Ultra Petroleum emerges from Chapter 11 as private company UP Energy

By Caroline Salls

Pittsburgh, Sept. 16 – Ultra Petroleum Corp. announced in a Wednesday news release that it emerged from Chapter 11 bankruptcy as UP Energy, LLC.

As previously reported, the company emerged from bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas on Monday. Its plan of reorganization was confirmed by the court on Aug. 22.

Under the plan, an entity known as UP Energy Corp. emerged as the ultimate parent entity and as a private company. The day after emergence, UP Energy Corp. converted from a Delaware corporation to a Delaware limited liability company and changed its name to UP Energy, LLC.

The release said the old Ultra Petroleum Corp. will be dissolved in connection with the emergence process.

“We are excited about the future of Ultra,” chief executive officer Brad Johnson said in the release. “With a pristine balance sheet and a large-scale, low-decline asset base that generates cash flow, the company is well positioned to effectively manage future commodity cycles and opportunistically pursue acquisitions that enhance our large proved developed producing reserve base.”

Upon emergence, a new board of managers was appointed.

Ultra Petroleum is a natural gas and oil exploration, development and production company based in Englewood, Colo. The company filed bankruptcy on May 14 under Chapter 11 case number 20-32631.

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