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Ultra Petroleum Bankruptcy Plan Filed

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Ultra Petroleum filed with the U.S. Bankruptcy Court a First Amended Joint Chapter 11 Plan of Reorganization and related Disclosure statement.

According to the Disclosure Statement, “The Debtors may modify the Plan prior to Confirmation to, among other things, treat the OpCo Note Makewhole Claims as OpCo Note Claims, to the extent permitted or required by the Bankruptcy Code and to the extent, if any, that Confirmation…requires such modification. In that event: (i) the election of a holder of OpCo Note Claims with respect to the classification of such Claims in Class 4 or Class 5 shall be deemed to apply to any OpCo Note Makewhole Claims held by such holder; (ii) the Allowed amount of the OpCo Note Claims shall be increased to account for the Allowed amount of the OpCo Note Makewhole Claims, if any; (iii) the principal amount of New OpCo Notes available for distribution to holders of OpCo Note Claims, OpCo Note Makewhole Claims, and OpCo RCF Claims shall be equal to the sum of (a) $2,000,000,000 and (b) the aggregate amount of Allowed OpCo Note Makewhole Claims, if any; and (iv) subsection (ii) of Section 1.1(125) of the Plan shall equal the sum of (a) $2,000,000,000 and (b) the Allowed amount of the OpCo Note Makewhole Claims, if any.”

In addition, “On January 11, 2017, the Debtors and REX entered into the REX Settlement Letter Agreement pursuant to which: (a) REX will have an Allowed General Unsecured Claim in the amount of $150,000,000, which will be treated as an Allowed Class 9 Claim (OpCo Trade General Unsecured Claims) for purposes of the Plan; provided that OpCo shall pay REX’s Allowed Class 9 Claim in full in cash no later than October 30, 2017; and (b) OpCo will enter into a new seven-year firm transportation agreement with REX commencing December 1, 2019, for service west-to-east of 200,000 dekatherms per day at a rate of approximately $0.37, or approximately $26.8 million annually.” The Debtors also filed a Plan Supplement, which contains the following: Exhibit B – REX settlement letter agreement.

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