Ultra Petroleum reported fourth-quarter net income at $95.39 million or US$0.62 per share, against $65.09 million or US$0.42 per share in corresponding quarter last year.

The company reported its total proved oil and gas reserves at 3.91 trillion cubic feet of gas equivalent (Tcfe) for the year-ended December 31, 2009 an 11 percent increase from 3.52 Tcfe reported in corresponding month previous year.

Company reported a 24 rise in total natural gas and crude oil production for the year-ended December 31, 2009 to a record high of 180.1 billion cubic feet equivalent (Bcfe) as compared to production of 145.3 Bcfe for 2008. In another press release, the company reported that the company's Board of Directors approved the 2010 capital budget of $1,450.0 billion.

Michael D. Watford, Chairman, President and Chief Executive Officer said in a statement, “Margins do matter in the oil and gas industry. Over the past four years, Ultra has sustained healthy operating cash flow margins averaging 72 percent and net income margins averaging 37 percent. These outstanding margins were achieved in a widely fluctuating commodity price environment”.