EXHIBIT 3.2

                                 BYLAW NO. 1

        A Bylaw relating generally to the transaction of the business and
        affairs of ULTRA PETROLEUM CORP. (the "Corporation")

                         SECTION ONE - INTERPRETATION

1.1 INTERPRETATION. Words and expressions defined in the Business Corporations
Act, Revised Statutes of the Yukon 1986, Chapter 15 as amended from time to
time, and any Statute that may be substituted therefor, as amended from time to
time (the "Act") have the same meanings when used in the Bylaws. Words importing
the singular number include the plural and vice versa and words importing gender
include masculine, feminine and neuter genders as required by the context.

1.2 CONFLICT WITH ACT OR ARTICLES. The Bylaws are subject to the provisions of
the Act and the articles of the Corporation and in the event of conflict between
the provisions of any Bylaws and the provisions of the Act or the articles, the
provisions of the Act or the articles shall prevail over the Bylaws.

1.3 HEADINGS. The headings and indices used in the Bylaws are inserted for
convenience of reference only and do not affect the interpretation of the Bylaws
or any part thereof.

                   SECTION TWO - BUSINESS OF THE CORPORATION

2.1 CORPORATE SEAL. The Board of Directors of the Corporation (the "Board") may
adopt and change a corporate seal which shall contain the name of the
Corporation and the Board may cause to be created as many duplicates thereof as
the Board shall determine.

2.2 EXECUTION OF INSTRUMENTS. The Board may from time to time direct the manner
in which, and the person or persons by whom, any particular document or class of
documents may or shall be signed and delivered. In the absence of a directors'
resolution concerning the execution of any particular documents, documents shall
be signed and delivered on behalf of the Corporation by one person, who holds
the office of Chairman of the Board, President, Managing Director, Vice-
President, Secretary, Treasury or director or any other office created by bylaw
or by resolution of the Board, including affixing the corporate seal to all such
documents as may require the same.

2.3 BANKING AND FINANCIAL ARRANGEMENTS. The banking and financial business of
the Corporation including, without limitation, the borrowing of money and the
giving of security therefor, shall be transacted with such banks, trust
companies or other bodies corporate or organizations as may from time to time be
designated by or under the authority of the Board. Such banking and financial
business or any part thereof shall be transacted under such agreements,
instructions and delegations of powers as the Board may from time to time
prescribe or authorize.


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2.4 VOTING RIGHTS IN OTHER BODIES CORPORATE. The signing officer of the
Corporation may execute and deliver proxies and arrange for the issuance of
voting certificates or other evidence of the rights to exercise the voting
rights attaching to any securities held by the Corporation. Such instruments,
certificates or other evidence shall be in favour of such person or persons as
may be determined by the officer executing such proxies or arranging for the
issuance of voting certificates or such other evidence of the right to exercise
such voting rights. In addition, the Board may from time to time direct the
manner in which and the person or persons by whom any particular voting rights
or class of voting rights may or shall be exercised.

2.5 WITHHOLDING INFORMATION FROM SHAREHOLDERS. Subject to the provisions of the
Act, no shareholder shall be entitled to discovery of any information respecting
any details or conduct of the Corporation's business which, in the opinion of
the Board, it would be inexpedient in the interests of the shareholders or the
Corporation to communicate to the public. The Board may from time to time
determine whether and to what extent and at what time and place and under what
conditions or regulations the accounts, records and documents of the Corporation
shall be open to the inspection of shareholders and no shareholder shall have
any right of inspection of any account, record or document of the Corporation
except as conferred by the Act or authorized by the Board or by resolution
passed at a general meeting of shareholders.

                      SECTION THREE - DIRECTORS AND BOARD

3.1 CALLING OF MEETING. Meetings of the Board shall be held from time to time
and at such place as the Board, the Chairman of the Board, the Managing
Director, the President or any two directors may determine.

