Ultra

After emerging from Chapter 11 bankruptcy earlier this year, Houston-based Ultra Petroleum Corp. is thinking more horizontally for its mostly vertical drilling program in the Pinedale Anticline in the Green River Basin.

Months after it restructured and emerged from Chapter 11 bankruptcy proceedings, Ultra Petroleum Corp.’s largest shareholder has hired an investment bank to explore “value-maximizing strategic alternatives” for the company.

Fresh from a Chapter 11 bankruptcy reorganization and riding an earlier upswing in Henry Hub prices, Houston-based Ultra Petroleum Corp. has unleashed horizontal exploratory drilling in the Green River Basin in Wyoming, with at least one analyst thinking it could reawaken a basin that has seen steady natural gas production declines since 2014.

Having completed bankruptcy restructuring, Ultra Petroleum has “reached the inflection point of production” and expects 25% volume growth between 1Q2017 and 4Q2017 and 25% annual growth in 2018, according to CEO Michael Watford.

Onshore operator Ultra Petroleum Corp. has completed its in-court restructuring and emerged from voluntary bankruptcy protection, having raised $2.98 billion in exit financing to fully reimburse its creditors and preserve some value for equity holders.

Less than a year after filing voluntary Chapter 11 bankruptcy, Houston-based Ultra Petroleum Corp. last Wednesday set a $500 million capital expenditure budget for this year and said it expects to exit from Chapter 11 next month.

Less than a year after voluntarily filing for bankruptcy protection and with economic and operational news brighter, Ultra Petroleum Corp. is just weeks away from emerging and expects growth in 2017, CEO Mike Watford said Wednesday.

Tallgrass Energy Partners LP (TEP) and Ultra Resources Inc. said Tuesday they have settled a $303 million breach of contract claim TEP filed over missed payments for service on the Rockies Express Pipeline LLC (REX).

Nearly seven months after voluntarily filing for bankruptcy protection, Ultra Petroleum Corp. said it has reached agreements to reorganize with majorities of its shareholders and creditors.