Ultra Petroleum make-whole and interest claims objection overruled

By Caroline Salls

Pittsburgh, Sept. 22 – Ultra Petroleum Corp. said the bankruptcy court overseeing its earlier restructuring proceedings denied its objection to make-whole and post-bankruptcy interest claims that remained following its emergence from Chapter 11.

“We are disappointed and strongly disagree with the ruling,” president, chairman and chief executive officer Michael D. Watford said in a company news release.

“We are reviewing the opinion with our legal counsel and are considering all of our options, including an immediate appeal.”

Ultra Petroleum said amounts potentially payable as a result of this ruling were set aside in a restricted account in mid-April.

As a result, even if the ruling stands, the company said there will be no financial or liquidity impact as all amounts were previously fully reserved.

Ultra Petroleum, a Houston-based independent exploration and production company, emerged from bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas on April 12.

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