3.2 NOTICE OF MEETINGS. Notice of the time and place of Board meetings shall be
given to each director in the manner provided in Section 10.1 not less than 48
hours before the time of the meeting.

3.3 TELECOMMUNICATION. A director may participate in a Board meeting or a
meeting of a committee of directors by means of telephone or other communication
facilities that permit all directors participating in the meeting to hear each
other.

3.4 QUORUM. A quorum for Board meetings shall be a majority of the directors
present in person or by telecommunication. If a quorum is not present within 15
minutes of the time fixed for the holding of the meeting, the meeting shall be
adjourned for not less than 72 hours and notice of the time and place of the
adjourned meeting shall be given to each director not less than 48 hours before
the time of the adjourned meeting. If a quorum is not present within 15 minutes
of the time fixed for the holding of the adjourned meeting, those directors
present in person or by telecommunication shall constitute a quorum for the
purpose of the adjourned meeting.

3.5 FIRST MEETING OF NEW BOARD. Provided a quorum of directors is present, each
newly elected Board may, without notice, hold its first meeting immediately
following the meeting of shareholders at which such Board is elected.



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3.6 REGULAR MEETINGS. The Board may appoint a day or days in any month or months
and a place and hour for regular meetings of the Board. A copy of any resolution
of the Board fixing the day or days, the place and time of such regular meetings
shall be sent to each director forthwith after being passed, but no other notice
shall be required for any such regular meeting except where the Act requires the
purpose thereof or the business to be transacted thereat to be specified.

3.7 CASTING VOTE. At all Board meetings, each director shall have one vote and
every question shall be decided by a majority of votes cast on each question. In
the case of an equality of votes, the chairman of the meeting shall not be
entitled to a second or casting vote in addition to the vote to which he may be
entitled as a director.

3.8 CHAIRMAN. The chairman of any meeting of the Board shall be the first
mentioned of such of the following officers as have been appointed and who is
present at the meeting:

    a) the Chairman of the Board; or

    b) the President; or

    c) any Vice-President (and where more than one Vice-President is present at
       the meeting, then the priority to act as chairman as between them shall
       be in order of their appointment to the office of Vice-President).

If no such officer is present within 15 minutes from the time fixed for the
holding of the meeting of the Board, the persons present shall choose one of
their number then present to be chairman of that meeting.

3.9 COMMITTEES OF DIRECTORS. Unless otherwise ordered by the Board each
committee of directors shall have power to fix its quorum at not less than a
majority of its members, to elect its chairman and to regulate its procedure.

3.10 REMUNERATION AND EXPENSES. The directors shall be paid such remuneration
for their services as the Board may from time to time determine. The directors
shall also be entitled to be reimbursed for travel expenses and other expenses
properly incurred by them in attending meetings of the Board or any committee
thereof. Nothing herein contained shall preclude any director from serving the
Corporation in any other capacity and receiving remuneration therefor.


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                            SECTION FOUR - OFFICERS

4.1 APPOINTMENT. The Board may from time to time appoint a Chairman of the
Board, a President, one or more Vice-Presidents, a Secretary, a Treasurer and
such other officers as the Board may determine, including one or more assistants
to any of the officers so appointed. Subject to those powers and authority
which pursuant to the Act may only be exercised by the directors, the officers
of the Corporation may exercise, respectively, such powers and authority and
shall perform such duties, in addition to those specified in the Bylaws, as may
from time to time be prescribed by the Board. Except for the Chairman of the
Board, if appointed, and the Managing Director, if appointed, an officer may,
but need not be, a director.

4.2 DELEGATION. In case of the absence of any officer or employee of the
Corporation or for any other reason that the Board may deem sufficient, the
Board may delegate for the time being the powers and authority of such officer
or employee to any other officer or employee or to any director of the
Corporation.

