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.

The Houston-based company also won approval for its newly issued common stock to be listed on the Nasdaq Global Select Market, with trading to begin on Thursday. It also has added two members to its board of directors.

“Today is an exciting day for Ultra Petroleum,” CEO Michael Watford said Wednesday. “We achieved the goals we have diligently pursued throughout our Chapter 11 proceedings: maximizing the value of the company for the benefit of all of our stakeholders.

“We are extremely appreciative of the investors and institutions that supported our plan with the substantial equity and debt capital investments reflected in the nearly $3.0 billion of new financings we closed…” He also thanked the employees for their work during the bankruptcy process.

Ultra last year filed for Chapter 11 in U.S. Bankruptcy Court for the Southern District of Texas. Under the reorganization plan confirmed by the court, the company completed a $580 million equity rights offering and an $800 million senior secured term loan agreement that matures in seven years. It has $700 million in 6.875% senior notes due in 2022 and $500 million in 7.125% senior notes due in 2025. A $400 million senior secured revolving credit agreement also matures in 57 months.

Ultra plans to issue 195 million shares of common stock under “UPL.” Existing stock that traded under “UPLMQ” has been cancelled.

Watford has been retained as chairman and and four board members also are remaining — W. Charles Helton, Stephen McDaniel, Roger Brown, and Michael Keeffe. Neal Goldman and Alan Mintz have joined the board.

Ultra holds more than 104,000 gross (68,000 net) acres in and around the Pinedale and Jonah fields in Sublette County, WY. It also holds 149,000 gross (74,000 net) acres in the Marcellus Shale, with core acreage in Pennsylvania’s Centre and Clinton counties, and 9,000 acres in the Uinta Basin, in Uintah County, UT.

Last month, Ultra announced plans to spend $500 million on capital expenditures in 2017, a 46% increase from 2016. It also said it expects overall production to range from 290-300 Bcfe in 2017, compared to the 281.7 Bcfe produced in 2016.