Colt Energy Inc. and Ultra Petroleum Corp.: Drilling Activities in the Green River Basin.

MONTREAL--(BUSINESS WIRE)--April 8, 1998--ULTRA PETROLEUM COLT(Alberta Stock Exchange:COE.) Colt Energy Inc. is pleased to provide an update on its completion and drilling activities in the Green River Basin, Sublette County, Wyoming.

Initial completion of the lower sands in the North Lizard Head 11-8 well has commenced with a service rig currently being on site. Perforating is scheduled for late this week with hydraulic fracturing stimulation scheduled for next week. Test rate should be available approximately 7-10 days after the stimulation work is completed.

The first two intervals to be stimulated are located below the deepest completion interval in the Western Gas Resources (WGR) Lizard Head 13-28 well located approximately 3.5 miles south of the North Lizard Head 11-8. Based on data released the WGR Lizard Head 13-28 well initially tested at rates in excess of 5.0 MMCF/D.

WGR is currently awaiting final pipeline permit from the regulatory authorities (which is expected to be issued by month's end) to construct a pipeline to the North Lizard head acreage. Construction should take approximately 3 weeks after issuance of the permit. Completion work on the upper sands in the North Lizard Head 11-8 will be deferred until the WGR pipeline is completed.

-0- The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein.

CONTACT: Ultra Petroleum Corp.

Mark Jarvis, 604/669-0964

604/688-4712 (FAX)

or

Colt Energy Inc.

Alain Lambert, 514/844-7212

514/844-7481 (FAX)