4.3 CHAIRMAN OF THE BOARD. The Chairman of the Board, if appointed, shall be a
director of the Corporation and shall be the chief executive officer of the
Corporation. The Chairman of the Board shall preside at all meetings of the
Board and may exercise such other powers and authority and shall perform the
duties which the directors may from time to time prescribe. During the absence
of disability of the Chairman of the Board, his or her duties shall be performed
and his or her powers exercised by the Managing Director, if any, or if no
Managing Director, by the President.

4.4 MANAGING DIRECTOR. The Managing Director, if appointed, shall be a director
of the Corporation, shall manage the operations of the Corporation generally,
and may exercise such other powers and authority and shall perform such other
duties as may from time to time be prescribed by the Board. During the absence
or disability of the Chairman of the Board and/or the President, or if no
Chairman of the Board and/or President have been appointed, the Managing
Director shall also have the powers and duties of the Chairman of the Board
and/or the President.

4.5 PRESIDENT. The President shall, subject to the authority of the Board, be
responsible for the general supervision of the business and affairs of the
Corporation and shall have such other powers and duties as the Board may
specify. During the absence or disability of the Chairman of the Board and/or
the Managing Director, or if no Chairman of the Board and/or Managing Director
have been appointed, in the event the President is a Director of the
Corporation, the President shall also have the powers and duties of the Chairman
of the Board and/or the Managing Director.

4.6 VICE-PRESIDENT. The Vice-President, or if more than one Vice-President has
been appointed, the Vice-Presidents, may exercise such powers and authority and
shall perform such duties as may from time to time be prescribed by the Board.
Subject to Sections 4.3 and 4.4, one of the Vice-Presidents, being a shareholder
and/or director, as the case may be, where required by the Act or these Bylaws,
may exercise the powers and perform the duties of the Chairman of the Board
and/or the Managing Director and/or the President.


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4.7 SECRETARY. Except as may be otherwise determined from time to time by the
Board, the Secretary shall attend and be the secretary to all meetings of the
Board, shareholders and committees of the Board and shall enter or cause to be
entered in records kept for that purpose minutes of all proceedings at such
meetings. The Secretary shall give or cause to be given as and when instructed
all notices to shareholders, directors, officers, auditors and members of
committees of the Board. The Secretary shall be the custodian of the corporate
seal, if any, of the Corporation and shall have charge of all books, papers,
reports, certificates, records, documents, registers and instruments belonging
to the Corporation, except when some other officer or agent has been appointed
for that purpose and may exercise such other powers and authority and shall
perform such other duties as may from time to time be prescribed by the Board or
by the President.

4.8 TREASURER. The Treasurer shall be responsible for the keeping of proper
accounting records in compliance with the Act and shall be responsible for the
deposit of monies and other valuable effects of the Corporation in the name and
to the credit of the Corporation in such banks or other depositories as the
Board may from time to time designate and shall be responsible for the
disbursement of the funds of the Corporation. The Treasurer shall render to the
Board whenever so directed an account of all financial transactions and of the
financial position of the Corporation. The Treasurer may exercise such other
duties as may from time to time be prescribed by the Board or by the President.

4.9 OTHER OFFICERS. The powers and duties of all other officers shall be those
prescribed by the Board from time to time. Any of the powers and duties of an
officer to whom an assistant has been appointed may be exercised and performed
by such assistant, unless the Board or the President otherwise direct.

4.10 VARIATION OF THE POWERS AND DUTIES. The Board may from time to time vary,
add to or limit the powers, authority and duties of any officer.

4.11 REMOVAL AND DISCHARGE. The Board may remove any officer of the Corporation,
with or without cause, at any meeting called for that purpose and may elect or
appoint others in their place or places. Any officer or employee of the
Corporation, not being a member of the Board, may also be removed and
discharged, either with or without cause, by the Chairman of the Board or the
President. If, however, there be a contract with an officer or employee
derogating from the provisions of this Section, such removal or discharge shall
be subject to the provisions of such contract.

4.12 TERM OF OFFICE. Each officer appointed by the Board shall hold office until
a successor is appointed, or until his earlier resignation or removal by the
Board.

