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Ultra Petroleum Chapter 11 Petition Filed

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According to the U.S. Bankruptcy Court docket, Ultra Petroleum and seven affiliated Debtors filed for Chapter 11 protection in Houston, TX.

Ultra Petroleum explains, “The low commodity prices, and especially the low natural gas prices, that prevailed throughout 2015 and have continued through the first four months of 2016 have had a devastating impact on the Debtors’ financial condition, causing their capital structure to become unstable and unsustainable. The adverse market conditions that have harmed the Debtors have also affected nearly every company involved in the oil and gas business, including other exploration and production companies….The Debtors also plan to carefully evaluate their contractual obligations and identify opportunities to renegotiate or reject those that are no longer beneficial to the estate.”

The Company, which is engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties, is represented by Patricia Baron Tomasco of Jackson Walker.  Read more oil & gas bankruptcy news.

The post Ultra Petroleum Chapter 11 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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