Ultra Petroleum 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 02, 2017
Document and Entity Information
Entity Registrant Name	Ultra Petroleum Corp.
Entity Central Index Key	1,022,646
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		196,315,182
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	UPL

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Natural gas sales	$ 179,997	$ 116,780	$ 368,848	$ 254,882
Oil sales	30,732	29,811	62,081	51,095
Other revenues	1,928	0	2,687	0
Total operating revenues	212,657	146,591	433,616	305,977
Expenses:
Lease operating expenses	23,089	21,836	46,225	47,230
Liquids gathering system operating lease expense	5,226	5,171	10,452	10,343
Production taxes	21,754	13,474	43,887	28,706
Gathering fees	20,642	21,504	41,571	43,954
Transportation charges	0	146	0	23,701
Depletion, depreciation and amoritzation	38,673	31,234	70,427	62,083
General and administrative	25,009	1,381	26,061	5,600
Total operating expenses	134,393	94,746	238,623	221,617
Operating income	78,264	51,845	194,993	84,360
Other income (expense), net:
Interest expense	(29,425)	(16,662)	(114,872)	(66,565)
Gain on commodity derivatives	20,717	0	7,499	0
Deferred gain on sale of liquids gathering system	2,638	2,638	5,276	5,276
Restructuring expenses	0	(1,569)	0	(7,148)
Contract settlement expense	0	0	(52,707)	0
Other income (expense), net	27	(227)	(119)	(1,922)
Total other (expense) income, net	(6,043)	(15,820)	(154,923)	(70,359)
Reorganization items, net	426,816	(22,183)	369,270	(22,183)
Income (loss) before income tax (benefit) provision	499,037	13,842	409,340	(8,182)
Income tax (benefit) provision	0	(160)	2	(350)
Net income (loss)	$ 499,037	$ 14,002	$ 409,338	$ (7,832)
Basic income (loss) per share:
Net income (loss) per common share - basic	$ 2.76	$ 0.18	$ 3.13	$ (0.1)
Fully diluted income (loss) per share:
Net income (loss) per common share - fully diluted	$ 2.76	$ 0.17	$ 3.12	$ (0.1)
Weighted average common shares outstanding - basic	180,964	80,002	130,770	79,984
Weighted average common shares outstanding - fully diluted	181,033	80,333	131,078	79,984

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 5,992	$ 401,478
Restricted cash	435,501	3,571
Oil and gas revenue receivable	76,094	79,179
Joint interest billing and other receivables	14,590	10,781
Deposits and retainers	0	13,359
Derivative assets	8,367	0
Income tax receivable	0	2,099
Inventory	7,533	4,906
Other current assets	11,220	6,020
Total current assets	559,297	521,393
Oil and gas properties, net, using the full cost method of accounting:
Proven	1,186,073	1,010,466
Property, plant and equipment, net	7,737	7,695
Other	8,896	1,374
Total assets	1,762,003	1,540,928
Current liabilities:
Accounts payable	59,736	28,171
Accrued liabilities	237,466	53,348
Production taxes payable	45,198	44,329
Interest payable	20,625	0
Capital cost accrual	20,178	12,360
Total current liabilities	383,203	138,208
Long-term debt	2,016,914	0
Deferred gain on sale of liquids gathering system	110,465	115,742
Other long-term obligations	191,524	177,088
Total liabilities not subject to compromise	2,702,106	431,038
Liabilities subject to compromise	0	4,038,041
Commitments and contingencies
Shareholders' equity:
Common stock - no par value; authorized - unlimited; issued and outstanding - 196,315,182 and 80,017,020 at June 30, 2017 and December 31, 2016, respectively	2,098,355	510,063
Treasury stock	(49)	(49)
Retained loss	(3,038,409)	(3,438,165)
Total shareholders' deficit	(940,103)	(2,928,151)
Total liabilities and shareholders' equity	$ 1,762,003	$ 1,540,928

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common Stock, No Par Value
Common stock, shares authorized	Unlimited	Unlimited
Common Stock, Shares, Issued	196,315,182	80,017,020
Common Stock, Shares, Outstanding	196,315,182	80,017,020

Consolidated Statements of Shar

Consolidated Statements of Shareholders Equity - USD ($) $ in Thousands		Total	Common Stock	Retained Loss	Treasury Stock
Common Stock Outstanding (Shares) at Dec. 31, 2015		79,933,000
Balance at Dec. 31, 2015		$ (2,991,937)	$ 502,050	$ (3,493,811)	$ (176)
Shares re-issued from treasury		$ 0		(127)	127
Employee stock plan grants (Shares)		145,000
Employee stock plan grants		$ 0	0
Net share settlements (Shares)		(61,000)
Repurchased shares/net share settlements		$ (379)		(379)
Fair vale of employee stock plan grants		8,014	8,014
Net income		$ 56,151		56,151
Common Stock Outstanding (Shares) at Dec. 31, 2016		80,017,020
Balance at Dec. 31, 2016		$ (2,928,151)	510,064	(3,438,166)	(49)
Equitization of Holdco Notes (Shares)	[1]	70,579,000
Equitization of Holdco Notes		$ 978,230	978,230
Rights Offering including Backstop (Shares)	[1]	44,390,000
Rights Offering including Backstop, value		$ 573,774	573,774
Employee stock plan grants (Shares)		10,000
Employee stock plan grants		$ 0	0
Stock plan grants (Shares)		2,160,000
Stock plan grants		$ 26,417	26,417
Net share settlements (Shares)		(841,000)
Repurchased shares/net share settlements		$ (9,581)		(9,581)
Fair vale of employee stock plan grants		9,870	9,870
Net income		$ 409,338		409,338
Common Stock Outstanding (Shares) at Jun. 30, 2017		196,315,182
Balance at Jun. 30, 2017		$ (940,103)	$ 2,098,355	$ (3,038,409)	$ (49)
[1]	Shareholders’ Equity Explanatory Note : In conjunction with emergence from chapter 11, the Company issued new Common Shares to holders of existing pre-petition Common Shares (the “Existing Common Shares”) at a conversion ratio of 0.521562 (the “New Equity”). As a result, the share counts have been adjusted to reflect this conversion as if it had occurred as of January 1, 2016. Consistent with the Plan, 194,991,656 shares of New Equity were issued as follows: 70,579,367 shares of New Equity were issued pro rata to holders of the HoldCo Notes with claims allowed under the Debtors’ Second Amended Joint Chapter 11 Plan of Reorganization ; 80,022,410 shares of New Equity were issued pro rata to holders of Existing Common Shares; 2,512,623 shar es of New Equity were issued to commitment parties under the Backstop Commitment Agreement in respect of the commitment premium due thereunder; 18,844,363 shares of New Equity were issued to commitment parties under the Backstop Commitment Agreement in connection with their backstop obligation thereunder; and 23,032,893 shares of New Equity were issued to participants in the Rights Offering.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating Activities - cash provided by (used in):
Net income (loss) for the period	$ 409,338	$ (7,832)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depletion, depreciation and amoritzation	70,427	62,083
Deferred income tax benefit	0	1
Unrealized gain on commodity derivatives	(8,367)	0
Deferred gain on sale of liquids gathering system	(5,276)	(5,276)
Stock compensation	26,264	2,704
Non-cash reorganization items, net	(431,579)	22,324
Other	1,160	5,907
Net changes in operating assets and liabilities:
Restricted cash	(18,194)	(3,219)
Accounts receivable	283	5,382
Other current assets	7,972	(13,277)
Other non-current assets	144	(818)
Accounts payable	30,245	(70,552)
Accrued liabilities	(8,654)	(11,596)
Production taxes payable	869	(7,467)
Interest payable	32,438	57,118
Other long-term obligations	3,808	(3,465)
Income taxes payable/receivable	2,099	(279)
Net cash provided by operating activities	112,977	31,738
Investing Activities - cash provided by (used in):
Oil and gas property expenditures	(225,057)	(121,542)
Change in capital cost accrual	7,740	(13,500)
Inventory	(2,276)	(196)
Purchase of capital assets	(756)	122
Net cash used in investing activities	(220,349)	(135,116)
Financing activities - cash provided by (used in):
Extinguishment of long-term debt - (chapter 11)	(2,459,000)	0
Proceeds from issuance of Senior Notes	1,200,000	0
Deferred financing costs	(70,071)	0
Shares issued, net of transaction costs	573,774	(307)
Repurchased shares/net share settlements	(9,581)	0
Reserve Fund	(400,236)	0
Net cash (used in) provided by financing activities	(288,114)	368,693
(Decrease) increase in cash and cash equivalents during the period	(395,486)	265,315
Cash and cash equivalents, beginning of period	401,478	4,143
Cash and cash equivalents, end of period	5,992	269,458
Credit Agreement
Financing activities - cash provided by (used in):
Borrowings under Credit / Term Loan Agreement	144,000	369,000
Payments under Credit Agreement	(67,000)	0
Term Loan Agreement
Financing activities - cash provided by (used in):
Borrowings under Credit / Term Loan Agreement	$ 800,000	$ 0

