HOUSTON, Nov. 23, 2016 /CNW/ — Ultra Petroleum Corp. (OTC: UPLMQ) announces that the Plan Support Agreement dated November 21, 2016 (the “PSA”) and the Backstop Commitment Agreement dated November 21, 2016 (the “Backstop Agreement”) have obtained support by holders of more than 66.67% in principal amount of its outstanding 5.750% Senior Notes due 2018 and 6.125% Senior Notes due 2024. Yesterday, the company announced that it had entered into a PSA and a Backstop Agreement with holders of a substantial majority of the principal amount of its outstanding 5.750% Senior Notes due 2018 and 6.125% Senior Notes due 2024.
Mr. Michael Watford, Chairman, President and Chief Executive Officer of the Company, said, “The fact that more than two-thirds of our Ultra Petroleum Corp. Senior Noteholders are now in support of our Plan Support Agreement attests to the strength of the deal that we have reached with these stakeholders and demonstrates that our restructuring process has made significant progress”.
About Ultra Petroleum
Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development and production. The company trades over-the-counter under the ticker symbol “UPLMQ”. Additional information on the company is available at www.ultrapetroleum.com.