Ultra Petroleum Files for Bankruptcy, Citing $3.9 Billion Debt
- Principal assets are gas-producing properties in Wyoming
- Company had until end of April to reach deal with lenders
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Ultra Petroleum Corp. filed for bankruptcy protection, the latest oil and gas explorer to fall victim to the prolonged slump in energy prices.
Ultra listed $1.3 billion in assets and $3.9 billion in debt in court papers filed in Houston on Friday. The Houston-based company has 159 employees and its main assets are gas-producing properties in Wyoming, as well as some assets in Pennsylvania and crude oil properties in Utah, according to court papers.