On April 29, less than one month after deferring a $26 million interest payment due April 1, Ultra Petroleum Corp. filed Chapter 11 bankruptcy. The company plans to restructure through a court-supervised process under Chapter 11 of the US Bankruptcy Code.
The Houston, TX-based oil and gas producer expects to continue paying vendor, royalty, and working interest partners on a go-forward basis in the ordinary course of business.
According to court filings, Ultra Petroleum currently holds $1.3 billion in assets and $3.9 billion in debt. The company's main assets are tight-gas sand resources in the Green River Basin of Wyoming.