Update: In May 2021, UP Energy LLC changed its name to PureWest Energy LLC (OGJ Online, May 25, 2021).
Ultra Petroleum Corp. has emerged from bankruptcy and converted to UP Energy LLC, a private company with continued natural gas operations in Wyoming.
On Sept. 14, the conditions to outlined in the Chapter 11 plan of reorganization, confirmed by the US Bankruptcy Court for the Southern District of Texas on Aug. 22, were satisfied (OGJ Online, May 15, 2020). UP Energy Corp. emerged as the ultimate parent entity and as a private company. The day after emergence, UP Energy Corp. converted from a Delaware corporation to a Delaware limited liability company and changed its name to UP Energy LLC. Ultra Petroleum Corp., a Yukon corporation, will be dissolved.
Through the restructuring, the company eliminated $2 billion of indebtedness from its balance sheet. At emergence, the company entered into a syndicated reserve-based revolving credit facility with a $60 million commitment amount and an initial borrowing base of $100 million.
Brad Johnson serves as Ultra’s president and chief executive officer. A new board of managers was appointed.
UP Energy LLC controls more than 117,000 gross (83,000 net) acres in and around Pinedale and Jonah fields in Wyoming’s Green River basin.
