiction
of the Registrable Securities owned by such Holder; provided that the Company shall not be required to (1) qualify as a foreign
corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so
qualify, (2) file any general consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such
jurisdiction if it is not so subject;

 

		(v)	in the case of a Shelf Registration, notify each Participating Holder and counsel for such Participating
Holders promptly and, if requested by any such Participating Holder or counsel, confirm such advice in writing (1) when a Registration
Statement has become effective, when any post-effective amendment thereto has been filed and becomes effective and when any amendment
or supplement to the Prospectus has been filed, (2) of any request by the SEC or any state securities authority for amendments
and supplements to a Registration Statement or Prospectus or for additional information after the Registration Statement has become
effective, (3) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a
Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Company of any notice
of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2)
under the Securities Act, (4) if, between the applicable effective date of a Shelf Registration Statement and the closing of any
sale of Registrable Securities covered thereby, the representations and warranties of the Company contained in any underwriting
agreement, securities sales agreement or other similar agreement, if any, relating to an offering of such Registrable Securities
cease to be true and correct in all material respects or if the Company receives any notification with respect to the suspension
of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose,
(5) of the happening of any event during the period a Registration Statement is effective that makes any statement made in such
Registration Statement or the related Prospectus untrue in any material respect or that requires the making of any changes in such
Registration Statement or Prospectus in order to make the statements therein not misleading and (6) of any determination by the
Company that a post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus would be appropriate;

 

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		(vi)	use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness
of a Registration Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule
401(g)(2), including by filing an amendment to such Shelf Registration Statement on the proper form, at the earliest possible moment
and provide immediate notice to each Holder of the withdrawal of any such order or such resolution;

 

		(vii)	in the case of a Shelf Registration, furnish to each Participating Holder, without charge, at least
one conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated
therein by reference or exhibits thereto, unless requested);

 

		(viii)	in the case of a Shelf Registration, cooperate with the Participating Holders in certificated form
to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing
any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names
(consistent with the provisions of the Indenture) as such Participating Holders may reasonably request at least two Business Days
prior to the closing of any sale of Registrable Securities in certificated form;

 

		(ix)	in the case of a Shelf Registration, upon the occurrence of any event contemplated by Section 3(a)(v)(5)
hereof, use its reasonable best efforts to prepare and file with the SEC a supplement or post-effective amendment to such Shelf
Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document
so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities,
such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; and the Company shall notify
the Participating Holders to suspend use of the Prospectus as promptly as practicable after the occurrence of such an event, and
such Holders hereby agree to suspend use of the Prospectus until the Company has amended or supplemented the Prospectus to correct
such misstatement or omission;

 

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		(x)	in the case of a Shelf Registration, a reasonable time prior to the filing of any Registration
Statement, any Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus or of any document
that is to be incorporated by reference into a Registration Statement or a Prospectus after initial filing of a Registration Statement,
provide copies of such document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement,
to the Participating Holders and their counsel) and make such of the representatives of the Company as shall be reasonably requested
by the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities
or their counsel) available for discussion of such document; and the Company shall not, at any time after the initial filing of
a Registration Statement, use or file any Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus,
any Free Writing Prospectus, or any document that is to be incorporated by reference into a Registration Statement or a Prospectus,
of which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders
and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers or their counsel
(and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel) shall reasonably object; provided,
that this clause shall not apply to any filing by the Company of any Annual Report on Form 10-K, Quarterly Report on Form 10-Q
or Current Report on Form 8-K with respect to matters unrelated to the Securities and the offering or exchange therefor;

 

		(xi)	obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be,
not later than the initial effective date of a Registration Statement;

 

		(xii)	cause the Indenture to be qualified under the Trust Indenture Act in connection with the registration
of the Exchange Securities or Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect
such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the Trust
Indenture Act; and execute, and use its reasonable best efforts to cause the Trustee to execute, all documents as may be required
to effect such changes and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified
in a timely manner;

 

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		(xiii)	in the case of a Shelf Registration, make available for inspection by a representative (an “Inspector”)
of the Participating Holders, any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any
attorneys and accountants designated by a majority of the Holders of Registrable Securities to be included in such Shelf Registration
and any attorneys and accountants designated by such Underwriter, at reasonable times and in a reasonable manner, all pertinent
financial and other records, documents and properties of the Company and its subsidiaries, and cause the respective officers, directors
and employees of the Company to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant
in connection with a Shelf Registration Statement, in each case as is customary for “due diligence” examinations in
the context of underwritten offerings; provided that if any such information is identified by the Company as being confidential
or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality
of such information to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights
and interests of any Inspector, Holder or Underwriter;

 

		(xiv)	if reasonably requested by any Participating Holder, promptly include in a Prospectus supplement
or post-effective amendment such information with respect to such Holder as such Holder reasonably requests to be included therein
and make all required filings of such Prospectus supplement or such post-effective amendment as soon as the Company has received
notification of the matters to be so included in such filing; and

 

		(xv)	in the case of a Shelf Registration, enter into such customary agreements and take all such other
commercially reasonable actions in connection therewith (including those requested by the holders of a majority in principal amount
of the Registrable Securities covered by the Shelf Registration Statement) in order to expedite or facilitate the disposition of
such Registrable Securities including, but not limited to, an Underwritten Offering and in such connection, (1) to the extent possible,
make such representations and warranties to the Holders and any Underwriters of such Registrable Securities with respect to the
business of the Company and its subsidiaries and the Registration Statement, Prospectus and documents incorporated by reference
or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters
in underwritten offerings and confirm the same if and when requested, (2) obtain opinions of counsel to the Company (which counsel
and opinions, in form, scope and substance, shall be reasonably satisfactory to the Participating Holders and such Underwriters
and their respective counsel) addressed to each selling Participating Holder and Underwriter of Registrable Securities, covering
the matters customarily covered in opinions requested in underwritten offerings, (3) obtain “comfort” letters from
the independent registered public accounting firm of the Company (and, if necessary, any other certified public accountant of any
subsidiary of the Company, or of any business acquired by the Company for which financial statements and financial data are or
are required to be included in the Registration Statement) addressed to each selling Participating Holder (to the extent permitted
by applicable professional standards) and Underwriter of Registrable Securities, such letters to be in customary form and covering
matters of the type customarily covered in “comfort” letters in connection with underwritten offerings, including
but not limited to financial information contained in any preliminary prospectus or Prospectus and (4) deliver such documents and
certificates as may be reasonably requested by the Participating Holders of a majority in principal amount of the Registrable Securities
being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity
of the representations and warranties of the Company made pursuant to clause (1) above and to evidence compliance with any customary
conditions contained in an underwriting agreement.

 

    	12

    	 

    

 

(b)          In
the case of a Shelf Registration Statement, the Company may require each Holder of Registrable Securities to furnish to the Company
a Questionnaire and such additional information regarding such Holder and the proposed disposition by such Holder of such Registrable
Securities as the Company may from time to time reasonably request in writing.

 

(c)          In
the case of a Shelf Registration Statement, each Holder of Registrable Securities covered in such Shelf Registration Statement
agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(a)(v)(3)
or 3(a)(v)(5) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration
Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(a)(ix)
hereof and, if so directed by the Company, such Holder will deliver to the Company all copies in its possession, other than permanent
file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities that is current at the
time of receipt of such notice.

 

(d)          If
the Company shall give any notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the
Company shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement
by the number of days during the period from and including the date of the giving of such notice to and including the date when
the Holders of such Registrable Securities shall have received copies of the supplemented or amended Prospectus necessary to resume
such dispositions. The Company may give any such notice only twice during any 365-day period and any such suspensions shall not
exceed 30 days for each suspension and there shall not be more than two suspensions in effect during any 365-day period.

 

(e)          The
Participating Holders who desire to do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten
Offering, the investment bank or investment banks and manager or managers (each an “Underwriter”) that will
administer the offering will be selected by the Holders of a majority in principal amount of the Registrable Securities included
in such offering.

 

4.          Participation
of Broker-Dealers in Exchange Offer. (a) The Staff has taken the position that any broker-dealer that receives Exchange Securities
for its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making
or other trading activities (a “Participating Broker-Dealer”) may be deemed to be an “underwriter”
within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection
with any resale of such Exchange Securities.

 

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The Company understands
that it is the Staff’s position that if the Prospectus contained in the Exchange Offer Registration Statement includes a
plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell
the Exchange Securities, without naming the Participating Broker-Dealers or specifying the amount of Exchange Securities owned
by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to
purchasers) to satisfy their prospectus delivery obligation under the Securities Act in connection with resales of Exchange Securities
for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act.

 

(b)          In
light of the above, and notwithstanding the other provisions of this Agreement, the Company agrees, upon request of any Participating
Broker-Dealer, to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement for a period of up
to 180 days after the last Exchange Date (as such period may be extended pursuant to Section 3(d) of this Agreement), in order
to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the positions
of the Staff recited in Section 4(a) above. The Company further agrees that Participating Broker-Dealers shall be authorized to
deliver such Prospectus (or, to the extent permitted by law, make available) during such period in connection with the resales
contemplated by this Section 4.

 

(c)          The
Initial Purchasers shall have no liability to the Company or any Holder with respect to any request that they may make pursuant
to Section 4(b) above.

 

5.          Indemnification
and Contribution. (a) The Company will indemnify and hold harmless each of the Holders of Registrable Securities included in
an Exchange Offer Registration Statement and each of the Holders of Registrable Securities included in a Shelf Registration Statement
against any losses, claims, damages or liabilities, joint or several, to which such Holder may become subject under the Securities
Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon an untrue statement or alleged untrue statement of a material fact contained in any Exchange Offer Registration Statement
or any Shelf Registration Statement, as the case may be, under which such Registrable Securities were registered under the Securities
Act, or any preliminary, final or summary prospectus (including, without limitation, any “issuer free writing prospectus”
as defined in Rule 433) contained therein or furnished by the Company to any such Holder, or any amendment or supplement thereto,
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, and will reimburse each such Holder for any and all legal or other
expenses reasonably incurred by them in connection with investigating or defending any such action or claim as such expenses are
incurred; provided, however, that the Company shall not be liable to any such person in any such case to the extent that
any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission
or alleged omission made in such registration statement, or preliminary, final or summary prospectus (including, without limitation,
any “issuer free writing prospectus” as defined in Rule 433), or amendment or supplement thereto, in reliance
upon and in conformity with written information furnished to the Company by such person expressly for use therein.

