8-K

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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   ----------

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

                                 Date of Report
                                  July 11, 2006
                        (Date of earliest event reported)

                              ULTRA PETROLEUM CORP.
             (Exact name of registrant as specified in its charter)

    Yukon Territory, Canada              0-29370                  N/A
(State or other jurisdiction of        (Commission           (I.R.S. Employer
 incorporation or organization)        File Number)       Identification Number)

                    363 N. Sam Houston Parkway E., Suite 1200
                              Houston, Texas 77060
          (Address of principal executive offices, including zip code)

                                 (281) 876-0120
              (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities
     Act (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange
     Act (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))

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ITEM 8.01   OTHER EVENTS

Press release announcing: Ultra Petroleum Successful In Obtaining Additional
10-Acre Density Drilling

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS

    (d)  Exhibits

    EXHIBIT NUMBER   TITLE OF DOCUMENT
    --------------   -----------------------------------------------------------
        99.1         Press release dated July 11, 2006

                                        2


                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                              ULTRA PETROLEUM CORP.


July 11, 2006                                 By:    /s/ Michael D. Watford
                                                     ---------------------------
                                              Name:  Michael D. Watford
                                              Title: Chairman, President & CEO

                                        3


                                  EXHIBIT INDEX

    EXHIBIT NUMBER   TITLE OF DOCUMENT
    --------------   -----------------------------------------------------------
        99.1         Press release dated July 11, 2006

                                        4

EX-99.1

                                                                    Exhibit 99.1

   ULTRA PETROLEUM SUCCESSFUL IN OBTAINING ADDITIONAL 10-ACRE DENSITY DRILLING

    HOUSTON, July 11 /PRNewswire-FirstCall/ -- Ultra Petroleum Corp. (Amex: UPL)
today announced success in obtaining approval from the Wyoming Oil and Gas
Conservation Commission (WOGCC) for additional 10-acre down-spacing on the
Pinedale Anticline.

    Ultra applied for down-spacing at the WOGCC hearing on July 11, 2006. The
company, in a joint application with Shell, gained approval for additional
increased density drilling equivalent to 10-acre spacing on two areas totaling
16.3 square miles on the Pinedale Anticline. Currently the two areas covered by
the application are a mix of 40-acre, 20-acre, and 10-acre equivalent density --
with 20's being the majority of the area. Approval of this application by the
WOGCC will result in the ability to drill 1,043 wells within the two application
areas. To date 174 wells have been drilled within these areas. Of the 1,043
wells, Ultra will own an interest in 947 and will operate 724.

    "This is another positive step forward on the continuation of our increased
density drilling efforts in Pinedale," commented Michael D. Watford, Chairman,
President and Chief Executive Officer.

    About Ultra Petroleum

    Ultra Petroleum is an independent, exploration and production company
focused on developing its long-life natural gas reserves in the Green River
Basin of Wyoming, and oil reserves in Bohai Bay, offshore China. Ultra Petroleum
is listed on the American Stock Exchange under the symbol "UPL" with 155,244,664
shares outstanding as at March 31, 2006.

    This release can be found at http://www.ultrapetroleum.com .

    This news release includes "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The opinions, forecasts,
projections or other statements, other than statements of historical fact, are
forward-looking statements. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, we can give no
assurance that such expectations will prove to have been correct. Certain risks
and uncertainties inherent in the Company's businesses are set forth in our
filings with the SEC, particularly in the section entitled "Risk Factors"
included in our Annual Report on Form 10-K for our most recent fiscal year and
from time to time in other filings made by us with the SEC.

SOURCE  Ultra Petroleum Corp.
    -0-                             07/11/2006
    /CONTACT:  Kelly L. Whitley, Manager Investor Relations of Ultra Petroleum
Corp., +1-281-876-0120 ext 302, or info@ultrapetroleum.com /
    /Photo:  NewsCom: http://www.newscom.com/cgi-bin/prnh/20020226/DATU029LOGO
             AP Archive:  http://photoarchive.ap.org
             PRN Photo Desk photodesk@prnewswire.com /
    /Web site:  http://www.ultrapetroleum.com /
    (UPL)