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 2017
Description Of Business [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	(All amounts in this Quarterly Report on Form 10-Q are expressed in thousands of U.S. dollars (except per share data) unless otherwise noted). DESCRIPTION OF THE BUSINESS: Ultra Petroleum Corp. (the “Company”) is an independent oil and gas company engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. The Company is incorporated under the laws of Yukon, Canada. The Company’s principal business activities are developing its long-life natural gas reserves in the Green River Basin of Wyoming – the Pinedale and Jonah fields, its oil reserves in the Uinta Basin in Utah and its natural gas reserves in the Appalachian Basin of Pennsylvania.

Chapter 11 Proceedings

Chapter 11 Proceedings	6 Months Ended
	Jun. 30, 2017
Bankruptcy Proceedings [Abstract]
Liquidity and Ability to Continue as a Going Concern [Text Block]	Chapter 11 Proceedings Voluntary Reorganization Under Chapter 11 On April 29, 2016 (the “Petition Date”), the Company and its subsidiaries (collectively, the “Debtors”) filed voluntary petitions under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). Our chapter 11 cases were jointly administered under the caption In re Ultra Petroleum Corp. , et al, Case No. 16-32202 (MI) (Bankr. S .D. Tex.). On February 21, 2017, the Bankruptcy Court approved our amended Disclosure Statement, on March 14, 2017, the Bankruptcy Court confirmed our Debtors’ Second Amended Joint Chapter 11 Plan of Reorganization (the “Plan”), and on April 12, 2017 (th e “Effective Date”), we emerged from bankruptcy. As a result of our improved financial condition and successful emergence from chapter 11, we believe we now have sufficient liquidity to fund our future cash requirements for operations, capital expenditure s and working capital purposes. As a result, substantial doubt no longer exists regarding the Company’s ability to meet its obligations as they become due within one year after the date that the financial statements are issued. Because we emerged from b ankruptcy during the quarter ended June 30, 2017 and because we continue our work to reconcile, resolve and pay certain prepetition claims asserted against us during our chapter 11 cases, certain aspects of our chapter 11 cases are described below to provi de context to our financial condition and results of operations for the period presented in this Quarterly Report on Form 10-Q. Information about our chapter 11 cases is available at a website maintained by our claims agent, Epiq Systems ( HYPERLINK "http://dm.epiq11.com/UPT/Docket" http://dm.epiq11.com/UPT/Docket ). In addition, because our operations and ability to execute our business remain subject to various risks and uncertainties, including risks and uncertainties related to our chapter 11 cases, readers are encouraged to review and consider the items described in Item 1A, “Risk Factors” in this report. Plan Support Agreement, Rights Offering, Backstop Commitment Agreement and Exit Financing Commitment Letter As previously disclosed: On November 21, 2016, we entered into a Plan Support Agreement (as amended, the “PSA”) with certain holders of the Company’s prepetition indebtedness and outstanding common stock as well as a Backstop Commitment Agreement (“BCA”). Pursuant to the BCA, we a greed to conduct a rights offering for new common stock in the Company to be issued upon the effectiveness of the Plan for an aggregate purchase price of $580.0 million (the “Rights Offering”). On February 8, 2017, we entered into a commitment letter with Barclays Bank PLC (“Barclays”) (as amended, the “Commitment Letter”) pursuant to which, in connection with the consummation of the Plan, Barclays agreed to provide us with secured and unsecured financings in an aggregate amount of up to $2.4 billion ( the “Debt Financings”). On the Effective Date, the principal obligations outstanding of $ 999.0 million under the Prepetition Credit Agreement and $ 1.46 billion under the Prepetition Senior Notes, as well as prepetition interest and other undisputed amounts, were paid in full. The Company’s obligations under the Prepetition Credit Agreement and the Prepetition Senior Notes were cancelled and extinguished as provided in the Plan. On the Effective Date, the claims of $ 450.0 million related to the unsecured 2018 Notes and $ 850.0 million related to the unsecured 2024 Notes were allowed in full, each holder of a claim related to the 2018 Notes and the 2024 Notes received a distribution of common stock in the amount of the holders’ applicable claim, and the Company’s obligations und er the 2018 Notes and the 2024 Notes were cancelled and extinguished as provided in the Plan. On the Effective Date, we consummated the Rights Offering and the Debt Financings and, as noted above, emerged from bankruptcy . Fresh Start Accounting As previously disclosed, we are not required to apply fresh start accounting to our financial statements in connection with our emergence from bankruptcy because the reorganization value of our assets immediately prior to confirmation of the Plan exceeded our aggregate postpetition liabilities and allowed claims. Liabilities Subject to Compromise The following table reconciles the settlement of liabilities subject to compromise included in our Consolidated Balance Sheets f r om December 31, 2016 through the six months ended June 30, 2017 : June 30, 2017 Liabilities subject to compromise at December 31, 2016 $ 4,038,041 Debt extinguishment - cash (2,521,493) Debt extinguishment - non-cash (1,339,740) Contract settlement (17,350) Reclassified to accrued liabilities (159,458) Liabilities subject to compromise at June 30, 2017 $ - Bankruptcy Claims Resolution Process The claims filed against us during our chapter 11 proceedings are voluminous. In addition, claimants may file amended or modified claims in the future, which modifications or amendments may be material. The claims resolution process is on-going, and the ultimate number and amount of prepetition claims is not presently known, nor can the ultimate recovery with respect to allowed claims be presently ascertained. As a part of the claims resolution process, we are working to resolve differences between amounts we listed in information filed during our bankruptcy proceedings and the amounts of claims filed by our creditors. We have filed, and we will continue to file , objections with the Bankruptcy Court as necessary with respect to claims we believe should be disallowed. Costs of Reorganization We have incurred significant costs associated with our reorganization and the chapter 11 proceedings. We expect these cost s, which are being expensed as incurred, have affected and may continue to significantly affect our results of operations. For additional information about the costs of our reorganization and chapter 11 proceedings, see “Reorganization items, net” below. The following table summarizes the components included in Reorganization items, net in our Consolidated Statements of Operations for the six months ended June 30, 2017 and 2016 : For the Three Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Professional fees(1) $ (4,313) $ (3,582) $ (62,004) $ (3,582) Gains (losses)(2) 431,107 - 431,107 - Deferred financing costs - (18,742) - (18,742) Other(3) 22 141 167 141 Total Reorganization items, net $ 426,816 $ (22,183) $ 369,270 $ (22,183) (1) The six months ended June 30, 2017 includes $ 23.0 million directly related to accrued, unpaid professional fees associated with the chapter 11 filings. (2) Gains (losses) represent the net gain on the debt to equity exchange related to the 2018 and 2024 Notes. (3) Cash interest income earned for the period after the Petition Date on excess cash over normal invested capital .