 

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(b)          The
Company may require, as a condition to including any Registrable Securities in any Shelf Registration Statement filed pursuant
to Section 2(b), that the Company shall have received an undertaking reasonably satisfactory to it from each Holder of Registrable
Securities included in such Shelf Registration Statement, severally and not jointly, to (i) indemnify and hold harmless the
Company and all other Holders of Registrable Securities included in such Shelf Registration Statement, against any losses, claims,
damages or liabilities to which the Company or such other Holders may become subject, under the Securities Act or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement
or alleged untrue statement of a material fact contained in such registration statement, or any preliminary, final or summary prospectus
(including, without limitation, any “issuer free writing prospectus” as defined in Rule 433) contained therein
or furnished by the Company to any Holder, or any amendment or supplement thereto, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission
or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such Holder
expressly for use therein, and (ii) reimburse the Company for any legal or other expenses reasonably incurred by the Company
in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however,
that no such Holder shall be required to undertake liability to any person under this Section 5(b) for any amounts in excess
of the dollar amount of the proceeds to be received by such Holder from the sale of such Holder’s Registrable Securities
pursuant to such registration.

 

(c)          Promptly
after receipt by an indemnified party under subsection (a) or (b) above of written notice of the commencement of any action,
such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification
provisions of or contemplated by this Section 5, notify such indemnifying party in writing of the commencement of such action;
but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified
party otherwise than under the indemnification provisions of or contemplated by Section 5(a) or Section 5(b). In case
any such action shall be brought against any indemnified party and it shall notify an indemnifying party of the commencement thereof,
such indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified
party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice
from the indemnifying party to such indemnified party of its election so to assume the defense thereof, such indemnifying party
shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in each case subsequently
incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. In any
such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually
agreed to the contrary; (ii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory
to the indemnified party; (iii) the indemnified party shall have reasonably concluded that there may be legal defenses available
to it that are different from or in addition to those available to the indemnifying party; or (iv) the named parties in any such
proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of
both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. No indemnifying
party shall, without the prior written consent of the indemnified party, effect the settlement or compromise of, or consent to
the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such
settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising
out of such action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure
to act by or on behalf of any indemnified party.

 

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(d)          If
for any reason the indemnification provisions contemplated by Section 5(a) or Section 5(b) are unavailable to or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect
the relative fault of the indemnifying party and the indemnified party in connection with the statements or omissions which resulted
in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations.
The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by such indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just
and equitable if contributions pursuant to this Section 5(d) were determined by pro rata allocation (even if the Holders were
treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to in this Section 5(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages,
or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses
reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Section 5(d), no Holder shall be required to contribute any amount in excess of the amount by which
the dollar amount of the proceeds received by such Holder from the sale of any Registrable Securities (after deducting any fees,
discounts and commissions applicable thereto) exceeds the amount of any damages which such Holder has otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The Holders’ obligations in this Section 5(d) to contribute shall be several
in proportion to the principal amount of Registrable Securities registered by them and not joint.

 

    	16

    	 

    

 

(e)          The
obligations of the Company under this Section 5 shall be in addition to any liability which the Company may otherwise have
and shall extend, upon the same terms and conditions, to each officer, director and partner of each Holder and each person, if
any, who controls any of the foregoing within the meaning of the Securities Act; and the obligations of the Holders contemplated
by this Section 5 shall be in addition to any liability which the respective Holder may otherwise have and shall extend, upon
the same terms and conditions, to each officer and director of the Company and to each person, if any, who controls the Company
within the meaning of the Securities Act, as well as to each officer and director of the other Holders and to each person, if any,
who controls such other Holders within the meaning of the Securities Act.

 

(f)          The
remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be available
to any indemnified person at law or in equity.

 

(g)          The
indemnity and contribution provisions contained in this Section 5 shall remain operative and in full force and effect regardless
of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or
any Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or the officers or directors of or
any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities
pursuant to a Shelf Registration Statement.

 

6.            General.

 

(a)          No
Inconsistent Agreements. The Company represents, warrants and agrees that (i) the rights granted to the Holders hereunder do
not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities
issued or guaranteed by the Company under any other agreement and (ii) the Company has not entered into, or on or after the date
of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities
in this Agreement or otherwise conflicts with the provisions hereof.

 

(b)          Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given unless the Company has obtained the written consent
of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment,
modification, supplement, waiver or consent; provided that no amendment, modification, supplement, waiver or consent to any departure
from the provisions of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to
in writing by such Holder. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 6(b) shall
be by a writing executed by each of the parties hereto.

 

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(c)          Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address
given by such Holder to the Company by means of a notice given in accordance with the provisions of this Section 6(c), which address
initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; (ii) if to the Company,
initially at the Company’s address set forth in the Purchase Agreement and thereafter at such other address, notice of which
is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective addresses
as provided in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions
of this Section 6(c). All such notices and communications shall be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged,
if telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery. Copies of all
such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at
the address specified in the Indenture.

 

(d)          Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each
of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that
nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of
the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any
manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all the terms of this Agreement,
and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and
to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof.
The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company with respect
to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement.

 

(e)          Third
Party Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder between the Company, on
the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the
extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder.

 

(f)          Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(g)          Headings.
The headings in this Agreement are for convenience of reference only, are not a part of this Agreement and shall not limit or otherwise
affect the meaning hereof.

 

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(h)          Governing
Law. THIS AGREEMENT AND ANY MATTERS RELATED TO THIS TRANSACTION SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS THAT WOULD RESULT IN THE APPLICATION OF ANY LAW
OTHER THAN THE LAWS OF THE STATE OF NEW YORK. 

 

(i)          Agent
for Service; Submission to Jurisdiction. The Company acknowledges that it has, by separate written agreement, irrevocably designated
and appointed Ultra Resources, Inc., a Wyoming corporation (together with its successors and assigns, the “Agent”)
as its authorized agent for service of process in any suit, action or proceeding arising out of or relating to this Agreement or
brought with respect to the Securities under U.S. federal or state securities laws, in each case instituted in any federal or state
court located in the State and City of New York. The Company hereby submits to the nonexclusive jurisdiction of any such court
in any such suit, action or proceeding and agrees that service of process upon Agent with written notice thereof to the Company
shall be deemed to be effective service of process upon the Company in such suit, action or proceeding.

 

(j)          Entire
Agreement; Severability. This Agreement contains the entire agreement between the parties relating to the subject matter hereof
and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained
in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or against public policy, the
remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall
in no way be affected, impaired or invalidated. The Company and the Initial Purchasers shall endeavor in good faith negotiations
to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible
to that of the invalid, void or unenforceable provisions.

 

[Signature Page Follows.]

 

    	19

    	 

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Agreement as of the date first above written.

 

	 	ULTRA PETROLEUM CORP.
	 	 
	 	By:	 	/s/ Marshall D. Smith
	 	 	Name:	Marshall D. Smith
	 	 	Title:	Senior Vice President and Chief Financial Officer

 

Confirmed and accepted as of the date first
above written:

 

GOLDMAN, SACHS & CO.

Acting on its own behalf and as the Representative of
the several Initial Purchasers

 

	GOLDMAN, SACHS & CO.	 
	 	 
	By:	/s/ Michael Hickey	 
	 	Name:	Michael Hickey	 
	 	Title:	 Vice President	 

 

[Signature Page
to Registration Rights Agreement]Execution version

 

ULTRA PETROLEUM CORP.

 

5.750% Senior Notes due 2018

 

 

 

Purchase Agreement

 

December 6, 2013

 

Goldman, Sachs & Co.,

As representative of the several
Purchasers

named in Schedule I hereto,

200 West Street,

New York, New York 10282-2198

 

Ladies and Gentlemen:

 

Ultra Petroleum Corp.,
a Yukon, Canada corporation (the “Company”), proposes, subject to the terms and conditions set forth in this agreement
(this “Agreement”), to issue and sell to the Purchasers named in Schedule I hereto (the “Purchasers”) an
aggregate of $450,000,000 principal amount of the 5.750% Senior Notes due 2018 specified above (the “Securities”).

 

		1.	The Company represents and warrants to, and agrees with, each of the Purchasers that:

 

		(a)	A preliminary offering memorandum, dated December 2, 2013 (the “Preliminary Offering Memorandum”)
has been prepared in connection with the offering of the Securities, and an offering memorandum, dated December 6, 2013
(the “Offering Memorandum”), will be prepared in connection with the offering of the Securities. The Preliminary
Offering Memorandum, as amended and supplemented immediately prior to the Applicable Time (as defined in Section 1(b)), is
hereinafter referred to as the “Pricing Memorandum”. Any reference to the Preliminary Offering Memorandum, the Pricing
Memorandum or the Offering Memorandum shall be deemed to refer to and include all documents filed with the United States
Securities and Exchange Commission (the “Commission”) pursuant to Section 13(a), 13(c) or 15(d) of the United States
Securities Exchange Act of 1934, as amended (the “Exchange Act”), on or prior to the date of such memorandum and incorporated
by reference therein and any reference to the Preliminary Offering Memorandum or the Offering Memorandum, as the case may be, as
amended or supplemented, as of any specified date, shall be deemed to include (i) any documents filed with the Commission pursuant
to Section 13(a), 13(c) or 15(d) of the Exchange Act after the date of the Preliminary Offering Memorandum or the Offering Memorandum,
as the case may be, and prior to such specified date and (ii) any Additional Issuer Information (as defined in Section 5(f)) furnished
by the Company prior to the completion of the distribution of the Securities; and all documents filed under the Exchange Act and
so deemed to be included in the Preliminary Offering Memorandum, the Pricing Memorandum or the Offering Memorandum, as the case
may be, or any amendment or supplement thereto are hereinafter called the “Exchange Act Reports” (provided that where
only sections of such documents are specifically incorporated by reference, only such sections shall be considered to be part of
the “Exchange Act Reports”). The Exchange Act Reports, when they were or are filed with the Commission, conformed or
will conform in all material respects to the applicable requirements of the Exchange Act and the applicable rules and regulations
of the Commission thereunder; and no such documents were filed with the Commission since the Commission’s close of business
on the business day immediately prior to the date of this Agreement and prior to the execution of this Agreement, except as set
forth on Schedule II(a) hereof. The Preliminary Offering Memorandum or the Offering Memorandum and any amendments or supplements
thereto and the Exchange Act Reports did not and will not, as of their respective dates, contain an untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, however, that this representation and warranty shall not apply
to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by
a Purchaser through Goldman, Sachs & Co. expressly for use therein;

 

    	 

    	 

    

 