4.13 TERMS OF EMPLOYMENT AND REMUNERATION. The terms of employment and the
remuneration of officers appointed by the Board shall be settled by the Board
from time to time.

4.14 AGENTS AND ATTORNEYS. The Board, the Chairman of the Board or the President
may also from time to time appoint other agents, attorneys, officers and
employees of the Corporation within or without Canada, who may be given such
titles and who may exercise such powers and


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authority (including the power of subdelegation) and shall perform such duties
of management or otherwise, as the Board may from time to time prescribe.

4.15 FIDELITY BONDS. The Board, the Chairman of the Board or the President may
require such officers, employees and agents of the Corporation as the Board
deems advisable to furnish bonds for the faithful performance of their powers
and duties, in such form and with such surety as the Board may from time to time
determine.

                        SECTION FIVE - INDEMNIFICATION

5.1 INDEMNIFICATION OF DIRECTORS AND OFFICERS AGAINST ACTIONS BY THIRD PARTIES.
Except in respect of an action by or on behalf of the Corporation or body
corporate to procure a judgment in its favour, the Corporation shall indemnify a
director or officer of the Corporation, a former director or officer of the
Corporation or a person who acts or acted at the Corporation's request as a
director or officer of a body corporate of which the Corporation is or was a
shareholder or creditor, or a person who undertakes or has undertaken any
liability on behalf of the Corporation or any such body corporate, and his heirs
and legal representatives, against all costs, charges and expenses, including an
amount paid to settle an action or satisfy a judgment, reasonably incurred by
him in respect of any civil, criminal or administrative action or proceeding to
which he is made a party by reason of being or having been a director or officer
of that Corporation or body corporate, if:

     a) He acted honestly and in good faith with a view to the best interests of
        the Corporation, and

     b) In the case of a criminal or administrative action or proceeding that is
        enforced by a monetary penalty, he had reasonable grounds for believing
        that his conduct was lawful.

5.2 INDEMNIFICATION OF DIRECTORS AND OFFICERS AGAINST ACTIONS BY THE
CORPORATION. The Corporation may, with the approval of the Supreme Court of the
Yukon Territory, indemnify a person referred to in paragraph 5.1 in respect of
an action by or on behalf of the Corporation or body corporate to procure a
judgment in its favour, to which he is made a party by reason of being or having
been a director or an officer of the Corporation or body corporate, against all
costs, charges and expenses reasonably incurred by him in connection with the
action if he fulfills the conditions set out in subparagraphs 5.1(a) and (b).

5.3 RIGHT OF INDEMNIFY AND EXCLUSIVE. The provisions for indemnification
contained in the Bylaws shall not be deemed exclusive of any other rights to
which a person seeking indemnification may be entitled under any Bylaw,
agreement, vote of shareholders or disinterested directors or otherwise, both as
to an action in his official capacity and as to an action in any other capacity
while holding such office. This section shall also apply to a person who has
ceased to be a director or officer, and shall enure to the benefit of the heirs
and legal representatives of such person.


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5.4 INSURANCE. Subject to the limitations contained in the Act, the Corporation
may purchase and maintain such insurance for the benefit of its directors and
officers as the Board may from time to time determine.

                             SECTION SIX - SHARES

6.1 OPTIONS. The Board may from time to time grant options to purchase the whole
or any part of the authorized and unissued shares of the Corporation at such
times and to such persons and for such consideration as the Board shall
determine, provided that no share shall be issued until it is fully paid as
provided in the Act.

6.2 NON-RECOGNITION OF TRUSTS. The Corporation shall treat as absolute owner of
any share the person in whose name the share is registered in the securities
register as if that person had full legal capacity and authority to exercise a
right of ownership, irrespective of any indication to the contrary through
knowledge or notice or description in the Corporation's records or on the share
certificate.