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Significant Accounting Policies [Abstract]
Significant Accounting Policies	1. SIGNIFICANT ACCOUNTING POLICIES: The accompanying financial statements, other than the balance sheet data as of December 31, 2016 , are unaudited and were prepared from the Company’s records, but do not include all disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”). Balance sheet data as of December 31, 2016 was derived from the Company’s audited financial statements. The Company’s management believes that these financial statements include all adjustments necessary for a fair presentation of the Company’s financial position and results of operations. All adjustments are of a normal and recurring nature unless specifically noted. The Company prepared these statements on a basis consistent with the Company’s annual aud ited statements and Regulation S-X. Regulation S-X allows the Company to omit some of the footnote and policy disclosures required by GAAP and normally included in annual reports on Form 10-K. You should read these interim financial statements together wit h the financial statements, summary of significant accounting policies and notes to the Company’s most recent annual report on Form 10-K. ( a) Basis of presentation and principles of consolidation: The consolidated financial statements include the account s of the Company and its wholly owned subsidiaries. The Company presents its financial statements in accordance with GAAP. All inter-company transactions and balances have been eliminated upon consolidation. (b) Cash and Cash Equivalents: The Company con siders all highly liquid investments with an original maturity of three months or less to be cash equivalents. (c) Restricted Cash: Restricted cash represents the funds we deposited in the $ 400.0 million reserve account, pending resolution of make-whole and post-petition interest claims (the “Reserve Fund”) , as described in Note 8, funds we deposited in the $ 35.0 million reserve account for the purpose of paying allowed and unpaid professional fees under the Plan agreement, and cash received by the Company from production sold where the final division of ownership of the production is unknown or in dispute. (d) Accounts Receivable: Accounts receivable are stated at the historical carrying amount net of write-offs and an allowance for uncollectible accounts. The carrying a mount of the Company’s accounts receivable approximates fair value because of the short-term nature of the instruments. The Company routinely assesses the collectability of all material trade and other receivables. (e) Property, Plant and Equipment: Capi tal assets are recorded at cost and depreciated using the declining-balance method based on their respective useful life. ( f ) Oil and N atural G as P roperties: The Company uses the full cost method of accounting for exploration and development activities a s defined by the Securities and Exchange Commission (“SEC”) Release No. 33-8995, Modernization of Oil and Gas Reporting Requirements (“SEC Release No. 33-8995”) and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Top ic 932, Extractive Activities – Oil and Gas (“FASB ASC 932”) . Under this method of accounting, the costs of unsuccessful, as well as successful, exploration and development activities are capitalized as oil and gas properties. This includes any internal co sts that are directly related to exploration and development activities but does not include any costs related to production, general corporate overhead or similar activities. The carrying amount of oil and natural gas properties also includes estimated as set retirement costs recorded based on the fair value of the asset retirement obligation when incurred. Gain or loss on the sale or other disposition of oil and natural gas properties is not recognized, unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and natural gas attributable to a country. The sum of net capitalized costs and estimated future development costs of oil and natural gas properties are amortized using the units-of-produ ction method based on the Company’s proved reserves. Oil and natural gas reserves and production are converted into equivalent units based on relative energy content. Asset retirement costs are included in the base costs for calculating depletion. Under the full cost method, costs of unevaluated properties and major development projects expected to require significant future costs may be excluded from capitalized costs being amortized. The Company excludes significant costs until proved reserves are found or until it is determined that the costs are impaired. The Company reviews its unproved leasehold costs quarterly or when management determines that events or circumstances indicate that the recorded carrying value of the unevaluated properties may not be recoverable. The fair values of unproved properties are evaluated utilizing a discounted net cash flows model based on management’s assumptions of future oil and gas production, commodity prices, operating and development costs, as well as appropriate dis count rates. The estimated prices used in the cash flow analysis are determined by management based on forward price curves for the related commodities, adjusted for average historical location and quality differentials. Estimates of cash flows related to probable and possible reserves are reduced by additional risk-weighting factors. The amount of any impairment is transferred to the capitalized costs being amortized. Companies that use the full cost method of accounting for oil and natural gas exploratio n and development activities are required to perform a ceiling test calculation each quarter. The full cost ceiling test is an impairment test prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is performed quarterly, on a country-by-country basi s, utilizing the average of prices in effect on the first day of the month for the preceding twelve month period in accordance with SEC Release No. 33-8995. The ceiling limits such pooled costs to the aggregate of the present value of future net revenues a ttributable to proved crude oil and natural gas reserves discounted at 10%, plus the lower of cost or market value of unproved properties, less any associated tax effects. If such capitalized costs exceed the ceiling, the Company will record a write-down t o the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and results in a lower depletion, depreciation and amortization (“DD&A”) rate in future periods. A write-down may not be reve rsed in future periods even though higher oil and natural gas prices may subsequently increase the ceiling. The Company did not incur a ceiling test write-down for the six months ended June 30, 2017 or 2016 . (g) Inventories: At June 30, 2017 and 2016 , inventory of $7.5 million and $ 4.1 million, respectively, primarily includes the cost of pipe and production equipment that will be utilized during the 2017 drilling program and crude oil inventory. Materials and supplies inventories are carried at lower of cost or market and include expenditures and other charges directly and indirectly incurred in bringing the inventory to its existing condition and location. Selling expenses and general and administrative expe nses are reported as period costs and excluded from inventory cost. The Company uses the weighted average method of recording its materials and supplies inventory. Crude oil inventory is valued at lower of cost or market. (h) Deferred Financing Costs: The Company follows ASU No. 2015-3, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs and includes the costs for issuing debt including issuance discounts, except those related to the revolving credit facility, as a direct d eduction from the carrying amount of the related debt liability . Costs related to the issuance of the revolving credit facility are recorded as an asset in the Consolidated Balance Sheets. (i) Derivative Instruments and Hedging Act ivities: The Company follows FASB ASC Topic 815, Derivatives and Hedging (“FASB ASC 815”). The Company records the fair value of its commodity derivatives as an asset or liability in the Consolidated Balance Sheets, and records the changes in the fair val ue of its commodity derivatives in the Consolidated Statements of Operations. The Company does not offset the value of its derivative arrangements with the same counterparty. (See Note 6 for more information). (j) Income Taxes: Income taxes are acc ounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their re spective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded related to deferred tax assets based on the “more likely than n ot” criteria described in FASB ASC Topic 740, Income Taxes. In addition, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position follo wing an audit. (k) Equity Interests: In accordance with the Plan, each of the Company’s equity interests outstanding prior to the Effective Date were cancelled and each such equity interest has no further force or effect after the Effective Date. Pursuant to the Plan, the holders of the Company’s common shares outstanding prior to the Effective Date (the “Existing Common Shares”) received (i) their proportionate distribution of New Equity and (ii) the right to participate in the Rights Offering. The holder s of all other equity interests in the Company received no distribution under the Plan in respect thereof. (l) Earnings (Loss) Per Share: Basic earnings (loss) per share is computed by dividing net earnings (loss) attributable to common stockholders by t he weighted average number of common shares outstanding during each period. Diluted earnings (loss) per