		(b)	For the purposes of this Agreement, the “Applicable Time” is 1:30 pm (Eastern time)
on the date of this Agreement. The Pricing Memorandum as supplemented by the information set forth in Schedule III hereto, taken
together (collectively, the “Pricing Disclosure Package”) as of the Applicable Time, did not include any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and each Company Supplemental Disclosure Document (as defined in Section 6(a)(i)) listed
on Schedule II(b) hereto and each Permitted General Solicitation Material (as defined in Section 6(a)(i)) listed on Schedule
II(d) hereto) does not conflict with the information contained in the Pricing Memorandum or the Offering Memorandum and
each such Company Supplemental Disclosure Document and Permitted General Solicitation Material, as supplemented by and taken together
with the Pricing Disclosure Package as of the Applicable Time, did not include any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided, however, that this representation and warranty shall not apply to statements or omissions
made in a Company Supplemental Disclosure Document or Permitted General Solicitation Material in reliance upon and in conformity
with information furnished in writing to the Company by a Purchaser through Goldman, Sachs & Co. expressly for use therein;

 

    	2

    	 

    

 

		(c)	Neither the Company nor any of its subsidiaries has sustained since the date of the latest audited
financial statements included in the Pricing Disclosure Package any material loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action,
order or decree, otherwise than as set forth or contemplated in the Pricing Disclosure Package; and, since the respective dates
as of which information is given in the Pricing Disclosure Package, there has not been any change in the capital stock, membership
interests or long-term debt of the Company or any of its subsidiaries or any material adverse change, or any development
involving a prospective material adverse change, in or affecting the general affairs, management, financial position, shareholders'
equity (or members’ interests) or results of operations of the Company and its subsidiaries, taken as a whole (a “Material
Adverse Effect”), otherwise than as set forth or contemplated in the Pricing Disclosure Package;

 

		(d)	The Company and each of its subsidiaries has been duly incorporated or formed and is validly
existing as a corporation or limited liability company in good standing under the laws of its respective jurisdiction of
incorporation or formation, with power and authority (corporate, limited liability company and other) to own its properties
and conduct its business as described in the Pricing Disclosure Package and the Offering Memorandum, and, except to the extent
the failure to be so qualified or be in good standing would not, individually or in the aggregate, have a Material Adverse Effect,
has been duly qualified as a foreign corporation or limited liability company for the transaction of business and is in
good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to
require such qualification, or is subject to no material liability or disability by reason of the failure to be so qualified or
be in good standing in any such jurisdiction;

 

		(e)	The Company has an authorized capitalization as set forth in the Pricing Disclosure Package and
the Offering Memorandum, and all of the issued shares of capital stock of the Company have been duly and validly authorized and
issued and are fully paid and non-assessable; and all of the issued shares of capital stock, membership interests or other equity
interests, as applicable, of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and
non-assessable and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims;

 

    	3

    	 

    

 

		(f)	The financial statements (including the related notes thereto) of the Company and its consolidated
subsidiaries included or incorporated by reference in each of the Pricing Disclosure Package and the Offering Memorandum comply
in all material respects with the applicable requirements of the Securities Act of 1933, as amended (the “Act”) and
the Exchange Act, as applicable, and present fairly the financial position of the Company and its consolidated subsidiaries as
of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such
financial statements have been prepared in conformity with the generally accepted accounting principles in the United States applied
on a consistent basis throughout the periods covered thereby, and any supporting schedules included or incorporated by reference
in each of the Pricing Disclosure Package and the Offering Memorandum present fairly the information required to be stated therein;
and the other financial information included or incorporated by reference in each of the Pricing Disclosure Package and the Offering
Memorandum has been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly the
information shown thereby. The interactive data in eXtensbile Business Reporting Language included or incorporated by reference
in the Offering Memorandum and the Pricing Disclosure Package fairly presents the information called for in all material respects
and is prepared in all material respects in accordance with the Commission's rules and guidelines applicable thereto.

 

		(g)	The Securities have been duly authorized by the Company and, when duly executed, authenticated,
issued and delivered as provided in the Indenture and paid for as provided in this Agreement, will be duly and validly issued and
outstanding and will constitute valid and legally binding obligations of the Company, enforceable against the Company and will
be entitled to the benefits of and be in the form contemplated by that certain indenture to be dated as of December 12,
2013 (the “Indenture”) between the Company and US Bank, National Association, as Trustee (the “Trustee”),
under which they are to be issued, which will be substantially in the form previously delivered to you; the Indenture has been
duly authorized by the Company and, when executed and delivered by the Company and the Trustee, the Indenture will constitute a
valid and legally binding instrument, enforceable against the Company in accordance with its terms, subject, as to enforcement,
to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors' rights and
to general equity principles and entitled to the benefits provided by the Indenture; and the Securities and the Indenture will
conform in all material respects to the descriptions thereof in the Pricing Disclosure Package and the Offering Memorandum
and will be in substantially the form previously delivered to you;

 

		(h)	The Company has all requisite corporate power to execute, deliver and perform its obligations under
this Agreement. This Agreement has been duly and validly authorized, executed and delivered by the Company.

 

    	4

    	 

    

 

		(i)	The Registration Rights Agreement to be dated as of the Time of Delivery (the “Registration
Rights Agreement”), which will be substantially in the form previously delivered to you, has been duly authorized, and as
of the Time of Delivery (as defined herein), will have been duly executed and delivered by the Company, and will constitute a valid
and legally binding instrument, enforceable against the Company in accordance with its terms, subject, as to enforcement, to bankruptcy,
insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general
equity principles and except that rights to indemnity and contribution thereunder may be limited by applicable law and public policy;
and the Registration Rights Agreement will conform in all material respects to the descriptions thereof in the Pricing Disclosure
Package and the Offering Memorandum;

 

		(j)	The senior notes due 2018 to be offered in exchange for the Securities pursuant to the Registration
Rights Agreement (the “Exchange Securities”) have been duly authorized by the Company and if and when issued and authenticated
in accordance with the terms of the Indenture and delivered in accordance with the exchange offer provided for in the Registration
Rights Agreement (the “Exchange Offer”), will be validly issued and delivered and will constitute valid and binding
obligations of the Company entitled to the benefits of the Indenture, enforceable against the Company in accordance with their
terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to
or affecting creditors’ rights and to general equity principles, and will be entitled to the benefits provided by the Indenture;

 

		(k)	None of the transactions contemplated by this Agreement (including, without limitation, the use
of the proceeds from the sale of the Securities) will violate or result in a violation of Section 7 of the Exchange Act, or any
regulation promulgated thereunder, including, without limitation, Regulations T, U, and X of the Board of Governors of the Federal
Reserve System;

 

		(l)	Prior to the date hereof, neither the Company nor any of its affiliates has taken any action
which is designed to or which has constituted or which might have been expected to cause or result in stabilization or manipulation
of the price of any security of the Company in connection with the offering of the Securities;

 

		(m)	The issue and sale of the Securities and the compliance by the Company with all of the provisions
of the Securities, the Indenture, the Registration Rights Agreement, the Exchange Securities and this Agreement and the
consummation of the transactions herein and therein contemplated and the application of the proceeds from the sale of the Securities
as described under “Use of Proceeds” in the Pricing Disclosure Package and the Offering Memorandum will not conflict
with or result in a breach or violation of (i) any of the terms or provisions of, or constitute a default under, any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party
or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or
any of its subsidiaries is subject, (ii) the provisions of the Articles of Incorporation, as amended, or By-laws of the Company
or (iii) any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the
Company or any of its subsidiaries or any of their properties, except for, with respect to clauses (i) and (iii), any for any such
conflict, breach, or violation which would not, individually or in the aggregate, have a Material Adverse Effect;

 

    	5

    	 

    

 

		(n)	No consent, approval, authorization, order, registration or qualification of or with any such court
or governmental agency or body is required for the issue and sale of the Securities or the consummation by the Company of the transactions
contemplated by this Agreement, the Securities, the Exchange Securities, the Registration Rights Agreement or the Indenture, except
for such consents, approvals, authorizations, registrations or qualifications as may be required (i) under state securities or
Blue Sky laws in connection with the purchase and distribution of the Securities by the Purchasers or (ii) with respect to the
Exchange Securities, under the Act, the Trust Indenture Act and applicable state securities or Blue Sky laws as contemplated by
the Registration Rights Agreement;

 

		(o)	Neither the Company nor any of its subsidiaries is (i) in violation of its Articles of Incorporation,
as amended, or By-laws or equivalent organizational document or (ii) in default in the performance or observance of any material
obligation, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement
or instrument to which it is a party or by which it or any of its properties may be bound, except for, with respect to clause (ii),
any such violation or default which would not, individually or in the aggregate, have a Material Adverse Effect;

 

		(p)	The statements set forth in the Pricing Disclosure Package and the Offering Memorandum under the
caption “Description of Notes”, insofar as they purport to constitute a summary of the terms of the Securities,
under the caption “Description of Certain Indebtedness,” insofar as they purport to constitute a summary of the terms
of the documents referred to therein, and under the caption “Certain United States Federal Income Tax Considerations,”
insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate, complete and fair;

 

		(q)	The statements set forth in the Pricing Disclosure Package and the Offering Memorandum under the
caption “Certain Canadian Federal Income Tax Considerations,” insofar as they purport to describe the provisions
of the laws referred to therein as they apply to investors described therein, are accurate, complete and fair;

 

    	6

    	 

    

 

		(r)	Other than as set forth in the Pricing Disclosure Package and the Offering Memorandum, there are
no legal or governmental proceedings pending to which the Company or any of its subsidiaries is a party or of which any property
of the Company or any of its subsidiaries is the subject which, if determined adversely to the Company or any of its subsidiaries,
would, individually or in the aggregate, have a Material Adverse Effect or materially affect the ability to consummate the transactions
contemplated hereby; and, to the best of the Company’s knowledge, no such proceedings are threatened or contemplated by governmental
authorities or threatened by others;

 

		(s)	When the Securities are issued and delivered pursuant to this Agreement, the Securities will
not be of the same class (within the meaning of Rule 144A under the Act) as securities which are listed on a national securities
exchange registered under Section 6 of the Exchange Act or quoted in a U.S. automated inter-dealer quotation system;

 

		(t)	The Company is subject to Section 13 or 15(d) of the Exchange Act and is a reporting issuer in
each of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia and the Yukon, and is not noted in default
of any of its public company reporting obligations;

 

		(u)	The Company and its subsidiaries are not, and after giving effect to the offering and sale of the
Securities and the application of the proceeds thereof, will not be, an “investment company”, as such term is defined
in the United States Investment Company Act of 1940, as amended (the “Investment Company Act”);

 

		(v)	Neither the Company nor any person acting on its or their behalf (other than the Purchasers, as
to which no representation is made) has offered or sold the Securities by means of any general solicitation or general advertising
within the meaning of Rule 502(c) under the Act (other than by means of a Permitted General Solicitation, as defined below) or,
with respect to Securities sold outside the United States to non-U.S. persons (as defined in Rule 902 under the Act), by means
of any directed selling efforts within the meaning of Rule 902 under the Act and the Company, any affiliate of the Company and
any person acting on its or their behalf has complied with and will implement the “offering restriction” within the
meaning of such Rule 902;

