Long-time Lower 48 natural gas producer Ultra Petroleum Corp. has emerged from Chapter 11 with a new name and as a private operator, still focused on Wyoming prospects.

Wyoming oil and gas production

The Englewood, CO-based producer in May filed for Chapter 11 protection for the second time in four years to eliminate debt exacerbated by low prices and stinging demand destruction from Covid-19. Many U.S. operators have succumbed to restructuring amid the coronavirus, with more expected to do so by year’s end.

The U.S. Bankruptcy Court for the Southern District of Texas confirmed the restructuring plan, allowing the company to escape Chapter 11. With the approval, UP Energy Corp. exited the process as the “ultimate parent entity and as a private company.”

UP Energy has since converted from a...