share is computed by adjusting the average number of common shares outstanding for the dilutive effect, if any, of common stock equivalents. The Company uses the treasury stock method to determine the dilutive effect. In conjunction with our emergence from chapter 11, on April 12, 2017, the Company issued shares of New Equity to holders of Existing Common Shares at a conversion ratio of 0.521562. As a r esult, the basic and fully diluted share counts have been presented to reflect this conversion as if it had occurred as of January 1, 2016. Share based payments subject to performance or market conditions are considered contingently issuable shares for pu rposes of calculating diluted earnings per share. Thus, they are not included in the diluted earnings per share denominator until the performance or market criteria are met. For the quarter and six months ended June 30, 2017 , the Company had 4.2 million contingently issuable shares that are not included in the diluted earnings per share denominator as the performance or market criteria have not been met (See Note 4). There were no contingently issuable shares outstan ding for the quarter and six months ended June 30, 2016 . Three Months Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 (Share amounts in 000's) Net income (loss) $ 499,037 $ 14,002 $ 409,338 $ (7,832) Weighted average common shares outstanding - basic 180,964 80,002 130,770 79,984 Effect of dilutive instruments 69 331 308 - Weighted average common shares outstanding - diluted 181,033 80,333 131,078 79,984 Net income (loss) per common share - basic $ 2.76 $ 0.18 $ 3.13 $ (0.10) Net income (loss) per common share - diluted $ 2.76 $ 0.17 $ 3.12 $ (0.10) Number of shares not included in dilutive earnings per share that would have been anti-dilutive because the exercise price was greater than the average market price of the common shares (1) - 749 - - (1) Due to the net loss for the six months ended June 30, 2016, 0.8 million shares for options and restricted stock units were anti-dilutive and excluded from the computation of net loss per share. (m ) Use of Estimates: Preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (n ) Share-Based Compensation: The Company measures and recognizes compe nsation expense for all share-based payment awards made to employees and directors, including employee stock options, based on estimated fair values in accordance with FASB ASC Topic 718, Compensation – Stock Compensation. ( o ) Fair Value Accounting: The Company follows FASB ASC Topic 820, Fair Value Measurements and Disclosures (“FASB ASC 820”), which defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. This statement appli es under other accounting topics that require or permit fair value measurements. See Note 7 for additional information. ( p ) Asset Retirement Obligation: The initial estimated retirement obligation of properties is recognized as a liability with an as sociated increase in oil and gas properties for the asset retirement cost. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated asset retirement obligation changes, an adjustment is re corded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from revisions of estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling asset retirement obligations. As a full cost company, settlements for asset retirement obligations for abandonment are adjusted to the full cost pool. The asset retirement obligation is included within other long-term obligations in the accompanying Conso lidated Balance Sheets. (q ) Revenue Recognition: The Company generally sells oil and natural gas under both long-term and short-term agreements at prevailing market prices. The Company recognizes revenues when the oil and natural gas is delivered, whic h occurs when the customer has taken title and has assumed the risks and rewards of ownership, prices are fixed or determinable and collectability is reasonably assured. The Company accounts for oil and natural gas sales using the “entitlements method.” Un der the entitlements method, revenue is recorded based upon the Company’s ownership share of volumes sold, regardless of whether it has taken its ownership share of such volumes. Any amount received in excess of the Company’s share is treated as a liabilit y. If the Company receives less than its entitled share, the underproduction is recorded as a receivable. Make-up provisions and ultimate settlements of volume imbalances are generally governed by agreements between the Company and its partners with respe ct to specific properties or, in the absence of such agreements, through negotiation. The value of volumes over- or under-produced can change based on changes in commodity prices. The Company prefers the entitlements method of accounting for oil and natura l gas sales because it allows for recognition of revenue based on its actual share of jointly owned production, results in better matching of revenue with related operating expenses, and provides balance sheet recognition of the estimated value of product imbalances. The Company’s imbalance obligations as of June 30, 2017 and December 31, 2016 were immaterial. (r ) Other rev e nues : Other revenues are comprised of fees paid to us by the operators of the gas processing plants where our gas is process ed in exchange for the liquids removed from our production. ( s) Capital Cost Accrual: The Company accrues for exploration and development costs in the period incurred, while payment may occur in a subsequent period. ( t) Reclassifications: Certain amount s in the financial statements of prior periods have been reclassified to conform to the current period financial statement presentation. ( u) Deposits and Retainers : Deposits and retainers primarily consist of payments related to surety bonds. ( v) Recent Accounting Pronouncements In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU No. 2016-18”). The guidance requires that an explanation is included in the cash flow statement of the change in the total of (1) cash, (2) cash equivalents, and (3) restricted cash or restricted cash equivalents. ASU No. 2016-18 also clarifies that transfers between cash, cash equivalents and restricted cash or restricted cash equivalents should not be reported as cash flow activities and requires the nature of the restrictions on cash, cash equivalents, and restricted cash or restricted cash equivalents to be disclosed. For public companies, the standard will take effect for fiscal years, and interim periods within those fiscal years, beginning af ter December 15, 2017 with earlier application permitted. The Company is still evaluating the impact of ASU No. 2016-18 on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) (“ASU No. 20 16-15”). The guidance requires that debt prepayment or debt extinguishment costs, including third-party costs, premiums paid, and other fees paid to lenders, be classified as cash outflows for financing activities. For public companies, the standard will t ake effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 with earlier application permitted. The Company does not expect the adoption of ASU No. 2016-15 to have a material impact on its consolidated fina ncial statements. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU No. 2016-02”). The guidance requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU will also require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitativ e information. For public companies, the standard will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 with earlier application permitted. The Company is still evaluating the impact of ASU No. 2016-02 on its consolidated financial statements . In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and in 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Age nt Considerations (Reporting Revenue Gross versus Net) , and ASU 2016-10, Revenues from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which supersede the revenue recognition requirements in Topic 605, Revenue Recog nition, and industry-specific guidance in Subtopic 932-605, Extractive Activities-Oil and Gas-Revenue Recognition. The new standard requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. We are currently evaluating the provisions of ASU 2014-09 and assessing the impact, if any, it may have on our financial position and results of operations. As part of our assessment work to date, we have completed training of the new ASU’s revenue recognition model, dedicated resources to its implementation, and initiated contract review and documentation; including analyzing the standard’s impact on our con tract portfolio, comparing historical accounting policies and practices to the requirements of the new standard, and identifying differences from applying the requirements of the new standards to our contracts. We are evaluating the expanded disclosure re quirements under the new standard and are also reviewing our processes, systems, and internal controls over financial reporting to ensure the appropriate information will be available for these disclosures. While we are continuing to assess all potential impacts of the standard, we currently believe the most significant impacts relate to principal versus agent considerations and the use of the entitlements method for oil and natural gas sales, both of which are continuing to be evaluated by the Company. T he Company is required to adopt the new standards in the first quarter of 2018 using one of two application methods: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of init ially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company currently anticipates adopting the standard using the modified retrospective method .