 

		(w)	Within the preceding six months, except for the issuance of the Securities pursuant to this Agreement,
neither the Company nor any other person acting on behalf of the Company has offered or sold to any person any Securities, or any
securities of the same or a similar class as the Securities, other than Securities offered or sold to the Purchasers hereunder.
The Company will take reasonable precautions designed to insure that any offer or sale, direct or indirect, in the United States
or to any U.S. person (as defined in Rule 902 under the Act) of any Securities or any substantially similar security issued by
the Company, within six months subsequent to the date on which the distribution of the Securities has been completed (as notified
to the Company by Goldman, Sachs & Co.), is made under restrictions and other circumstances reasonably designed not to affect
the status of the offer and sale of the Securities in the United States and to U.S. persons contemplated by this Agreement as transactions
exempt from the registration provisions of the Act;

 

    	7

    	 

    

 

		(x)	The Company maintains a system
                                                                of “internal control over financial reporting” (as
                                                                such term is defined in Rule 13a-15(f) of the Exchange Act) that
                                                                complies with the requirements of the Exchange Act and has been
                                                                designed by the Company’s principal executive officer and
                                                                principal financial officer, or under their supervision, to
                                                                provide reasonable assurance regarding the reliability of financial
                                                                reporting and the preparation of financial statements for external
                                                                purposes in accordance with generally accepted accounting
                                                                principles and the interactive data in eXtensbile Business Reporting
                                                                Language incorporated by reference in the Offering Memorandum
                                                                and the Pricing Disclosure Package is prepared in all material
                                                                respects in accordance with the Commission’s rules and guidelines
                                                                applicable thereto. The Company is not aware of any material weaknesses
                                                                in its internal control over financial reporting;

 

		(y)	Since the date of the latest audited financial statements included or
incorporated by reference in the Pricing Disclosure Package, there has been no change in the
Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect,
the Company’s internal control over financial reporting; 

 

		(z)	The Company maintains a system of “disclosure controls and procedures”
(as such term is defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed
by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within
time periods that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed
to ensure that material information relating to the Company and its subsidiaries is made known to the Company’s principal
executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures
are effective; 

 

		(aa)	Ernst & Young, LLP, which has audited certain financial statements of the Company and its subsidiaries
is an independent registered public accounting firm under the rules and regulations adopted by the Commission and the Public Company
Accounting Oversight Board (United States) as required by the Act;

 

    	8

    	 

    

 

		(bb)	Netherland Sewell & Associates, Inc., an oil and gas consulting firm (“NSAI”),
whose summary letter from its report as of December 31, 2012 appears in the Pricing Disclosure Package or is incorporated by reference
therein, whose reserve estimates from its reports are included or are incorporated by reference therein and who has delivered the
letter referred to in Section 8(g) hereof, was, as of the date of such reports, and is, as of the date hereof, an independent petroleum
engineer with respect to the Company. The Company is not aware of any facts or circumstances that would in the aggregate result
in a material adverse change in the aggregate net proved reserves, or the aggregate present value or the standardized measure of
the future net cash flows from the written engineering reports prepared by NSAI dated January 31, 2011, February 1, 2012 and February
11, 2013; the information furnished by the Company to NSAI for purposes of preparing its reports, including, without limitation,
production, costs of operation and development, current prices for production, agreements relating to current and future operations
and sales of production, was true, correct and complete in all material respects on the dates supplied and, as of the dates of
the applicable engineering reports of NSAI, was prepared in accordance with customary industry practices. The pro forma and roll-forward
estimates of reserves and related data of the Company as of September 30, 2013 contained in the Pricing Disclosure Package reflect
adjustments to the Company’s estimates of reserves as of December 31, 2012 and were calculated in all material respects in
accordance with the methodology described in the Pricing Disclosure Package;

 

		(cc)	Except as described in the Pricing Disclosure Package, the Company and its subsidiaries have defensible
title to all of their interests in oil and gas properties and all other real property owned by the Company and its subsidiaries
and good title to all other properties owned by them, in each case, free and clear of all mortgages, pledges, liens, security interests,
claims, restrictions or encumbrances of any kind except such as (i) are described in the Pricing Disclosure Package, (ii) liens
and encumbrances under operating agreements, unitization and pooling agreements, production sales contracts, farm-out agreements
and other oil and gas exploration participation and production agreements, in each case that secure payment of amounts not yet
due and payable for the performance of other unmatured obligations and are of a scope and nature customary in the oil and gas industry
or arise in connection with drilling and production operations, or (iii) could not, in the aggregate, reasonably be expected to
have a Material Adverse Effect. Except as could not, in the aggregate, reasonably be expected to have a Material Adverse Effect
or as described in the Pricing Disclosure Package, all of the leases and subleases of real property of the Company or any of its
subsidiaries and under which the Company or any of its subsidiaries holds properties described in the Pricing Disclosure Package,
are in full force and effect, and, except as could not, in the aggregate, reasonably be expected to have a Material Adverse Effect
or as described in the Pricing Disclosure Package, neither the Company nor any of its subsidiaries has received written notice
of any claim of any sort that has been asserted by anyone adverse to the rights of the Company or any of its subsidiaries under
any of such leases or subleases, or affecting or questioning the rights of the Company or such subsidiary to the continued possession
of the leased or subleased premises under any such lease or sublease. With respect to interests in oil and gas leases obtained
by or on behalf of the Company or its subsidiaries that have not yet been drilled or included in a unit for drilling, the Company
or its subsidiaries have carried out such title investigations in accordance with the practices customary in the oil and gas industry
in the areas in which the leased properties are located;

 

    	9

    	 

    

 

		(dd)	The Company and each of its subsidiaries carry, or are covered by, insurance from insurers of recognized
financial responsibility in such amounts and covering such risks as is adequate for the conduct of their respective businesses
and the value of their respective properties. All policies of insurance of the Company and its subsidiaries are in full force and
effect; the Company and its subsidiaries are in compliance with the terms of such policies in all material respects; and neither
the Company nor any of its subsidiaries has received notice from any insurer or agent of such insurer that capital improvements
or other expenditures are required or necessary to be made in order to continue such insurance; there are no claims by the Company
or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending
under a reservation of rights clause; and neither the Company nor any such subsidiary has any reason to believe that it will not
be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business at a cost that could not reasonably be expected to have a Material Adverse Effect;

 

		(ee)	The statistical and market-related data included or incorporated by reference in the Pricing Disclosure
Package and the consolidated financial statements of the Company and its subsidiaries included or incorporated by reference in
the Pricing Disclosure Package are based on or derived from sources that the Company believes to be reliable and accurate in all
material respects;

 

		(ff)	No subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends
to the Company, from making any other distribution on such subsidiary’s capital stock, from repaying to the Company any loans
or advances to such subsidiary from the Company or from transferring any of such subsidiary’s property or assets to the Company
or any other subsidiary of the Company, except as described in the Pricing Disclosure Package under the caption “Description
of Notes—Limitation on Restrictions on Distributions from Restricted Subsidiaries”;

 

		(gg)	As of the date hereof, (i) all royalties, rentals, deposits and other amounts owed under the oil
and gas leases constituting the oil and gas properties of the Company and its subsidiaries have been properly and timely paid (other
than amounts held in suspense accounts pending routine payments or related to disputes about the proper identification of royalty
owners and except where the failure to timely pay or pay such amounts could not, individually or in the aggregate, have a Material
Adverse Effect); and no material amount of proceeds from the sale or production attributable to the oil and gas properties of the
Company and its subsidiaries are currently being held in suspense by any purchaser thereof, except where such amounts due could
not, individually or in the aggregate, have a Material Adverse Effect, and (ii) there are no claims under take-or-pay contracts
pursuant to which natural gas purchasers have any make-up rights affecting the interests of the Company or its subsidiaries in
their oil and gas properties, except where such claims could not, individually or in the aggregate, have a Material Adverse Effect;

 

    	10

    	 

    

 

		(hh)	Except as described in the Pricing Disclosure Package and except such matters as would not, singly
or in the aggregate, result in a Material Adverse Effect: (i) neither the Company nor any of its subsidiaries is in violation of
any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial
or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating
to pollution or protection of the environment (including, without limitation, ambient air, surface water, groundwater, land surface
or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release
of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products or asbestos
containing materials (collectively, “Hazardous Materials”) or to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Hazardous Materials (collectively, “Environmental Laws”); (ii) the Company
and its subsidiaries have all permits, authorizations and approvals required under applicable Environmental Laws for their operations
as presently conducted and are each in compliance with their requirements; (iii) there are no pending or threatened administrative,
regulatory or judicial actions, suits, written demands, claims, liens, notices of noncompliance or violation, investigation or
proceedings arising pursuant to any Environmental Law asserted against the Company or any of its subsidiaries and (iv) to the knowledge
of the Company, there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up
or remediation, or an action, suit or proceeding by any private party or governmental body or agency, against or affecting the
Company or any of its subsidiaries relating to Hazardous Materials or Environmental Laws or the violation of any Environmental
Laws;

 

    	11

    	 

    

 

		(ii)	(i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), for which the Company or any member of its “Controlled Group”
(defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414 of the Internal
Revenue Code of 1986, as amended (the “Code”)) would have any liability (each, a “Plan”) has been maintained
in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not
limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the
Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption;
(iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no Plan has failed
(whether or not waived), or is reasonably expected to fail, to satisfy the minimum funding standards (within the meaning of Section
302 of ERISA or Section 412 of the Code) applicable to such Plan; (iv) no Plan is, or is reasonably expected to be, in “at
risk status” (within the meaning of Section 303(i) of ERISA) or “endangered status” or “critical status”
(within the meaning of Section 305 of ERISA); (v) the fair market value of the assets of each Plan exceeds the present value of
all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (vi) no “reportable
event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur; (vii) each Plan
that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether by action or
by failure to act, which would cause the loss of such qualification and (viii) neither the Company nor any member of the Controlled
Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan
or premiums to the PBGC, in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan”,
within the meaning of Section 4001(a)(3) of ERISA), except in each case with respect to the events or conditions set forth in (i)
through (viii) hereof, as would not, individually or in the aggregate, have a Material Adverse Effect;

 

		(jj)	The Company is not a “passive foreign investment company” (“PFIC”) within
the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for any taxable year ended on or before
December 31, 2012, is not a PFIC, and does not expect to become a PFIC in its current taxable year or any subsequent taxable year;

 

		(kk)	None of the Company, any of its subsidiaries nor, to the knowledge of the Company, any director,
officer, agent, employee, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries
has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate
funds; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977; (iv) violated or is in
violation of any provision of the Bribery Act 2010 of the United Kingdom; or (v) made any bribe, rebate, payoff, influence payment,
kickback or other unlawful payment. The Company and its subsidiaries have instituted, maintain and enforce, and will continue to
maintain and enforce, policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption
laws;

 

    	12

    	 

    

 

		(ll)	The operations of the Company and its subsidiaries are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency having jurisdiction over
the Company or any of its subsidiaries (collectively, the “Money Laundering Laws”) and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries
with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened;

 

		(mm)	None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director,
officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently the subject or the target of any sanctions
administered or enforced by the U.S. Government, including, without limitation, the Office of Foreign Assets Control of the U.S.
Department of the Treasury (“OFAC”), or other relevant sanctions authority (collectively, “Sanctions”),
and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund any activities
of or business with any person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions
or (ii) in any other manner that will result in a violation by any person (including any person participating in the transaction,
whether as Purchaser, advisor, investor or otherwise) of Sanctions;

 

		(nn)	That certain Purchase and Sale Agreement by and between Axia Energy, LLC, as Seller, and UPL Three
Rivers Holdings, LLC (“UPL Three Rivers”), as Buyer, dated as of October 18, 2013, has been duly authorized, executed
and delivered by UPL Three Rivers, constitutes a valid and binding agreement of UPL Three Rivers and, to the knowledge of the Company,
of the other party thereto, enforceable against UPL Three Rivers in accordance with its terms, subject, as to enforcement, to bankruptcy,
insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general
equity principles and except that rights to indemnity and contribution thereunder may be limited by applicable law and public policy
and, as of the date hereof, UPL Three Rivers has all necessary power and authority to perform its obligations thereunder.

