UPL subsidiary enters into waiver and amendment agreements with lenders

Ultra Resources Inc., a wholly owned subsidiary of Ultra Petroleum Corp. (NYSE: UPL), has entered into waiver and amendment agreements with all of the Ultra Resources lenders, including each of the lenders participating in Ultra Resources' unsecured revolving credit facility and each of the investors holding unsecured senior notes issued by Ultra Resources.

The waiver and amendment agreements provide Ultra Petroleum with an opportunity to continue discussions with its creditors about restructuring all of its debt burdens, including the senior notes issued by Ultra Petroleum.

The waiver and amendment agreements postpone and defer the March 1 maturity and interest payments arising under the Ultra Resources' senior notes and waive certain other potential defaults that could occur under the Ultra Resources' debt agreements between March 1 and April 30, subject to earlier termination of the waivers based on terms and conditions specified in the waiver and amendment agreements.

As of Feb. 29, Ultra Petroleum had a balance of cash on hand in excess of $266 million, which provides substantial liquidity to fund the company's continuing operations.


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