Oil and Gas Properties and Equi

Oil and Gas Properties and Equipment	6 Months Ended
	Jun. 30, 2017
Oil and gas property [Abstract]
Oil and gas properties and equipment	2. OIL AND GAS PROPERTIES AND EQUIPMENT: June 30, December 31, 2017 2016 Proven Properties: Acquisition, equipment, exploration, drilling and abandonment costs $ 10,992,163 $ 10,752,642 Less: Accumulated depletion, depreciation and amortization (9,806,090) (9,742,176) $ 1,186,073 $ 1,010,466

Debt and other long term liabil

Debt and other long term liabilities	6 Months Ended
	Jun. 30, 2017
Long Term Liabilities [Abstract]
Debt and other long term liabilities	3. DEBT AND OTHER LONG-TERM OBLIGATIONS: June 30, December 31, 2017 2016 Total Debt: Term loan, secured, due 2024 $ 800,000 $ - 6.875% Senior, unsecured Notes due 2022 700,000 - 7.125% Senior, unsecured Notes due 2025 500,000 - 6.125% Senior Notes due 2024 - 850,000 5.75% Senior Notes due 2018 - 450,000 Senior Notes issued by Ultra Resources, Inc. - 1,460,000 Credit Agreement 77,000 999,000 Total long-term debt 2,077,000 3,759,000 Less: Deferred financing costs (60,086) - Less: Liabilities subject to compromise(1) (See Note 1) - (3,759,000) Total long-term debt not subject to compromise $ 2,016,914 $ - Other long-term obligations: Other long-term obligations $ 191,524 $ 177,088 (1 ) All of our indebtedness that was outstanding at December 31, 2016 was classified as liabilities subject to compromise in the Consolidated Balance Sheets. See below for information about the indebtedness we incurred in connection with , and that is now outstanding following, our emergence from bankruptcy. As previously disclosed in a Current Report on Form 8-K filed with the SEC on April 18, 2017, on the Effective Date, all principal, prepetition interest, and other undisputed amounts w ere paid in full for the amounts owed under the prepetition Credit Agreement and the prepetition Senior Notes shown in the table above and the Company’s obligations under the prepetition Credit Agreement and the prepetition Senior Notes were cancelled and extinguished. The claims related to the 2018 and 2024 Notes, shown in the table above were allowed in full, each claim holder received a distribution of our common stock in the amount of the applicable claim, and the Company’s obligations under the 2018 a nd 2024 Notes were cancelled and extinguished. Ultra Resources, Inc. Credit Agreement. On April 12, 2017, Ultra Resources, Inc. (“ Ultra Resources ”), as a borrower, entered into a Credit Agreement with the Company and UP Energy Corporation, as parent guarantors, Bank of Montreal, as administrative agent, and the other lenders party thereto (as amended, the “RBL Credit Agreement”), providing for a revolving credit facility (the “Revolving Credit Facility,” and together with the Term Loan Facility (defined below), the “Credit Facilities”) for an aggre gate amount of $400.0 million. At June 30, 2017 , Ultra Resources had $77.0 million in outstanding borrowings under the RBL Credit Agreement. The initial borrowing base (which limits the aggregate amount of first lien debt under the Revolving Credit Facility and the Term Loan Facility) is $1.2 billion and there are no scheduled borrowing base redeterminations until October 1, 2017. The Revolving Credit Facility has capacity for Ultra Resources to increase the commitments subject to certain con ditions, and has $50.0 million of the commitments available for the issuance of letters of credit. The Revolving Credit Facility bears interest either at a rate equal to (a) a customary London interbank offered rate plus an applicable margin that varies fr om 250 to 350 basis points or (b) the base rate plus an applicable margin that varies from 150 to 250 basis points. The weighted average interest rate at June 30, 2017 was 3.93 %. The Revolving Credit Facility loans mature on January 12, 2022. The R BL Credit Agreement requires Ultra Resources to maintain (i) an interest coverage ratio of 2.50 to 1.00 ; (ii) a current ratio of 1.00 to 1.00 ; (iii) a consolidated net leverage ratio of (A) 4.25 to 1.00 as of the last day of any fiscal quarter ending on or before December 31, 2017 and (B) 4.00 to 1.00, as of the last day of any fiscal quarter thereafter; and (iv) after the Company has obtained investment grade rating an asset coverage ratio of 1.50 to 1.00 . At June 30, 2017 , Ultra Resources was in com pliance with all of its debt covenants under the RBL Credit Agreement. Ultra Resources is required to pay a commitment fee on the average daily unused portion of the Revolving Credit Facility, which varies based upon a borrowing base utilization grid. Ultr a Resources is also required to pay customary letter of credit and fronting fees. The RBL Credit Agreement also contains customary affirmative and negative covenants, including, among other things, as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), delivery of quarterly and annual financial statements and oil and gas engineering reports, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens, indebtedness, as set dispositions, fundamental changes, restricted payments, hedging requirements and other customary covenants. The RBL Credit Agreement contains customary events of default and remedies for credit facilities of this nature. If Ultra Resources does not co mply with the financial and other covenants in the RBL Credit Agreement, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the RBL Credit Agreement and any outstanding unfunded commitments may be terminated. Term Loan. On April 12, 2017 , Ultra Resources, as borrower, entered into a Senior Secured Term Loan Agreement with the Company and UP Energy Corporation, as parent guarantors, Barclays Bank PLC, as administrative agent, and the other lenders p arty thereto (the “Term Loan Agreement”), providing for senior secured first lien term loans (the “Term Loan Facility”) for an aggregate amount of $ 800.0 million consisting of an initial term loan in the amount of $ 600.0 million and an incremental term loa n in the amount of $ 200.0 million to be drawn immediately after the funding of the initial term loan. As part of the Term Loan agreement, Ultra Resources agreed to pay an original issue discount equal to one percent of the principal amount. The original issue discount of $ 8.0 million is included in the deferred financing costs noted above and is a direct deduction from the carrying amount of long-term debt. The Term Loan Facility has capacity to increase the commitments subject to certain conditions. At June 30, 2017 , Ultra Resources had $ 800.00 million in outstanding borrowings under the Term Loan Facility. The Term Loan Facility bears interest either at a rate equal to (a) a customary London interbank offered rate plus 300 basis points or (b) the base rate plus 200 basis points. The Term Loan Facility amortizes in equal quarterly installments in aggregate annual amounts equal to 0.25% of the aggregate principal amount beginning on June 30, 2019. The Term Loan Facility matures seven years after the Effective Date. The Term Loan Facility is subject to mandatory prepayments and customary reinvestment rights. The mandatory prepayments include, without limitation, a prepayment requirement with the total net proceeds from certain asset sales a nd net proceeds on insurance received on account of any loss of Ultra Resources ’ property or assets, in each case subject to certain exceptions. In addition, subject to certain exceptions, there is a prepayment requirement if the asset coverage ratio is le ss than 2.0 to 1.0. To the extent any mandatory prepayments are required, prepayments are applied to prepay the Term Loan Facility. The Term Loan Agreement also contains customary affirmative and negative covenants, including as to compliance with laws (i ncluding environmental laws, ERISA and anti-corruption laws), delivery of quarterly and annual financial statements and oil and gas engineering reports, maintenance and operation of property (including oil and gas properties), restrictions on the incurrenc e of liens, indebtedness, asset dispositions, fundamental changes, restricted payments and other customary covenants. At June 30, 2017 , Ultra Resources was in compliance with all of its debt covenants under the Term Loan Facility. The Term Loan Agreement contains customary events of default and remedies for credit facilities of this nature. If Ultra Resources does not comply with the financial and other covenants in the Term Loan Agreement, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the Term Loan Agreement. Senior Notes . On April 12, 2017, the Company issued $700.0 million of its 6.875% senior notes due 2022 (the “2022 Notes”) and $500.0 million of its 7.125% senior notes due 2025 (the “2025 Notes,” and together with the 2022 Notes, the “Notes”) and entered into an Indenture, dated April 12, 2017 (the “Indenture”), among Ultra Resources, as issuer, the Company and its subsidiaries, as guarantors. The Notes are treated as a single class of securities under the Indenture. The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws, and unless so registered, the securities may not be offered or sold i n the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes may be resold to qualified institutional buyers pursuant to Ru le 144A under the Securities Act or to non-U.S. persons pursuant to Regulation S under the Securities Act. The 2022 Notes will mature on April 15, 2022. The interest payment dates for the 2022 Notes are April 15 and October 15 of each year, commencing on O ctober 15, 2017. The 2025 Notes will mature on April 15, 2025. The interest payment dates for the 2025 Notes are April 15 and October 15 of each year, commencing on October 15, 2017. Interest will be paid on the Notes from the issue date until maturity . Pr ior to April 15, 2019, Ultra Resources may, at any time or from time to time, redeem in the aggregate up to 35% of the aggregate principal amount of the 2022 Notes in an amount no greater than the net cash proceeds of certain equity offerings at a redempti on price of 106.875% of the principal amount of the 2022 Notes, plus accrued and unpaid interest, if any, to the date of redemption, if at least 65% of the original principal amount of the 2022 Notes remains outstanding and the redemption occurs within 180 days of the closing of such equity offering. In addition, before April 15, 2019, Ultra Resources may redeem all or a part of the 2022 Notes at a redemption price equal to the sum of (i) the principal amount thereof, plus (ii) a make-whole premium at the r edemption date, plus accrued and unpaid interest, if any, to the redemption date. In addition, on or after April 15, 2019, Ultra Resources may redeem all or a part of the 2022 Notes at redemption prices (expressed as percentages of principal amount) equal to 103.438% for the twelve-month period beginning on April 15, 2019, 101.719% for the twelve-month period beginning April 15, 2020, and 100.000% for the twelve-month period beginning April 15, 2021 and at any time thereafter, plus accrued and unpaid intere st, if any, to the applicable redemption date on the 2022 Notes. Prior to April 15, 2020, Ultra Resources may, at any time or from time to time, redeem in the aggregate up to 35% of the aggregate principal amount of the 2025 Notes in an amount no greater t han the net cash proceeds of certain equity offerings at a redemption price of 107.125% of the principal amount of the 2025 Notes, plus accrued and unpaid interest, if any, to the date of redemption, if at least 65% of the original principal amount of the 2025 Notes remains outstanding and the redemption occurs within 180 days of the closing of such equity offering. In addition, before April 15, 2020, Ultra Resources may redeem all or a part of the 2025 Notes at a redemption price equal to the sum of (i) th e principal amount thereof, plus (ii) a make-whole premium at the redemption date, plus accrued and unpaid interest, if any, to the redemption date. In addition, on or after April 15, 2019, Ultra Resources may redeem all or a part of the 2025 Notes at rede mption prices (expressed as percentages of principal amount) equal to 105.344% for the twelve-month period beginning on April 15, 2020, 103.563% for the twelve-month period beginning April 15, 2021, 101.781% for the twelve-month period beginning April 15, 2022, and 100.000% for the twelve-month period beginning April 15, 2023 and at any time thereafter, plus accrued and unpaid interest, if any, to the applicable redemption date on the 2025 Notes. If Ultra Resources experiences certain change of control trig gering events set forth in the Indenture, each holder of the Notes may require Ultra Resources to repurchase all or a portion of its Notes for cash at a price equal to 101% of the aggregate principal amount of such Notes, plus any accrued but unpaid intere st to the date of repurchase. The Indenture contains customary covenants that restrict the ability of Ultra Resources and the guarantors and certain of its subsidiaries to: (i) sell assets and subsidiary equity; (ii) incur indebtedness; (iii) create or inc ur certain liens; (iv) enter into affiliate agreements; (v) enter into agreements that restrict distribution from certain restricted subsidiaries and the consummation of mergers and consolidations; (vi) consolidate, merge or transfer all or substantially a ll of the assets of the Company or any Restricted Subsidiary (as defined in the Indenture); and (vii) create unrestricted subsidiaries. The covenants in the Indenture are subject to important exceptions and qualifications. Subject to conditions, the Indent ure provides that the Company and its subsidiaries will no longer be subject to certain covenants when the Notes receive investment grade ratings from any two of S&P Global Ratings, Moody’s Investors Service, Inc., and Fitch Ratings, Inc. At June 30, 2017 , Ultra Resources was in compliance with all of its debt covenants under the Notes. The Indenture contains customary events of default (each, an “Event of Default”). Unless otherwise noted in the Indenture, upon a continuing Event of Default, the trus tee under the Indenture (“the Trustee”), by notice to the Company, or the holders of at least 25% in principal amount of the then outstanding Notes, by notice to the Company and the Trustee, may, declare the Notes immediately due and payable, except that a n Event of Default resulting from entry into a bankruptcy, insolvency or reorganization with respect to the Company, any Significant Subsidiary (as defined in the Indenture) or group of Restricted Subsidiaries (as defined in the Indenture), that taken toge ther would constitute a Significant Subsidiary, will automatically cause the Notes to become due and payable. Other long-term obligations: These costs primarily relate to the long-term portion of production taxes payable and asset retirement obligations.