 

		(oo)	The Company is exempt from the oil and gas reserve and resource reporting requirements, and all
other requirements, of National Instrument 51-101 Standards of Disclosure of Oil and Gas Activities of the Canadian Securities
Administrators in each province and territory of Canada where it would otherwise be subject to those requirements by virtue of
exemption orders issued by the Canadian securities regulators (the “Exemptive Relief”). The Company is currently in
compliance with all of the conditions of the Exemptive Relief, including the requirement that not more than 10% of the Company’s
common shares be held by persons resident in Canada, and the requirement that not more than 10% of the Company’s common shareholders
be residents of Canada;

 

    	13

    	 

    

 

		(pp)	The Company’s head office is not located within Yukon. The Company’s executive officers
and directors are not resident in Yukon. The business of the Company and its subsidiaries is not administered from, and the operations
of the Company and its subsidiaries are not conducted in, Yukon. No acts, advertisements, solicitations, conduct or negotiations
by the Company or its affiliates in furtherance of the offering and sale of the Securities contemplated hereby have taken place
in Yukon (including any underwriting or investor relations activities), it being understood that no representation or warranty
is made with respect to the activities of the Purchasers. The offer and sale of the Securities to any purchaser outside Yukon,
and that is not resident in Yukon, is not subject to the prospectus requirements of the Securities Act (Yukon); and

 

		(qq)	The Company has applied for an exemption from the requirements of Part 7 of the Business Corporations
Act (Yukon) that would otherwise apply to the Company and the Indenture in connection with the offering, issue, sale and delivery
of the Securities by the Company to the Purchasers, the distribution of the Securities by the Purchasers as contemplated by this
Agreement and the issue and delivery of the Exchange Securities pursuant to the Exchange Offer.

 

		2.	Subject to the terms and conditions
                                                           herein set forth, the Company agrees to issue and sell to each of the
                                                           Purchasers, and each of the Purchasers agrees, severally and not jointly,
                                                           to purchase from the Company, at a purchase price of 98.285%
                                                           of the principal amount thereof, plus accrued interest, if any, from
                                                           December 12, 2013 to the Time of Delivery hereunder, the principal
                                                           amount of Securities set forth opposite the name of such Purchaser
                                                           in Schedule I hereto.

 

		3.	Upon the authorization by you of the release of the Securities, the several Purchasers propose
to offer the Securities for sale upon the terms and conditions set forth in this Agreement and the Offering Memorandum and each
Purchaser, acting severally and not jointly, hereby represents and warrants to, and agrees with the Company that:

 

		(a)	It will sell the Securities only to: (i) persons who it reasonably believes are “qualified
institutional buyers” (“QIBs”) within the meaning of Rule 144A under the Act in transactions meeting the requirements
of Rule 144A or, (ii) upon the terms and conditions set forth in Annex I to this Agreement;

 

		(b)	It is an Institutional Accredited Investor (within the meaning of Rule 501 under the Act); and

 

    	14

    	 

    

 

		(c)	It and each of its affiliates will not solicit offers to purchase or sell the Securities in any
province or territory of Canada except on a private placement basis in accordance with the Final Offering Circular (including for
the purposes hereof, any Canadian offering document appended thereto) and in compliance with Canadian Securities Laws to “accredited
investors” as such term is used in National Instrument 45-106 – Prospectus and Registration Exemptions (“NI 45-106”)
through a registrant properly registered or otherwise so as to not require the filing of a prospectus or any other document with
respect to the distribution of the Securities under applicable Canadian Securities Laws (other than, if required by applicable
Canadian Securities Laws, the filing of the Offering Memorandum (including for the purposes hereof, any Canadian offering document
appended thereto) provided to purchasers in the Provinces and Form 45-106F1 pursuant to NI 45-106 or any equivalent form in any
of the Provinces) and to provide such information as may reasonably be required by the Company in respect of the purchasers of
the Securities in order for the Company to fulfill its filing obligations under applicable Canadian Securities Laws, if any. “Canadian
Securities Laws” means the securities acts or similar statutes of each of the Provinces and the Yukon and all regulations,
rules, policy statements, instruments, notices and blanket orders or rulings thereunder.

 

	4.	(a)	The
Securities to be purchased by each Purchaser hereunder will be represented by one or more definitive global Securities in book-entry
form which will be deposited by or on behalf of the Company with The Depository Trust Company (“DTC”) or its designated
custodian. The Company will deliver the Securities to Goldman, Sachs & Co., for the account of each Purchaser, against payment
by or on behalf of such Purchaser of the purchase price therefor by wire transfer in Federal (same day) funds, by causing DTC to
credit the Securities to the account of Goldman, Sachs & Co. at DTC. The Company will cause the certificates representing the
Securities to be made available to Goldman, Sachs & Co. for checking at least twenty-four hours prior to the Time of Delivery
(as defined below) at the office of Haynes and Boone, LLP, 1221 McKinney Street, Suite 2100, Houston, Texas 77010 (the
“Closing Location”). The time and date of such delivery and payment shall be 9:30 a.m., New York City time,
on December 12, 2013 or such other time and date as Goldman, Sachs & Co. and the Company may agree upon in writing. Such time
and date are herein called the “Time of Delivery”.
	 	 	 
		(b)	The documents to be delivered at the Time of Delivery by or on behalf of the parties hereto pursuant
to Section 8 hereof, including the cross-receipt for the Securities and any additional documents requested by the Purchasers pursuant
to Section 8 hereof, will be delivered at such time and date at the Closing Location, and the Securities will be delivered at the
office of DTC (or its designated custodian), all at the Time of Delivery. A meeting will be held at the Closing Location at 4:00
p.m., New York City time, on the New York Business Day next preceding the Time of Delivery, at which meeting the final drafts of
the documents to be delivered pursuant to the preceding sentence will be available for review by the parties hereto. For the purposes
of this Section 4, “New York Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is
not a day on which banking institutions in New York are generally authorized or obligated by law or executive order to close.

 

    	15

    	 

    

 

		5.	The Company agrees with each of the Purchasers:

 

		(a)	To prepare the Offering Memorandum which will consist of the Preliminary Offering Memorandum updated
for the information set forth on Schedule III or otherwise reasonably acceptable to you; to make no amendment or any supplement
to the Offering Memorandum which shall be disapproved by you, acting reasonably, promptly after reasonable notice thereof; and
to furnish you with copies thereof;

 

		(b)	Promptly from time to time to take such action as you may reasonably request to qualify the Securities
for offering and sale under the securities laws of such jurisdictions as you may request and to comply with such laws so as to
permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution
of the Securities, provided that in connection therewith the Company shall not be required to qualify as a foreign corporation
or to file a general consent to service of process in any jurisdiction;

 

		(c)	If at any time prior to the Time of Delivery (i) any event shall occur or condition shall exist
as a result of which any of the Pricing Disclosure Package as then amended or supplemented would include any untrue statement of
a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading or (ii) it is necessary to amend or supplement any of the Pricing Disclosure Package
to comply with law, the Company will immediately notify the Purchasers thereof and forthwith prepare and, subject to paragraph
(b) above, furnish to the Purchasers such amendments or supplements to any of the Pricing Disclosure Package (or any document to
be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements in any of the Pricing
Disclosure Package as so amended or supplemented (including such documents to be incorporated by reference therein) will not, in
light of the circumstances under which they were made, be misleading or so that any of the Pricing Disclosure Package will comply
with law.

 

		(d)	To furnish the Purchasers with written and electronic copies of the Offering Memorandum and any
amendment or supplement thereto in such quantities as you may from time to time reasonably request, and if, at any time prior to
the expiration of nine months after the date of the Offering Memorandum, any event shall have occurred as a result of which the
Offering Memorandum as then amended or supplemented would include an untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such
Offering Memorandum is delivered, not misleading, or, if for any other reason it shall be necessary or desirable during such same
period to amend or supplement the Offering Memorandum, to notify you and upon your request to prepare and furnish without charge
to each Purchaser and to any dealer in securities as many written and electronic copies as you may from time to time reasonably
request of an amended Offering Memorandum or a supplement to the Offering Memorandum which will correct such statement or omission
or effect such compliance;

 

    	16

    	 

    

 

		(e)	During the period beginning from the date hereof and continuing until the date that is 90 days
after the Time of Delivery, not to offer, issue, sell, contract to sell, pledge, grant any option to purchase, make any short sale
or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Act
relating to any securities of the Company that are substantially similar to the Securities, other than the Exchange Securities,
or publicly disclose the intention to make any offer, sale, pledge, disposition or filing without your prior written consent;

 

		(f)	Not to be or become, at any time prior to the expiration of two years after the Time of Delivery,
an open-end investment company, unit investment trust, closed-end investment company or face-amount certificate company that is
or is required to be registered under Section 8 of the Investment Company Act;

 

		(g)	At any time when the Company is not subject to Section 13 or 15(d) of the Exchange Act, for the
benefit of holders from time to time of Securities, to furnish at its expense, upon request, to holders of Securities and prospective
purchasers of Securities information (the “Additional Issuer Information”) satisfying the requirements of subsection
(d)(4)(i) of Rule 144A under the Act;

 

		(h)	Except for such documents that are publicly available on EDGAR, to furnish to the holders of the
Securities as soon as practicable after the end of each fiscal year an annual report (including a balance sheet and statements
of income, stockholders' equity and cash flows of the Company and its consolidated subsidiaries certified by independent public
accountants) and, as soon as practicable after the end of each of the first three quarters of each fiscal year (beginning with
the fiscal quarter ending after the date of the Offering Memorandum), to make available to its stockholders consolidated summary
financial information of the Company and its subsidiaries for such quarter in reasonable detail;

 

		(i)	During the period of one year after the Time of Delivery, the Company will not, and will not permit
any of its “affiliates” (as defined in Rule 144 under the Act) to, resell any of the Securities which constitute “restricted
securities” under Rule 144 that have been reacquired by any of them (other than pursuant to a registration statement that
has been declared effective under the Act); and

 

		(j)	To use the net proceeds received by the Company from the sale of the Securities pursuant to this
Agreement in the manner specified in the Pricing Disclosure Package under the caption “Use of Proceeds”.

