February 22, 2017 3:32 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Ultra Resources, Inc.

Company Overview

Ultra Resources, Inc. operates natural gas wells. The company is based in Englewood, Colorado. Ultra Resources, Inc. operates as a subsidiary of Ultra Petroleum Corp. On April 29, 2016, Ultra Resources, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas. It is in joint administration with Ultra Petroleum Corp.

304 Inverness Way South

Suite 295

Englewood, CO 80112

United States

Phone:

303-708-9740

Fax:

303-414-9058

Key Executives for Ultra Resources, Inc.

Ultra Resources, Inc. does not have any Key Executives recorded.

Ultra Resources, Inc. Key Developments

Second Amended Reorganization Plan & Related Disclosure Statement Filed by Ultra Petroleum Corp.

Ultra Petroleum Corp. filed second amended joint plan of reorganization and disclosure statement in the US Bankruptcy Court on February 8, 2017. As per the amended plan, Non-Election OpCo Note Claims and Non-Election OpCo RCF Claims, OpCo Note Makewhole Claims, OpCo Subsidiary General Unsecured Claims have been removed from the plan. OpCo Funded Debt Claims of $2.523 billion shall be paid full in cash. General unsecured claims has been estimated in the range of $190 million to $255 million and shall be paid full in cash. The plan will be funded through cash in hand, issuance of new common stock, rights offering, New OpCo Notes, additional New OpCo Notes, exit facility of $600 million term loan, $400 million revolving loan and $1.4 billion exit bridge. The treatment of the other claims classes remains unchanged. Debtor filed revised second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on February 13, 2017. Treatment of all the classes of claims remain same as per the previous plan.

Tallgrass Energy Partners, LP and Rockies Express Pipeline LLC Announce Settlement Agreement with Ultra Resources, Incorporated

Rockies Express Pipeline LLC (REX) and Tallgrass Energy Partners, LP, REX's operator, announced that REX has reached an agreement to settle REX's $303 million breach of contract claim against Ultra Resources, Inc. ("Ultra"). The settlement will be submitted to the U.S. Bankruptcy Court for approval and will be implemented in connection with Ultra's Chapter 11 plan of reorganization. The terms of the settlement stipulate that a cash payment of $150 million be made to REX six months after Ultra emerges from bankruptcy, but no later than October 30, 2017. In addition, Ultra has agreed to enter into a new seven-year firm transportation agreement with REX commencing December 1, 2019 for service from west-to-east of 200,000 dekatherms per day at a rate of approximately $0.37, or about $26.8 million annually.

First Amended Reorganization Plan and Disclosure Statement Filed by Ultra Petroleum Corp.

Ultra Petroleum Corp. filed first amended joint plan of reorganization and disclosure statement in the US Bankruptcy Court on January 17, 2017. As per the plan, Priority Tax Claims, expected to be upto $0.05 million, will be paid in full. There are no Other Priority Claim, Secured NonTax Claims and Intercompany Claims. OpCo Subsidiary General Unsecured Claims are expected to be de-minimis. OpCo Trade General Unsecured Claims in the range of $165 million to $190 million, Other OpCo General Unsecured Claims in the range of $165 million to $190 million and Other General Unsecured Claims in the range of $0.15 million to $0.30 million will be paid in full in cash. The treatment of the other claims classes remains unchanged.

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