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Ultra Petroleum debtor’s case dismissal requested amid lease dispute
By Caroline Salls
Pittsburgh, Oct. 18 – A lessor for Ultra Petroleum Corp. debtor Ultra Wyoming LGS LLC asked the U.S. Bankruptcy Court for the Southern District of Texas to dismiss Ultra Wyoming’s Chapter 11 case, according to an 8-K filed with the Securities and Exchange Commission Monday by CorEnergy Infrastructure Trust, Inc.
“We filed the motion to dismiss because we believe that our debtor is solvent, and we do not believe a debtor is entitled to use bankruptcy solely to reject a lease with its only creditor,” CorEnergy said.
In addition, CorEnergy said a response filed by Ultra Petroleum “has created uncertainty in the market” regarding CorEnergy’s Pinedale LGS lease.
CorEnergy said it disagrees with Ultra’s analysis of the cost to divert production off CorEnergy’s system to an alternative system because Ultra’s analysis ignores the cost of rejection to the estate.
A hearing on the dismissal motion is scheduled for Oct. 20. CorEnergy said Ultra has until Nov. 28 to decide whether to accept or reject its lease.
Ultra Petroleum is a Houston-based independent exploration and production company. The company filed bankruptcy on April 29 under Chapter 11 case number 16-32202.
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