Ultra Petroleum unit enters agreement to defer March 1 notes payment

By Caroline Salls

Pittsburgh, March 2 – Ultra Petroleum Corp. wholly owned subsidiary Ultra Resources, Inc. entered into waiver and amendment agreements with all of its lenders to give Ultra Petroleum the opportunity to continue debt restructuring discussions with creditors, according to a news release.

The company said the waiver and amendment agreements postpone and defer the March 1 maturity and interest payments arising under the Ultra Resources’ senior notes and waive certain other potential defaults that could occur under the Ultra Resources debt agreements between March 1 and April 30.

As of Feb. 29, Ultra Petroleum had a balance of cash on hand in excess of $266 million, which the company said provides substantial liquidity to fund its continuing operations.

The Ultra Resources lenders include each of the lenders participating in its unsecured revolving credit facility and each of the investors holding unsecured senior notes issued by Ultra Resources.

Ultra Petroleum is a Houston-based independent exploration and production company.

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