Share Based Compensation

Share Based Compensation	6 Months Ended
	Jun. 30, 2017
Stock Based Compensation [Abstract]
Share-based compensation	4. SHARE BASED COMPENSATION: Valuation and Expense Information Three Months Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 Total cost of share-based payment plans $ 34,679 $ 1,322 $ 35,890 $ 4,050 Amounts capitalized in oil and gas properties and equipment $ 9,266 $ 415 $ 9,626 $ 1,346 Amounts charged against income, before income tax benefit $ 25,413 $ 907 $ 26,264 $ 2,704 Amount of related income tax benefit recognized in income before valuation allowance $ 10,114 $ 361 $ 10,453 $ 1,076 Changes in Stock Options and Stock Options Outstanding As provided in the Plan, all plans or programs calling for stock grants, stock issuances, stock reserves or stock options were cancelled as of the Effective Date and all outstanding awards established prior to the Effective Date were cancelled and extinguished as of the Effective Date . The following table summarizes the changes in stock options for the six months ended June 30, 2017 and the year ended December 31, 2016 : Weighted Number of Average Options Exercise Price (000's) (US Dollars) Balance, December 31, 2015 271 $ 94.04 to $ 189.57 Cancelled or Extinguished (90) $ 96.15 to $ 144.14 Balance, December 31, 2016 181 $ 94.04 to $ 189.57 Cancelled or Extinguished (181) $ 94.04 to $ 144.14 Balance, June 30, 2017 - $ 0.00 to $ 0.00 Performance Share Plans : 2017 Stock Incentive Plan. On the Effective Date, the Ultra Petroleum Corp. 2017 Stock Incentive Plan was established pursuant to which 7.5 % of the equity in the reorganized Company (on a fully-diluted/fully-distributed basis) is reserved for grants to be made from time to time to the directors, officers, and other employees of the reorganized Company (“the Reserve”). Also on the Effective Da te, 40 % of the Reserve (“ Initial MIP Grants” ) was granted to members of the board of directors, officers, and other employees of the reorganized Company subject to the conditions and performance requirements provided in the grants, including the limitation s that one-third of the Initial MIP Grants will vest, if at all, at such time when the total enterprise value of the Company equals or exceeds $6.0 billion based upon the volume weighted average price of the common stock during a consecutive 30-day period, that one-third of the Initial MIP Grants will vest, if at all, at such time when the total enterprise value of the Company equals or exceeds 110% of $6.0 billion based upon the volume weighted average price of the common stock during a consecutive 30-day period, and that if any Initial MIP Grants do not vest before the fifth anniversary of the Effective Date, such Initial MIP Grants shall automatically expire. The balance of the Reserve is available to be granted by the Board from time to time. Stock-Based Compensation Cost : Modification. On the Effective Date, as provided in the Plan, all outstanding awards established prior to the Effective Date were cancelled and extinguished, and participants received no payment or other distribution on account of the outstanding awards. Under FASB ASC Topic 718, Compensation Cost – Stock Compensation (“FASB ASC 718”), the cancellation of an outstanding award of stock based compensation followed by the issuance of a replacement award is treated as a modif ication of the original award. The equity award cancellations and subsequent new grants by the Company were considered Type I, probable to probable modification. This type represents modifications where the award was likely to vest prior to modification an d is still likely to vest after modification. For these types of modifications, the fair value of the award is assessed both prior to modification and after modification. If the fair value after modification exceeds the fair value prior to modification, in cremental expense is generated and recognized over the remaining vesting period. Market-Based Condition Awards. When vesting of an award of stock-based compensation is dependent, at least in part, on the value of a company’s total equity, for purposes of FASB ASC 718 , the award is considered to be subject to a “market condition”. Because the Company’s total equity value is a component of its enterprise value, the awards based on enterprise value are considered to be subject to a market condition. Unlike th e valuation of an award that is subject to a service condition (i.e., time vested awards) or a performance condition that is not related to stock price, FASB ASC 718 requires the impact of the market condition to be considered when estimating the fair valu e of the award. As a result, we have used a Monte Carlo simulation model to estimate the fair value of the awards that include a market condition . FASB ASC 718 requires the expense for an award of stock based compensation that is subject to a market cond ition that can be attained at any point during the performance period to be recognized over the shorter of (a) the period between the date of grant and the date the market condition is attained, and (b) award’s derived service period. For purposes of FASB ASC 718 , the derived service period represents the duration of the median of the distribution of share price paths on which the market condition is satisfied. That median is the middle share price path (the midpoint of the distribution of paths) on which t he market condition is satisfied. The duration is the period of time from the service inception date to the expected date of market condition satisfaction. Compensation expense is recognized regardless of whether the market condition is actually satisfied. Expense. For the six months ended June 30, 2017 , the Company recognized $26.3 million in pre-tax compensation expense, of which $25.2 million related to the Initial MIP Grants. D uring the six months ended June 30, 2016 , the Company recognized $2.2 million related to the 2014 and 2015 LTIP awards of restricted stock units. The Company expects the total expense associated with the portion of the Initial MIP Grant that vests if the $ 6.0 bil lion total enterprise value performance requirement is satisfied to be $22.1 million and the portion of the Initial MIP grant that vests if the $ 6.6 billion total enterprise value performance requirement is satisfied to be $20.1 million, respectively. One-third of the Initial MIP Grants were paid in shares of the Company’s stock to members of its board of directors as well as its officers and other employees during the second quarter and totaled $25.8 million ( 1,207,111 shares), of which a portion was capitalized in oil and gas properties and equipment as noted in the valuation and expense information above.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Taxes [Abstract]
Income Tax Disclosure	5. INCOME TAXES: The Company’s overall effective tax rate on pre-tax income was different than the statutory rate of 35 % due primarily to valuation allowances. The Company has recorded a valuation allowance against all deferred tax assets as of June 30, 2017 . Some or all of this valuation allowance may be reversed in future periods against future income. The reorganization of the Company is considered to have resulted in a change of control for U.S. Income Tax purposes under IRC Section 382. However, pursuant to the special rules under IRC Section 382(h), the Company’s U.S. tax attributes, including its Net Operating Loss (NOL), is not expected to be subject to significant limitations due to the change of control.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	6. DERIVATIVE FINANCIAL INSTRUMENTS: Objectives and Strategy: The Company’s major market risk exposure is in the pricing applicable to its natural gas and oil production. Realized pricing is currently driven primarily by the prevailing price for the Company’s natural gas production. Historically, prices received for natural gas production have been volatile and unpredictable. Pricing volatility is expected to continue. As a result of its hedging activities, the Company may realize prices that are less than or greater than the spot prices that it would have received otherwise. The Company relies on various types of derivative instruments to manage its exposure to commodity price risk and to provide a level of certainty in the Company’s forward cas h flows supporting the Company’s capital investment program. The Company’s hedging policy limits the amounts of resources hedged to not more than 50% of its forecast production without Board approval. Fair Value of Commodity Derivatives: FASB ASC 815 re quires that all derivatives be recognized on the Consolidated Balance Sheets as either an asset or liability and be measured at fair value. Changes in the derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteri a are met. The Company does not apply hedge accounting to any of its derivative instruments. Derivative contracts that do not qualify for hedge accounting treatment are recorded as derivative assets and liabilities at fair value on the Consolidated Balan ce Sheets and the associated unrealized gains and losses are recorded as current income or expense in the Consolidated Statements of Operations. Unrealized gains or losses on commodity derivatives represent the non-cash change in the fair value of these de rivative instruments and do not impact operating cash flows on the cash flow statement. Commodity Derivative Contracts: At June 30, 2017 , the Company had the following open commodity derivative contracts to manage price risk on a portion of its production whereby the Company receives the fixed price for the contract a nd pays the variable price to the counterparty. The reference prices of these commodity derivative contracts are typically referenced to index prices as published by independent third parties . Natural Gas: Type Commodity Reference Price Remaining Contract Period Volume - MMBTU/Day Average Price /MMBTU Fair Value - June 30, 2017 Asset Fixed price swap NYMEX-Henry Hub July - Oct 2017 575,000 $3.17 $ 8,367 The following table summarizes the pre-tax realized and unrealized (loss) gain the Company recognized related to its derivative instruments in the Consolidated Statements of Operations for the periods ended June 30, 2017 and 2016 : For the Three Months For the Six Months Ended June 30, Ended June 30, Commodity Derivatives : 2017 2016 2017 2016 Realized loss on commodity derivatives-natural gas (1) $ (868) $ - $ (868) $ - Unrealized gain on commodity derivatives (1) 21,585 - 8,367 - Total gain on commodity derivatives $ 20,717 $ - $ 7,499 $ - (1) Included in gain on commodity derivatives in the Consolidated Statements of Operations. The realized gain or loss on commodity derivatives relates to actual amounts received or paid or to be received or paid under the Company’s derivative contracts and t he unrealized gain or loss on commodity derivatives represents the change in the fair value of these derivative instruments over the remaining term of the contract.