 

    	17

    	 

    

 

		6.	

 

		(a)	(i) The Company represents and agrees that, without the prior consent of Goldman, Sachs & Co.,
it and its affiliates and any other person acting on its or their behalf (other than the Purchasers, as to which no statement is
given) (x) have not made and will not make any offer relating to the Securities that, if the offering of the Securities contemplated
by this Agreement were conducted as a public offering pursuant to a registration statement filed under the Act with the Commission,
would constitute an “issuer free writing prospectus,” as defined in Rule 433 under the Act (any such offer is hereinafter
referred to as a “Company Supplemental Disclosure Document”) and (y) have not solicited and will not solicit offers
for, and have not offered or sold and will not offer or sell, the Securities by means of any form of general solicitation or general
advertising within the meaning of Rule 502(c) of Regulation D other than any such solicitation listed on Schedule II(d) (each such
solicitation, a “Permitted General Solicitation”; each written general solicitation document listed on Schedule II(d),
a “Permitted General Solicitation Material”);

 

			(ii) each Purchaser, severally and not jointly, represents and agrees that, without the prior consent
of the Company and Goldman, Sachs & Co., other than one or more term sheets or other communications relating to the Securities
containing customary information and conveyed to purchasers of securities or any Permitted General Solicitation Material, it has
not made and will not make any offer relating to the Securities that, if the offering of the Securities contemplated by this Agreement
were conducted as a public offering pursuant to a registration statement filed under the Act with the Commission, would constitute
a “free writing prospectus,” as defined in Rule 405 under the Act (any such offer (other than any such term sheets,
communications and any Permitted General Solicitation Material), is hereinafter referred to as a “Purchaser Supplemental
Disclosure Document”); and
	 	 	 
	 		(iii) any
Company Supplemental Disclosure Document, Purchaser Supplemental Disclosure Document or Permitted General Solicitation Material,
the use of which has been consented to by the Company and Goldman, Sachs & Co., is listed as applicable on Schedule II(b),
Schedule II(c) or Schedule II(d) hereto, respectively;

 

    	18

    	 

    

 

		7.	The Company covenants and agrees with the several Purchasers that the Company will pay or cause
to be paid the following: (i) the fees, disbursements and expenses of the Company’s counsel and accountants in connection
with the issue of the Securities and all other expenses in connection with the preparation, printing, reproduction and filing of
the Preliminary Offering Memorandum and the Offering Memorandum and any amendments and supplements thereto and the mailing and
delivering of copies thereof to the Purchasers and dealers; (ii) the cost of printing or producing any Agreement among Purchasers,
this Agreement, the Indenture, the Securities, the Registration Rights Agreement, the Blue Sky Memorandum, closing documents (including
any compilations thereof), Permitted General Solicitation Materials and any other documents in connection with the offering, purchase,
sale and delivery of the Securities; (iii) all expenses in connection with the qualification of the Securities for offering
and sale under state securities laws as provided in Section 5(b) hereof, including the fees and disbursements of counsel for the
Purchasers in connection with such qualification and in connection with the Blue Sky and legal investment surveys; (iv) any fees
charged by securities rating services for rating the Securities; (v) the cost of preparing the Securities; (vi) the fees and expenses
of the Trustee and any agent of the Trustee and the fees and disbursements of counsel for the Trustee in connection with
the Indenture and the Securities; (vii) all costs and expenses incurred in connection with any “road show” presentation
to potential purchasers of the Securities; and (viii) all other costs and expenses incident to the performance of its obligations
hereunder which are not otherwise specifically provided for in this Section. It is understood, however, that, except as provided
in this Section, and Sections 9 and 12 hereof, the Purchasers will pay all of their own costs and expenses, including the fees
of their counsel and transfer taxes on resale of any of the Securities by them.

 

		8.	The obligations of the Purchasers hereunder shall be subject, in their discretion, to the condition
that all representations and warranties and other statements of the Company herein are, at and as of the date hereof and the Time
of Delivery, true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore
to be performed, and the following additional conditions:

 

		(a)	Vinson & Elkins L.L.P., counsel for the Purchasers, shall have furnished to you such opinion
or opinions, dated the Time of Delivery, in form and substance satisfactory to you, with respect to such matters as you may reasonably
request, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass
upon such matters;

 

		(b)	Haynes and Boone, LLP, counsel for the Company, shall have furnished to you their written opinion,
dated the Time of Delivery, in form and substance satisfactory to you, and substantially as set forth on Annex II(a) hereto;

 

		(c)	Garrett Smith, Principal Counsel for the Company, will deliver the opinions in Annex II(b).

 

		(d)	Lackowicz & Hoffman, Yukon counsel for the Company, shall have furnished to you their written
opinion, dated the Time of Delivery, in form and substance satisfactory to you, and substantially as set forth on Annex II(c) hereto;

 

		(e)	Bennett Jones, Canadian counsel for the Company, shall have furnished to you their written opinion,
dated the Time of Delivery, in form and substance satisfactory to you, and substantially as set forth on Annex II(d) hereto;

 

		(f)	On the date of the Offering Memorandum concurrently with the execution of this Agreement and also
at the Time of Delivery, Ernst & Young, LLP shall have furnished to you a letter or letters, dated the respective dates of
delivery thereof, in form and substance satisfactory to you;

 

    	19

    	 

    

 

		(g)	On the date of the Offering Memorandum concurrently with the execution of this Agreement and also
at the Time of Delivery, Netherland, Sewell & Associates, Inc. shall have furnished to you a letter or letters, dated the respective
dates of delivery thereof, in form and substance satisfactory to you;

 

		(h)	(i)	Neither the Company nor any of its subsidiaries shall have sustained since the date of the latest audited financial statements
included in the Pricing Disclosure Package any loss or interference with its business from fire, explosion, flood or other calamity,
whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than
as set forth or contemplated in the Pricing Disclosure Package, and
	 	 	 	 
	 	 	(ii)	since the respective dates as of which information is given in the Pricing Disclosure Package there shall not have been any
change in the capital stock or long-term debt of the Company or any of its subsidiaries or any change, or any development involving
a prospective change, in or affecting the general affairs, management, financial position, stockholders’ equity or results
of operations of the Company and its subsidiaries, otherwise than as set forth or contemplated in the Pricing Disclosure Package,
the effect of which, in any such case described in clause (i) or (ii), is in your judgment so material and adverse as to make it
impracticable or inadvisable to proceed with the offering or the delivery of the Securities on the terms and in the manner contemplated
in this Agreement and in each of the Pricing Disclosure Package and the Offering Memorandum;

 

		(i)	On or after the Applicable Time (i) no downgrading shall have occurred in the rating accorded the
Company’s debt securities by any “nationally recognized statistical rating organization”, as that term is defined
by the Commission for purposes of Section 3(a)(62) of the Exchange Act, and (ii) no such organization shall have publicly announced
that it has under surveillance or review, with possible negative implications, its rating of any of the Company’s debt securities;

 

		(j)	On or after the Applicable Time there shall not have occurred any of the following: (i) a suspension
or material limitation in trading in securities generally on the New York Stock Exchange; (ii) a suspension or material limitation
in trading in the Company’s securities on the New York Stock Exchange; (iii) a general moratorium on commercial banking activities
declared by either Federal or New York or Texas State authorities or a material disruption in commercial banking or securities
settlement or clearance services in the United States; (iv) the outbreak or escalation of hostilities involving the United States
or the declaration by the United States of a national emergency or war or (v) the occurrence of any other calamity or crisis or
any change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified
in clause (iv) or (v) in your judgment makes it impracticable or inadvisable to proceed with the offering or the delivery of the
Securities on the terms and in the manner contemplated in the Pricing Disclosure Package and the Offering Memorandum;

 

    	20

    	 

    

 

		(k)	The Purchasers shall have received an executed copy of the Indenture;

 

		(l)	The Securities shall be eligible for clearance and settlement through the facilities of DTC;

 

		(m)	The Purchasers shall have received a counterpart of the Registration Rights Agreement that shall
have been executed and delivered by a duly authorized officer of the Company.

 

		(n)	On or before the Time of Delivery, all closing conditions in the Purchase and Sale Agreement by
and between Axia Energy, LLC, and UPL Three Rivers, dated as of October 18, 2013, shall have been satisfied, except for the payment
of the purchase price; and

 

		(o)	The Company shall have furnished or caused to be furnished to you at the Time of Delivery certificates
of officers of the Company satisfactory to you as to the accuracy of the representations and warranties of the Company herein at
and as of such Time of Delivery, as to the performance by the Company of all of its obligations hereunder to be performed at or
prior to such Time of Delivery, as to the matters set forth in subsection (h) of this Section and as to such other matters as you
may reasonably request.

 

9.

 

		(a)	The Company will indemnify and hold harmless each Purchaser against any losses, claims, damages
or liabilities, joint or several, to which such Purchaser may become subject, under the Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue
statement of a material fact contained in any Preliminary Offering Memorandum, the Pricing Memorandum, the Pricing Disclosure Package,
the Offering Memorandum, or any amendment or supplement thereto, any Company Supplemental Disclosure Document, any Permitted General
Solicitation Material or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary
to make the statements therein not misleading, and will reimburse each Purchaser for any legal or other expenses reasonably incurred
by such Purchaser in connection with investigating or defending any such action or claim as such expenses are incurred; provided,
however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises
out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any Preliminary
Offering Memorandum, the Pricing Memorandum, the Pricing Disclosure Package, the Offering Memorandum or any such amendment or supplement,
any Company Supplemental Disclosure Document or any Permitted General Solicitation Material, in reliance upon and in conformity
with written information furnished to the Company by any Purchaser through Goldman, Sachs & Co. expressly for use therein.

