SUBLETTE COUNTY – Ultra Resources, on the Pinedale Anticline, and Linn Energy, in the Jonah Field, are both announcing much brighter financial forecasts in the new year for their respective natural-gas holdings.
Ultra Resources’ parent company announced on March 1 that it had a $245-million gain in 2016, despite spending the previous year in Chapter 11 bankruptcy proceedings. A court hearing is scheduled for today, March 14, in Texas for Ultra to present its restructuring agreement to the judge for approval.
The company attributed its turnaround to bringing 92 operated wells online and 40 non-operated wells in the Pinedale Anticline.
“Ultra continues to make progress toward restructuring efforts under the Chapter 11 bankruptcy, and looks forward to emerging from bankruptcy this spring,” said Ultra’s Kelly Bott. “The Pinedale Anticline is an important asset, and we’ll be continuing to invest in the field. We are currently operating four rigs, and are working towards a 10-rig scenario by 2018.”
Two Anticline rigs came on late last year, she said. Ultra spent a total of $269 million last year to improve and expand its assets, according to executives.
On Feb. 28, LINN Energy, Inc., with holdings in the Jonah Field announced its emergence from the bankruptcy restructuring as a standalone from Berry Petroleum.
“Through the restructuring, LINN has reduced debt by more than $5 billion to total debt of $1.012 billion and pro forma net debt of $962 million, resulting in $730 million of liquidity,” announced president and CEO Mark Ellis. “The new structure significantly enhances financial flexibility and positions the company for long-term success. Today marks a new beginning for our company and all of our stakeholders.”
Enterprise Products Partners LP also announced recently that it has negotiated long-term contracts agreements with both operators to process natural gas from Ultra’s Anticline production and LINN’s Jonah Field production.
For the complete article see the 03-14-2017 issue.
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