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures	7. FAIR VALUE MEASUREMENTS: As required by FASB ASC 820, the Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a three level hierarchy for measuring fair value. Fair value meas urements are classified and disclosed in one of the following categories: Level 1 : Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date. Level 2 : Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilit ies in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded d erivatives such as over-the-counter forwards and swaps. Level 3 : Unobservable inputs for the asset or liability, including situations where there is little, if a ny, market activity for the asset or liability . Level 1 Level 2 Level 3 Total Assets: Current derivative asset $ - $ 8,367 $ - $ 8,367 Fair Value of Financial Instruments The estimated fair value of financial instruments is the estimated amount at which the instrument could be exchanged currently between willing parties. The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments. The Company uses available market data and valuation methodologies to estimate the fair value of its debt. The valuation assumptions utilized to measure the fair value of the Company’s debt are considered Level 2 inputs. This disclosure is presented in accordance with FASB ASC Topic 825, Financial Instruments, and does n ot impact the Company’s financial position, results of operations or cash flows. June 30, 2017 December 31, 2016(1) Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Term loan, secured, due April 2024 $ 800,000 $ 794,000 $ - $ - 6.875% Notes, unsecured, due April 2022, issued 2017 700,000 709,301 - - 7.125% Notes, unsecured, due April 2025, issued 2017 500,000 501,599 - - Credit Facility due January 2022 77,000 77,000 - - 7.31% Notes due March 2016, issued 2009 - - 62,000 64,266 4.98% Notes due January 2017, issued 2010 - - 116,000 123,967 5.92% Notes due March 2018, issued 2008 - - 200,000 224,025 5.75% Notes due December 2018, issued 2013 - - 450,000 465,630 7.77% Notes due March 2019, issued 2009 - - 173,000 204,854 5.50% Notes due January 2020, issued 2010 - - 207,000 233,932 4.51% Notes due October 2020, issued 2010 - - 315,000 337,528 5.60% Notes due January 2022, issued 2010 - - 87,000 99,983 4.66% Notes due October 2022, issued 2010 - - 35,000 38,225 6.125% Notes due October 2024, issued 2014 - - 850,000 893,325 5.85% Notes due January 2025, issued 2010 - - 90,000 106,299 4.91% Notes due October 2025, issued 2010 - - 175,000 193,665 Credit Facility due October 2016 - - 999,000 999,000 $ 2,077,000 $ 2,081,900 $ 3,759,000 $ 3,984,699 (1) At December 31, 2016 , the debt included in the table above is a component of liabilities subject to compromise in our Consolidated Balance Sheets. See Note 1.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies [Abstract]
Commitments And Contingencies Disclosure	8. COMMITMENTS AND CONTINGENCIES: The Plan provides for the treatment of claims against our bankruptcy estates, including claims for prepetition liabilities that have not otherwise been satisfied or addressed before we emerged from chapter 11. As noted in this Quarterly Report on Form 10-Q, the claims resolution process associated with our chapter 11 proceedings is on-going, and we expect it to continue for an indefinite period of time . Pending Claims – Ultra Resources Indebtedness Our chapter 11 filings constituted events of default under Ultra Resources’ prepetition debt agreements. During our bankruptcy proceedings, many holders of this indebtedness filed proofs of claim with the Bankruptcy Court, asserting claims for the outstanding balance of the indebtedness, unpaid prepetition interest dates, unpaid postpetition interest (including interest at the default rates under the debt agreements), make-whole amounts, and other fees and obligations allegedly arising under the debt agreements. As previ ously disclosed, in connection with our emergence from bankruptcy and in accordance with the Plan, all of our obligations with respect to the Ultra Resources prepetition indebtedness and the associated debt agreements were cancelled, except to the limited extent expressly set forth in the Plan, and the holders of claims related to the indebtedness received payment in full of allowed claims (including with respect to outstanding principal, unpaid prepetition interest, and certain other prepetition fees and o bligations arising under the debt agreements). Following our emergence from bankruptcy, we have continued to dispute the claims made by holders of the Ultra Resources’ indebtedness for certain make-whole amounts and postpetition interest at the default rat es provided for in the debt agreements. An oral argument related to this dispute was conducted in the Bankruptcy Court on May 16, 2017, and we and the claim holders have each filed various briefs and other pleadings before and after the May 16 hearing. In connection with confirmation and consummation of the Plan we entered into a stipulation with the claimants pursuant to which we agreed to establish and fund a $400.0 million reserve account after the Effective Date, pending resolution of make-whole and pos t-petition interest claims. On April 14, 2017, we funded the account. At this time, we are not able to determine the likelihood or range of amounts attributable to claims for postpetition interest, make-whole amounts, or other fees and obligations under th e debt agreements. Rockies Express Pipeline During our chapter 11 proceedings, Rockies Express Pipeline LLC (“REX”) filed a claim against us for $303.3 million related to our prepetition transportation agreement for service on the Rockies Express Pipeli ne. As previously disclosed, on January 12, 2017 we entered into a settlement agreement with REX pursuant to which we made a cash payment to REX of $150.0 million on July 12, 2017 (see Note 9). Royalties On April 19, 2016, we received a preliminary dete rmination notice from the Office of Natural Resources Revenue (“ONRR”) asserting that our allocation of certain processing costs and plant fuel use at certain processing plants were impermissibly charged as deductions in the determination of royalties owed under Federal oil and gas leases. We dispute the preliminary determination and raised, with ONRR, several matters we believed may not have been considered in the preliminary determination notice. ONRR filed a proof of claim in our bankruptcy proceedings asserting approximately $35.1 million in claims attributable to these royalty calculations. This claim and the preliminary determination notice could ultimately result in us being ordered to pay additional royalty to ONRR for prior, current and future per iods. We are not able to determine the likelihood or range of any additional royalties or, if and when assessed, whether such amounts would be material. Oil Sales Contract On April 29, 2016, we received a letter from counsel to Sunoco Partners Marketing & Terminals L.P. (“SPMT”) asserting that (1) we had breached, by anticipatory repudiation, a contract for the purchase and sale of crude oil between Ultra Resources and SPMT and (2) the contract was terminated. In the letter, SPMT demanded payment for dam ages resulting from the breach in the amount of $38.6 million. On August 31, 2016, SPMT filed a proof of claim with the Bankruptcy Court for $16.9 million. On December 13, 2016, we filed an objection to SPMT’s proof of claim, and on December 14, 2016, we f iled an adversary proceeding against SPMT related to its breach of the contract during the prepetition period (as amended, the “Sunoco Adversary”) . In its April 25, 2017 reply to the Sunoco Adversary complaint, Sunoco asserted a counterclaim for matters a ddressed in its proof of claim. Both parties are currently conducting discovery. At this time, we are not able to determine the likelihood or range of damages owed to SPMT, if any, related to this matter, or, if and when such amounts are assessed, whether such amounts would be material. We anticipate SPMT’s claims will be resolved in connection with our chapter 11 proceedings. Other Claims The Company is party to lawsuits related to disputes with respect to overriding royalty and other interests in certa in of our operated leases in Pinedale, Wyoming. At this time, no determination of the outcome of these claims can be made, or, if such claims are determined, whether any amounts related to these matters would be material . We are defending these cases vigor ously, and we expect these claims to be resolved in our chapter 11 proceedings. The Company is also currently involved in various routine disputes and allegations incidental to its business operations. While it is not possible to determine the ultimate dis position of these matters, the Company believes that the resolution of all such pending or threatened litigation is not likely to have a material adverse effect on the Company’s financial position or results of operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Schedule of Subsequent Events	9. SUBSEQUENT EVENTS: The Company has evaluated the period subsequent to June 30, 2017 for events that did not exist at the balance sheet date but arose after that date and determined that no subsequent events arose that should be disclosed in order to keep the financial statements from being misleading, except as set forth below. As previously disclosed in a Current Report on Form 8-K filed with the SEC on January 17, 2017, we reached an agreement to settle REX ’s $303. 3 million breach of cont ract claim. T he settlement include d a payment of $150.0 million to REX after the Company emerge d from chapter 11 . On July 12, 2017, we paid the $150.0 million settlement as required by the settlement agreement .

