Ultra Petroleum Says Disappointed And Strongly Disagree In Make-Whole Ruling

(RTTNews) - Ultra Petroleum Corp. (UPL) confirmed that late Thursday, the bankruptcy court overseeing its earlier restructuring proceedings denied the company's objection to certain make-whole and post-petition interest claims that remained following its emergence from chapter 11.

Michael Watford, President, Chairman and CEO, said, "We are disappointed and strongly disagree with the ruling. We are reviewing the opinion with our legal counsel and are considering all of our options, including an immediate appeal."

The independent energy company said the amounts potentially payable as a result of this ruling were previously set aside in a restricted account in mid-April.

As a result, even if the ruling stands, there will be no financial or liquidity impact to the company as all amounts were previously fully reserved.