HOUSTON, Sept. 22, 2017 (GLOBE NEWSWIRE) — Ultra Petroleum Corp. (NASDAQ:UPL) confirmed that late yesterday, the bankruptcy court overseeing its earlier restructuring proceedings denied the Company’s objection to certain make-whole and post-petition interest claims that remained following its emergence from chapter 11.
“We are disappointed and strongly disagree with the ruling. We are reviewing the opinion with our legal counsel and are considering all of our options, including an immediate appeal,” said Michael D. Watford, President, Chairman and CEO.
Amounts potentially payable as a result of this ruling were previously set aside in a restricted account in mid-April. As a result, even if the ruling stands, there will be no financial or liquidity impact to the company as all amounts were previously fully reserved.
About Ultra Petroleum
Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development and production. The company is listed on NASDAQ and trades under the ticker symbol “UPL”. Additional information on the company is available at www.ultrapetroleum.com.