13D Filing: Fir Tree and Ultra Petroleum Corp (UPL)

The Reporting Persons originally acquired
the Common Shares to which this Schedule 13D relates under the Issuer’s Second Amended Joint Chapter 11 Plan of
Reorganization and not with the purpose nor with the effect of changing or influencing the control or management of
the Issuer.

The Reporting Person may engage in discussions
with management, the Board of Directors, other shareholders of the Issuer and other relevant parties, including representatives
of any of the foregoing, concerning the Reporting Person’s investment in the Common Shares and the Issuer, including, without limitation,
matters concerning the Issuer’s business, operations, board composition and representation, governance, management, capitalization
and strategic plans. The Reporting Person may exchange information with any persons pursuant to appropriate confidentiality or
similar agreements or otherwise, work together with any persons pursuant to joint agreements or otherwise, propose changes in the
Issuer’s business, operations, board appointments, governance, management, capitalization or strategic plans, or propose or engage
in one or more other actions set forth under subparagraphs (a)-(j) of Item 4 of Schedule 13D.