Ultra Petroleum says talks with lenders fail, borrowing base cut

New York, Sept. 26 – Ultra Petroleum Corp. said that talks on a potential transaction with some of the lenders under its first lien term loan have ended without an agreement being reached.

Discussions with the lenders have ceased, the company added in a news release.

In connection with the potential transaction, the company moved forward the semi-annual redetermination of the borrowing base under its reserve-based credit facility, resulting in a reduction of $100 million to $1.3 billion.

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

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