15 Sept 2020director interest notice● Neutral
ULTRA PETROLEUM CORP director Edward Andrew Scoggins Jr. sold 201,439 shares at $0.01.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Sept 2020listing compliance notice▼ BadMajor
ULTRA PETROLEUM CORP terminated the registration of a class of securities, ending its reporting obligation for them.
15 Sept 2020director interest notice● Neutral
ULTRA PETROLEUM CORP VP, Gen Counsel, Corp Secy Kason Kerr sold 100,000 shares at $0.01.
9 Sept 2020director interest notice● Neutral
ULTRA PETROLEUM CORP director Neal P Goldman sold 201,439 shares at $0.01.
9 Sept 2020director interest notice● Neutral
ULTRA PETROLEUM CORP director Sylvia K. Barnes sold 201,439 shares at $0.01.
9 Sept 2020director interest notice● Neutral
ULTRA PETROLEUM CORP VP, Chf Acctg Ofr, Controller Mark T Solomon sold 16,778 shares at $0.01.
4 Sept 2020securities registration● Neutral
ULTRA PETROLEUM CORP amended an already-effective registration statement.
2 Sept 2020director interest notice● Neutral
ULTRA PETROLEUM CORP Sr VP, Chief Operating Officer J. Jay Stratton Jr. sold 346,534 shares at $0.01.
2 Sept 2020director interest notice● Neutral
ULTRA PETROLEUM CORP director Neal P Goldman sold 24,502 shares at $0.01.
2 Sept 2020director interest notice● Neutral
ULTRA PETROLEUM CORP Sr VP, Chief Financial Officer David W Honeyfield sold 450,990 shares at $0.01.
2 Sept 2020director interest notice● Neutral
ULTRA PETROLEUM CORP President and CEO C Bradley Johnson sold 1,298,829 shares at $0.01.
25 Aug 2020bankruptcy or receivership▼ BadMajor
On August 22, 2020, the bankruptcy court confirmed Ultra's Second Amended Joint Chapter 11 Plan, resolving the confirmation step of the case begun May 14. The plan cancels all existing common stock (199,713,518 shares outstanding as of July 31, 2020) after the effective date, and the company is targeting that date within about 30 days, with no assurance. This answers the open question on how current shares are treated: they are cancelled, and new equity and warrants go to certain holders of claims.
14 Aug 2020director interest notice● Neutral
ULTRA PETROLEUM CORP 10%+ owner Fir Tree Capital Management LP sold 10,702,359 shares.
12 Aug 2020material agreement● Neutral
On August 11, 2020, Ultra Resources signed a second amendment to its $25M debtor-in-possession loan, mainly to allow hedging of up to 33% of forecast natural gas production for the next twelve months, plus up to 25% of forecast production for the six months after that. It continues the tweaks to the Chapter 11 financing begun with the June amendment; no new borrowing amount is stated.
7 Aug 2020quarterly activities report▼ Bad
ULTRA PETROLEUM CORP reported a quarterly net loss of $45.8 million for the period ended 2020-06-30.
29 July 2020material agreement● NeutralMajor
On July 27, 2020, Ultra and UP Energy signed a backstop purchase agreement under which the backstop parties commit to buy any unsubscribed shares in the rights offering (up to $85M) for eligible first lien term loan holders, and to buy all of the priority portion. They would be paid a 7.5% premium of the $85M, in new common stock on the plan's effective date, subject to court approval. This firms up the rights offering flagged in the restructuring plan; the agreement can end if the closing has not happened by November 3, 2020. The filing does not say what existing shareholders receive.
2 July 2020material agreement● NeutralMajor
On June 30, 2020, Ultra Wyoming bought the LGS Gathering System from Pinedale Corridor, LP for $18.0M, with bankruptcy court approval on June 26. The restructuring support agreement was amended to permit this. This relates to the Pinedale gathering system Ultra sold and leased back in 2012 for $225M (the filing doesn't say whether this is the same system).
19 June 2020material agreement● Neutral
On June 16, 2020, Ultra Resources amended the $25M DIP loan agreement. Changes include excluding COVID-19 effects from the material adverse effect definition, removing the no-default-on-other-debt representation, and making a noteholder termination of the restructuring support agreement not a default. Technical tweaks to the Chapter 11 financing, with no new money or amounts stated.
19 June 2020director interest notice● Neutral
ULTRA PETROLEUM CORP VP, Chf Acctg Ofr, Controller Mark T Solomon exercised stock options for 23,333 shares and disposed of 29,888 shares.
3 June 2020director interest notice● Neutral
ULTRA PETROLEUM CORP 10%+ owner Fir Tree Capital Management LP disposed of 3 shares via option/appreciation-right settlement.
27 May 2020director interest notice● Neutral
ULTRA PETROLEUM CORP director Michael J Keeffe exercised stock options for 33,144 shares and disposed of 33,144 shares.
27 May 2020director interest notice● Neutral
ULTRA PETROLEUM CORP President and CEO C Bradley Johnson exercised stock options for 163,622 shares and disposed of 211,069 shares.
27 May 2020director interest notice● Neutral
ULTRA PETROLEUM CORP Sr VP, Chief Operating Officer J. Jay Stratton Jr. exercised stock options for 68,176 shares and disposed of 88,007 shares.
26 May 2020director interest notice● Neutral
ULTRA PETROLEUM CORP Sr VP, Chief Operating Officer J. Jay Stratton Jr. exercised stock options for 59,952 shares and disposed of 77,331 shares.
26 May 2020director interest notice● Neutral
ULTRA PETROLEUM CORP Sr VP, Chief Financial Officer David W Honeyfield exercised stock options for 59,952 shares and disposed of 77,331 shares.
26 May 2020director interest notice● Neutral
ULTRA PETROLEUM CORP President and CEO C Bradley Johnson exercised stock options for 119,904 shares and disposed of 154,662 shares.
21 May 2020bankruptcy or receivership● NeutralMajor
On May 19, 2020, Ultra's subsidiaries signed a court-approved debtor-in-possession loan of up to $25.0M (Wilmington Trust agent), maturing at the earliest of Nov 19, 2020 or plan effectiveness, among other triggers. On May 15 the court also approved procedures restricting certain transfers of Ultra stock and declarations of worthlessness for tax purposes; violating transfers are void. Continues the Chapter 11 case begun May 14.
19 May 2020director interest notice● Neutral
ULTRA PETROLEUM CORP 10%+ owner Fir Tree Capital Management LP disposed of 1 shares via option/appreciation-right settlement.
15 May 2020bankruptcy or receivership▼ BadMajor
On May 14, 2020, Ultra and subsidiaries filed prepackaged Chapter 11 in Houston, backed by a restructuring support agreement with 100% of revolver lenders, 85% of term lenders and 67% of second-lien noteholders. The plan would equitize or eliminate substantially all prepetition debt, with a $25M DIP loan, up to about $85M rights offering and a $100M exit revolver. The filing accelerated the second-lien notes, 2022 and 2025 notes, revolver and term loan, though collection is stayed. This is a second bankruptcy after the 2017 emergence. The excerpt does not state what happens to existing shares, so the equity outcome is unresolved.
24 Apr 2020director interest notice● Neutral
ULTRA PETROLEUM CORP Sr VP, Chief HR Officer James N Whyte exercised stock options for 16,000 shares and disposed of 2,776 shares.