 

    	21

    	 

    

 

		(b)	Each Purchaser, severally and not jointly, will indemnify and hold harmless the Company against
any losses, claims, damages or liabilities to which the Company may become subject, under the Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged
untrue statement of a material fact contained in any Preliminary Offering Memorandum, the Pricing Memorandum, the Pricing Disclosure
Package, the Offering Memorandum, or any amendment or supplement thereto, or any Company Supplemental Disclosure Document, any
Permitted General Solicitation Material or arise out of or are based upon the omission or alleged omission to state therein a material
fact or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such
untrue statement or alleged untrue statement or omission or alleged omission was made in any Preliminary Offering Memorandum, the
Pricing Memorandum, the Pricing Disclosure Package, the Offering Memorandum or any such amendment or supplement, any Company Supplemental
Disclosure Document or any Permitted General Solicitation Material, in reliance upon and in conformity with written information
furnished to the Company by such Purchaser through Goldman, Sachs & Co. expressly for use therein; and each Purchaser will
reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending
any such action or claim as such expenses are incurred.

 

		(c)	Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying
party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission so to notify
the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under
such subsection. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party
of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such
indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and,
after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying
party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other
expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable
costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have mutually agreed to the contrary; (ii) the indemnifying party has failed within a reasonable time to retain counsel
reasonably satisfactory to the indemnified party; (iii) the indemnified party shall have reasonably concluded that there may be
legal defenses available to it that are different from or in addition to those available to the indemnifying party; or (iv) the
named parties in any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified
party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise
of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification
or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or
claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability
arising out of such action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure
to act, by or on behalf of any indemnified party.

 

    	22

    	 

    

 

		(d)	If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold
harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions
in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate
to reflect the relative benefits received by the Company on the one hand and the Purchasers on the other from the offering of the
Securities. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if
the indemnified party failed to give the notice required under subsection (c) above, then each indemnifying party shall contribute
to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative
benefits but also the relative fault of the Company on the one hand and the Purchasers on the other in connection with the statements
or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other
relevant equitable considerations. The relative benefits received by the Company on the one hand and the Purchasers on the other
shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by
the Company bear to the total discounts and commissions received by the Purchasers, in each case as set forth in the Offering Memorandum.
The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the
one hand or the Purchasers on the other and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. The Company and the Purchasers agree that it would not be just and equitable
if contribution pursuant to this subsection (d) were determined by pro rata allocation (even if the Purchasers were treated as
one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred
to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages
or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include any legal or
other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this subsection (d), no Purchaser shall be required to contribute any amount in excess of the
amount by which the total price at which the Securities purchased by it and distributed to investors were offered to investors
exceeds the amount of any damages which such Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. The Purchasers’ obligations in this subsection (d) to contribute are several in
proportion to their respective purchase obligations and not joint.

 

    	23

    	 

    

 

		(e)	The obligations of the Company under this Section 9 shall be in addition to any liability which
the Company may otherwise have and shall extend, upon the same terms and conditions, to any affiliate, director or officer of each
Purchaser and each person, if any, who controls any Purchaser within the meaning of the Act; and the obligations of the Purchasers
under this Section 9 shall be in addition to any liability which the respective Purchasers may otherwise have and shall extend,
upon the same terms and conditions, to each officer and director of the Company and to each person, if any, who controls the Company
within the meaning of the Act.

 

	10.	(a)	If
any Purchaser shall default in its obligation to purchase the Securities which it has agreed to purchase hereunder, you may in
your discretion arrange for you or another party or other parties to purchase such Securities on the terms contained herein. If
within thirty-six hours after such default by any Purchaser you do not arrange for the purchase of such Securities, then the Company
shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to
you to purchase such Securities on such terms. In the event that, within the respective prescribed periods, you notify the Company
that you have so arranged for the purchase of such Securities, or the Company notifies you that it has so arranged for the purchase
of such Securities, you or the Company shall have the right to postpone the Time of Delivery for a period of not more than seven
days, in order to effect whatever changes may thereby be made necessary in the Offering Memorandum, or in any other documents or
arrangements, and the Company agrees to prepare promptly any amendments or supplements to the Offering Memorandum which in your
opinion may thereby be made necessary. The term “Purchaser” as used in this Agreement shall include any person substituted
under this Section with like effect as if such person had originally been a party to this Agreement with respect to such Securities.

 

    	24

    	 

    

 

		(b)	If, after giving effect to any arrangements for the purchase of the Securities of a defaulting
Purchaser or Purchasers by you and the Company as provided in subsection (a) above, the aggregate principal amount of such Securities
which remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities, then the Company
shall have the right to require each non-defaulting Purchaser to purchase the principal amount of Securities which such Purchaser
agreed to purchase hereunder and, in addition, to require each non-defaulting Purchaser to purchase its pro rata share (based on
the principal amount of Securities which such Purchaser agreed to purchase hereunder) of the Securities of such defaulting Purchaser
or Purchasers for which such arrangements have not been made; but nothing herein shall relieve a defaulting Purchaser from liability
for its default.

 

			If, after giving effect to any arrangements for the purchase of the Securities of a defaulting
Purchaser or Purchasers by you and the Company as provided in subsection (a) above, the aggregate principal amount of Securities
which remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the Company shall
not exercise the right described in subsection (b) above to require non-defaulting Purchasers to purchase Securities of a defaulting
Purchaser or Purchasers, then this Agreement shall thereupon terminate, without liability on the part of any non-defaulting Purchaser
or the Company, except for the expenses to be borne by the Company and the Purchasers as provided in Section 6 hereof and the indemnity
and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Purchaser from liability for its
default.

 

		11.	The respective indemnities, agreements, representations, warranties and other statements of the
Company and the several Purchasers, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this
Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof)
made by or on behalf of any Purchaser or any affiliate, director, officer or controlling person of any Purchaser, or the Company,
or any officer or director or controlling person of the Company, and shall survive delivery of and payment for the Securities.

 

		12.	If this Agreement shall be terminated pursuant to Section 10 hereof, the Company shall not then
be under any liability to any Purchaser except as provided in Sections 7 and 9 hereof; but, if for any other reason, the Securities
are not delivered by or on behalf of the Company as provided herein, the Company will reimburse the Purchasers through you for
all expenses approved in writing by you, including fees and disbursements of counsel, reasonably incurred by the Purchasers in
making preparations for the purchase, sale and delivery of the Securities, but the Company shall then be under no further liability
to any Purchaser except as provided in Sections 7 and 9 hereof.

 

		13.	In all dealings hereunder, you shall act on behalf of each of the Purchasers, and the parties hereto
shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Purchaser made or given by
you.

 

    	25

    	 

    

 

All statements, requests,
notices and agreements hereunder shall be in writing, and if to the Purchasers shall be delivered or sent by mail or facsimile
transmission to you as the representatives at 200 West Street, New York, New York 10282-2198,
Attention: Registration Department; and if to the Company shall be delivered or sent by mail or facsimile transmission to the address
of the Company set forth in the Offering Memorandum, Attention: Corporate Secretary; provided, however, that any
notice to a Purchaser pursuant to Section 9 hereof shall be delivered or sent by mail or facsimile transmission to such Purchaser
at its address set forth in its Purchasers’ Questionnaire, which address will be supplied to the Company by you upon request.
Any such statements, requests, notices or agreements shall take effect upon receipt thereof.

 

In accordance with the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Purchasers are required
to obtain, verify and record information that identifies their respective clients, including the Company, which information may
include the name and address of their respective clients, as well as other information that will allow the Purchasers to properly
identify their respective clients.

 

		14.	This Agreement shall be binding upon, and inure solely to the benefit of, the Purchasers, the Company
and, to the extent provided in Sections 9 and 11 hereof, the officers and directors of the Company and each person who controls
the Company or any Purchaser, and their respective heirs, executors, administrators, successors and assigns, and no other person
shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Securities from any Purchaser
shall be deemed a successor or assign by reason merely of such purchase.

 

		15.	Time shall be of the essence of this Agreement.

 

		16.	The Company acknowledges and agrees that (i) the purchase and sale of the Securities pursuant to
this Agreement is an arm’s-length commercial transaction between the Company, on the one hand, and the several Purchasers,
on the other, (ii) in connection therewith and with the process leading to such transaction each Purchaser is acting solely as
a principal and not the agent or fiduciary of the Company, (iii) no Purchaser has assumed an advisory or fiduciary responsibility
in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether
such Purchaser has advised or is currently advising the Company on other matters) or any other obligation to the Company except
the obligations expressly set forth in this Agreement and (iv) the Company has consulted its own legal and financial advisors to
the extent it deemed appropriate. The Company agrees that it will not claim that the Purchaser, or any of them, has rendered advisory
services of any nature or respect, or owes a fiduciary or similar duty to the Company, in connection with such transaction or the
process leading thereto.

 

		17.	This Agreement supersedes all prior agreements and understandings
(whether written or oral) between the Company and the Purchasers, or any of them, with respect to the subject matter hereof.

 

    	26

    	 

    

 

		18.	THIS AGREEMENT AND ANY MATTERS RELATED TO THIS TRANSACTION
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICT
OF LAWS THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK. The Company agrees
that any suit or proceeding arising in respect of this agreement or our engagement will be tried exclusively in the U.S. District
Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located
in The City and County of New York and the Company agrees to submit to the jurisdiction of, and to venue in, such courts.

 

		19.	The Company and each of the Purchasers hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby.

 

		20.	This Agreement may be executed by any one or more of the parties hereto in any number of counterparts,
each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same
instrument.

 

		21.	Notwithstanding anything herein to the contrary, the Company (and the Company’s employees,
representatives, and other agents) are authorized to disclose to any and all persons, the tax treatment and tax structure of the
potential transaction and all materials of any kind (including tax opinions and other tax analyses) provided to the Company relating
to that treatment and structure, without the Purchasers’ imposing any limitation of any kind. However, any information relating
to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary
to enable any person to comply with securities laws. For this purpose, “tax treatment” means US federal and state income
tax treatment, and “tax structure” is limited to any facts that may be relevant to that treatment.

 

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If the foregoing is in
accordance with your understanding, please sign and return to us four counterparts hereof, and upon the acceptance hereof by you,
on behalf of each of the Purchasers, this letter and such acceptance hereof shall constitute a binding agreement among each of
the Purchasers and the Company. It is understood that your acceptance of this letter on behalf of each of the Purchasers is pursuant
to the authority set forth in a form of Agreement among Purchasers, the form of which shall be submitted to the Company for examination
upon request, but without warranty on your part as to the authority of the signers thereof.

 

	 	Very truly yours,
	 	 	 
	 	ULTRA PETROLEUM CORP.
	 	 	 
