Ultrapetrol Announces Extension of Stock Repurchase Program

NASSAU, Bahamas, Oct 2, 2008 (GlobeNewswire via COMTEX News Network) -- Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR), an industrial transportation company serving marine transportation needs in four markets (River Business, Offshore Supply Business, Ocean Business and Passenger Business), announced today that its board of directors has approved an extension of the Company's stock repurchase program to December 31, 2008. The stock repurchase program, which was announced on March 17, 2008, originally allowed for the repurchase of up to $50 million of the Company's common stock until September 30, 2008 and the extension will retain the same original cumulative dollar limitation. The expiration date and/or amount of the share repurchase program will be extended or amended at the discretion of the board of directors. Share repurchases may be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions.

Since Ultrapetrol began repurchasing its shares under the program on March 19, 2008, the Company has acquired 671,171 of its shares at an average cost of $9.63 per share for a total cost of about $6.5 million. Approximately $43.5 million remains available under the program.

Felipe Menendez, Ultrapetrol's President and Chief Executive Officer, commented, "The extension of our share repurchase program is testament to our very favourable outlook on the future of the Company and its growth prospects, strong financial performance, and ongoing commitment to pursuing opportunities that create shareholder value."

The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors. Purchases may be made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act. The program does not require the Company to purchase any specific number or amount of shares and may be suspended or reinstated or amended at any time in the Company's discretion and without notice. Under appropriate securities laws, officers, directors and controlling shareholders of the Company may currently be buying shares.

About Ultrapetrol
Ultrapetrol is an industrial transportation company serving the marine transportation needs of its clients in the markets on which it focuses. It serves the shipping markets for grain, forest products, minerals, crude oil, petroleum and refined petroleum products, as well as the offshore oil platform supply market and the leisure passenger cruise market, with its extensive and diverse fleet of vessels. These include river barges and pushboats, platform supply vessels, tankers, oil-bulk-ore/capesize vessels and a passenger ship. More information on Ultrapetrol can be found at http://www.ultrapetrol.net.

Ultrapetrol