6.3 JOINT SHAREHOLDERS. If two or more persons are registered as joint holders
of any share, any one of such persons may give effectual receipts for the
certificate issued in respect thereof or for any dividend, bonus, return of
capital or other money payable or warrant issuable in respect of such share.

                     SECTION SEVEN - DIVIDENDS AND RIGHTS

7.1 DIVIDEND CHEQUES. A dividend payable in cash shall be paid by cheque drawn
on the Corporation's bankers or one of them to the order of each registered
holder of shares of the class or series in respect of which a dividend has been
declared, and mailed by prepaid ordinary mail to such registered holder at the
address shown in the records of the Corporation, unless such holder otherwise
directs. The mailing of such cheque as aforesaid, unless the same is not paid on
due presentation, shall satisfy and discharge the liability for the dividend to
the extent of the sum represented thereby plus the amount of any tax which the
Corporation is required to and does withhold.

7.2 JOINT SHAREHOLDERS. In the case of joint holders, a cheque for payment of
dividends, bonuses, returns of capital or other money payable, shall, unless
such joint holders otherwise direct, be made payable to the order of all of such
joint holders and mailed to them at the address shown in the records of the
Corporation.

7.3 NON-RECEIPT OF CHEQUES. In the event of non-receipt of any dividend cheque
by the person to whom it is sent as aforesaid, the Corporation shall issue to
such person a replacement cheque for a like amount on such terms as to
indemnify, reimbursement of expenses and evidence of non-receipt and of title as
the Board may from time to time prescribe, whether generally or in any
particular case.


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7.4 UNCLAIMED DIVIDENDS. Any dividend unclaimed after a period of six (6) years
from the date on which the same has been declared to be payable shall be
forfeited and shall revert to the Corporation.

                   SECTION EIGHT - MEETINGS OF SHAREHOLDERS

8.1 ANNUAL MEETINGS. The annual meeting of shareholders shall be held at such
time in each year and, subject to the articles of the Corporation, at such place
as the Board, or failing it, the Chairman of the Board, the Managing Director or
the President, may from time to time determine.

8.2 TIME FOR DEPOSITS OF PROXIES. The Board may specify in a notice calling a
meeting of shareholders a time, preceding the time of such meeting by not more
than 48 hours exclusive of non-business days, before which proxies to be used at
such meeting must be deposited. A proxy shall be acted upon only if, prior to
the time so specified, it shall have been deposited with the Corporation or an
agent thereof specified in such notice, or if no such time is specified in such
notice, unless it has been received by the Secretary of the Corporation or by
the chairman of the meeting or any adjournment thereof prior to the time of
voting.

8.3 PERSONS ENTITLED TO BE PRESENT. The only persons entitled to be present at a
meeting of the shareholders shall be those persons entitled to vote thereat, the
directors and auditor (if any) of the Corporation and others who, although not
entitled to vote, are entitled or required under any provision of the Act or
the articles or Bylaws to be present at the meeting. Any other persons may be
admitted only on the invitation of the chairman of the meeting or with the
consent of the meeting.

8.4 QUORUM. A quorum of shareholders is present at a meeting of shareholders,
irrespective of the number of persons actually present at the meeting, if the
holder or holders of five percent (5%) of the shares entitled to vote at the
meeting are present in person or represented by proxy. No business shall be
transacted at any meeting unless the requisite quorum is present at the time of
the transaction of such business.

8.5 ADJOURNMENT. Should a quorum not be present at any meeting of shareholders,
those present in person or by proxy and entitled to vote shall have power to
adjourn the meeting for a period of not more than 30 days without notice other
than announcement at the meeting. At any such adjourned meeting, provided a
quorum is present, any business may be transacted which might have been
transacted at the meeting adjourned. Notice of meetings adjourned for more than
30 days and for more than 90 days shall be given as required by the Act.