	 	By:	/s/ Marshall D. Smith
	 	 	Name: Marshall D. Smith
	 	 	Title: Senior Vice President and Chief Financial Officer

 

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Accepted as of the date hereof:

 

Goldman, Sachs & Co.

 

	By:	/s/ Michael Hickey	 
	 	(Goldman, Sachs & Co.)	 
	 	 	 
	 	Name: Michael Hickey	 
	 	Title: Vice President	 
	 	 	 
	 	On behalf of each of the Purchasers	 

 

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SCHEDULE I

 

	 	 	Principal	 
	 	 	Amount of	 
	 	 	Securities	 
	 	 	to be	 
	Purchaser	 	Purchased	 
	Goldman, Sachs & Co.	 	$	156,122,449	 
	Citigroup Global Markets Inc.	 	 	68,877,551	 
	Wells Fargo Securities LLC	 	 	55,102,041	 
	J.P. Morgan Securities LLC	 	 	50,510,204	 
	CIBC World Markets Corp.	 	 	27,551,020	 
	RBC Capital Markets, LLC	 	 	22,959,184	 
	BB&T Capital Markets, a division of BB&T Securities, LLC	 	 	14,923,469	 
	Mitsubishi UFJ Securities (USA), Inc.	 	 	14,923,469	 
	BBVA Securities Inc.	 	 	14,923,469	 
	U.S. Bancorp Investments, Inc.	 	 	14,923,469	 
	SMBC Nikko Securities America, Inc.	 	 	9,183,673	 
	Total	 	$	450,000,000	 

 

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SCHEDULE II

 

		(a)	Additional Documents Incorporated by Reference:

 

		(b)	Company Supplemental Disclosure Documents:

 

Electronic Roadshow
Presentation, dated December 2, 2013

 

		(c)	Purchaser Supplemental Disclosure Documents: None

 

		(d)	Permitted General Solicitation Materials:

 

Press release of the Company dated
December 2, 2013 relating to the announcement of the offering of the Securities.

 

Press release of the Company dated
December 6, 2013 relating to the pricing of the offering of the Securities.

 

    	31

    	 

    

 

SCHEDULE III

 

$450,000,000

 

Ultra Petroleum Corp.

 

5.750% Senior Notes due 2018

 

Pricing Supplement dated December 6, 2013
to the Preliminary Offering Memorandum dated December 2, 2013 of Ultra Petroleum Corp. (the “Preliminary Offering Memorandum”).
This Pricing Supplement is qualified in its entirety by reference to the Preliminary Offering Memorandum. The information in this
Pricing Supplement supplements the Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum
to the extent it is inconsistent with the information in the Preliminary Offering Memorandum. Defined terms used and not defined
herein have the meaning ascribed to them in the Preliminary Offering Memorandum.

 

Investing in the Notes involves risk. See
“Risk Factors” beginning on page 19 of the Preliminary Offering Memorandum.

 

	Issuer:	Ultra Petroleum Corp.
	 	 
	Title of Securities:	5.750% Senior Notes due 2018
	 	 
	Placement:	Rule 144A/Regulation S with registration rights as set forth in the Preliminary Offering Memorandum
	 	 
	Offering Size:	$450,000,000
	 	 
	Gross Proceeds:	$450,000,000
	 	 
	Offering Price:	100.000%
	 	 
	Maturity:	December 15, 2018
	 	 
	Coupon:	5.750%
	 	 
	Yield to Worst:	5.750%
	 	 
	Spread to Benchmark Treasury:	+425 bps
	 	 
	Benchmark Treasury:	1.375% UST due December 31, 2018
	 	 
	Interest Payment Dates; Record Dates:	Semi-annually on June 15 and December 15 of each year, beginning on June 15, 2014, payable to the holders of record on the immediately preceding June 1 and December 1.
	 	 
	Equity Clawback:	Up to 35% at 105.750% prior to December 15, 2015

 

    	32

    	 

    

 

	Optional Redemption:	Make-whole call @ T+50 bps prior to December 15, 2015, then at the prices set forth below, plus accrued interest, if redeemed during the twelve-month period beginning on December 15 of the years indicated below:

 

 

	 	Year	 	Percentage	 
	 	 	 	 	 
	 	2015	 	 	102.875	%
	 	 	 	 	 	 
	 	2016	 	 	101.438	%
	 	 	 	 	 	 
	 	2017 and thereafter	 	 	100.000	%

 

	Trade Date:	December 6, 2013
	 	 
	Settlement Date (T+4):	December 12, 2013
	 	 
	CUSIP/ISIN:	144A CUSIP: 903914 AA7
	 	144A ISIN: US903914AA73
	 	Regulation S CUSIP: C93125 AA7
	 	Regulation S ISIN: USC93125AA79
	 	 
	Denominations/Multiple:	$2,000 x $1,000
	 	 
	Ratings*:	Moody’s: B2
	 	S&P: BB
	 	 
	Joint Book-runners:	Goldman, Sachs & Co.
	 	Citigroup Global Markets Inc.
	 	
        Wells Fargo Securities LLC

        

	 	J.P. Morgan Securities LLC
	 	CIBC World Markets Corp.
	 	 
	Co-managers:	
        RBC Capital Markets, LLC

        

	 	BB&T Capital Markets, a division of BB&T Securities, LLC
	 	Mitsubishi UFJ Securities (USA), Inc
	 	BBVA Securities Inc.
	 	U.S. Bancorp Investments, Inc.
	 	SMBC Nikko Securities America, Inc

 

    	33

    	 

    

 

Additional Information

 

Offering Size

 

Ultra Petroleum Corp. has increased the
offering of the Notes from $400 million aggregate principal amount to $450 million aggregate principal amount. Corresponding changes
will be made wherever applicable to the Preliminary Offering Memorandum, including as discussed below.

 

Use of Proceeds

 

The following disclosure under “Use
of Proceeds” on page 34 and each other location where it appears in the Preliminary Offering Memorandum is amended to read
as follows:

 

We estimate that the net proceeds from
the offering of the Notes will be approximately $441.1 million after deducting the estimated transaction fees and expenses. We
intend to use the net proceeds from this offering, together with borrowings of approximately $208.9 under our revolving
credit facility, to fund the purchase price of our Uinta Basin acquisition, which we expect will close immediately following the
issuance of the Notes offered hereby. Closing of the Notes offered hereby will be subject to satisfaction of all conditions to
the closing of the pending Uinta Basin acquisition except for payment of the purchase price and delivery of customary closing certificates.
In the event the Uinta Basin acquisition does not close, we intend to use the net proceeds to invest in our capital expenditure
programs and other general corporate purposes.

 

Capitalization

 

The following numbers in the As adjusted
column under “Capitalization” on page 34 and each other location where they appear in the Preliminary Offering Memorandum
are amended to read as follows:

 

	Revolving Credit Facility	 	$	508,900	 
	 	 	 	 	 
	Notes offered hereby	 	$	450,000	 
	 	 	 	 	 
	Total debt	 	$	2,518,900	 
	 	 	 	 	 
	Total capitalization	 	$	2,146,592	 

 

Pro Forma Indebtedness

 

The following amounts in the Preliminary
Offering Memorandum describing the pro forma effect of this offering on outstanding indebtedness are amended as follows in each
location where they appear in the Preliminary Offering Memorandum:

 

	Available borrowing capacity under our revolving credit facility	 	$	491,100,000	 
	 	 	 	 	 
	Indebtedness under our revolving credit facility	 	$	508,900,000	 
	 	 	 	 	 
	Borrowings under our revolving credit facility to fund a portion of the Uinta Basin acquisition	 	$	208,900,000	 

 

    	34

    	 

    

 

This material is confidential and is
for your information only and is not intended to be used by anyone other than you. This information does not purport to be a complete
description of these securities or the offering. Please refer to the Preliminary Offering Memorandum for a complete description.

 

This communication is not an offer to
sell the securities and it is not a solicitation of an offer to buy the securities in any jurisdiction to any person to whom it
is unlawful to make such offer or solicitation in such jurisdiction.

 

THE NOTES HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE AND ARE BEING OFFERED ONLY TO (1) “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND (2) OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS IN COMPLIANCE
WITH REGULATION S UNDER THE SECURITIES ACT.

 

*A securities rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

 

Any disclaimer or other notice that may appear
below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated
as a result of this communication being sent by Bloomberg or another email system.

 

    	35

    	 

    

 

ANNEX I

 

		(1)	The Securities have not been and will not be registered under the Act and may not be offered
or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S under
the Act or pursuant to an exemption from the registration requirements of the Act. Each Purchaser represents that it has offered
and sold the Securities, and will offer and sell the Securities (i) as part of their distribution at any time and (ii) otherwise
until 40 days after the later of the commencement of the offering and the Time of Delivery, only in accordance with Rule 903 of
Regulation S or Rule 144A under the Act. Accordingly, each Purchaser agrees that neither it, its affiliates nor any persons acting
on its or their behalf has engaged or will engage in any directed selling efforts with respect to the Securities, and it and they
have complied and will comply with the offering restrictions requirement of Regulation S. Each Purchaser agrees that, at or prior
to confirmation of sale of Securities (other than a sale pursuant to Rule 144A), it will have sent to each distributor, dealer
or person receiving a selling concession, fee or other remuneration that purchases Securities from it during the restricted period
a confirmation or notice to substantially the following effect:

 

“The
Securities covered hereby have not been registered under the U.S. Securities Act of 1933 (the “Securities Act”) and
may not be offered and sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their
distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the closing date,
except in either case in accordance with Regulation S (or Rule 144A if available) under the Securities Act. Terms used above have
the meaning given to them by Regulation S.”

 

Terms used
in this paragraph have the meanings given to them by Regulation S.

 

Each Purchaser
further agrees that it has not entered and will not enter into any contractual arrangement with respect to the distribution or
delivery of the Securities, except with its affiliates or with the prior written consent of the Company.

 

		(2)	Notwithstanding the foregoing, Securities in registered form may be offered, sold and delivered
by the Purchasers in the United States and to U.S. persons pursuant to Section 3 of this Agreement without delivery of the written
statement required by paragraph (1) above.

 

    	A-1

    	 

    

 

		(3)	Each Purchaser agrees that it will not offer, sell or deliver any of the Securities in any jurisdiction
outside the United States except under circumstances that will result in compliance with the applicable laws thereof, and that
it will take at its own expense whatever action is required to permit its purchase and resale of the Securities in such jurisdictions.
Each Purchaser understands that no action has been taken to permit a public offering in any jurisdiction outside the United States
where action would be required for such purpose. Each Purchaser agrees not to cause any advertisement of the Securities to be published
in any newspaper or periodical or posted in any public place and not to issue any memorandum relating to the Securities, except
in any such case with Goldman, Sachs & Co.’s express written consent and then only at its own risk and expense.

 

    	A-2

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