8.6 CHAIRMAN. The chairman of any meeting of the shareholders shall be the first
mentioned of such of the following officers as have been appointed and who is
present at the meeting:

    a) the Chairman of the Board;

    b) the President;


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    c) any Vice-President (and where more than one Vice-President is present at
       the meeting, then the priority to act as chairman as between them shall
       be in order of their appointment to the office of Vice-President).

If no such officer is present within 15 minutes from the time fixed for the
holding of the meeting of the shareholders, the persons present and entitled to
vote shall choose one of their number then present to be chairman of that
meeting.

8.7 SECRETARY OF MEETING. If the Secretary of the Corporation is absent, the
chairman of a meeting of shareholders shall appoint some person, who need not be
a shareholder, to act as secretary of the meeting.

8.8 CHAIRMAN'S CASTING VOTE. At any meeting of shareholders every question shall
be determined by the majority of the votes cast on the question. In the case of
an equality of votes at a meeting of shareholders, the chairman of the meeting
shall not be entitled to a second or casting vote in addition to the vote or
votes to which he may be entitled as a shareholder.

8.9 CHAIRMAN'S DECLARATION. At any meeting of shareholders, unless a ballot is
demanded, a declaration by the chairman of the meeting that a resolution has
been carried or carried unanimously or by a particular majority or lost or not
carried by a particular majority shall be conclusive evidence of the fact
without proof of the number of proportion of votes recorded in favour of or
against the motion.

8.10 VOTING BY BALLOT. If a ballot is demanded by a shareholder or proxy holder
entitled to vote at a shareholder's meeting and the demand is not withdrawn,
the ballot upon the motion shall be taken in such manner as the chairman of the
meeting shall direct. Upon a ballot each shareholder who is present in person or
represented by proxy shall be entitled, in respect of the shares which he is
entitled to vote at the meeting upon the question, to that number of votes
provided by the Act or the articles. The declaration by the Chairman of the
meeting that the vote upon the question has been carried, or carried unanimously
or by a particular majority, or lost or not carried by a particular majority and
an entry in the minutes of the meeting shall be prima facie evidence of the fact
without proof of the number of proportion of votes recorded in favour of or
against any resolution or question.

8.11 SCRUTINEERS. The chairman or the secretary at any meeting of the
shareholders or the shareholders then present may appoint one or more
scrutineers, who need not be shareholders, to count and report upon the results
of the voting which is done by ballot.

                            SECTION NINE - NOTICES

9.1 NOTICES. In addition to any other method of service permitted by the Act,
any notice or document required by the Act, the regulations, the articles or the
Bylaws may be sent to any person entitled to receive same in the manner set out
in the Act for service upon a shareholder or director and by any means of
telecommunication with respect to which a written record is made. A notice sent
by means of telecommunication shall be deemed to have been given on the first
business day after the date upon which the written record is made.


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9.2 NOTICE TO JOINT SHAREHOLDERS. If two or more persons hold shares jointly,
notice may be given to one of such persons and such notice shall be sufficient
notice to all of them.

9.3 CHANGE OF ADDRESS. The Secretary or Assistant Secretary may change or cause
to be changed the address in the records of the Corporation of any shareholder,
director, officer, auditor or member of a committee of the Board in accordance
with any information believed by him to be reliable.

9.4 SIGNATURE ON NOTICE. The signature on any notice to be given by the
Corporation may be lithographed, written, printed or otherwise mechanically
reproduced.

                  SECTION TEN - EFFECTIVE DATE AND AMENDMENT

10.1 EFFECTIVE DATE. This Bylaw is effective from the date of the resolution of
the Board adopting same and shall continue to be effective, unless amended by
the Board, until the next meeting of shareholders of the Corporation, whereupon
if same is confirmed or confirmed as amended, this Bylaw shall continue in
effect in the form of which it was so confirmed.

10.2 AMENDING BYLAW. The Board may by resolution amend or repeal this Bylaw and
such amendment or repeal shall have force and effect unless rejected by ordinary
resolution of the shareholders entitled to vote at an annual general meeting.