Significant Accounting Polici18

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Statement Significant Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	( a) Basis of presentation and principles of consolidation: The consolidated financial statements include the account s of the Company and its wholly owned subsidiaries. The Company presents its financial statements in accordance with GAAP. All inter-company transactions and balances have been eliminated upon consolidation.
Cash and Cash Equivalents	(b) Cash and Cash Equivalents: The Company con siders all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Restricted Cash	(c) Restricted Cash: Restricted cash represents the funds we deposited in the $ 400.0 million reserve account, pending resolution of make-whole and post-petition interest claims (the “Reserve Fund”) , as described in Note 8, funds we deposited in the $ 35.0 million reserve account for the purpose of paying allowed and unpaid professional fees under the Plan agreement, and cash received by the Company from production sold where the final division of ownership of the production is unknown or in dispute. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU No. 2016-18”). The guidance requires that an explanation is included in the cash flow statement of the change in the total of (1) cash, (2) cash equivalents, and (3) restricted cash or restricted cash equivalents. ASU No. 2016-18 also clarifies that transfers between cash, cash equivalents and restricted cash or restricted cash equivalents should not be reported as cash flow activities and requires the nature of the restrictions on cash, cash equivalents, and restricted cash or restricted cash equivalents to be disclosed. For public companies, the standard will take effect for fiscal years, and interim periods within those fiscal years, beginning af ter December 15, 2017 with earlier application permitted. The Company is still evaluating the impact of ASU No. 2016-18 on its consolidated financial statements.
Accounts Receivable	(d) Accounts Receivable: Accounts receivable are stated at the historical carrying amount net of write-offs and an allowance for uncollectible accounts. The carrying a mount of the Company’s accounts receivable approximates fair value because of the short-term nature of the instruments. The Company routinely assesses the collectability of all material trade and other receivables.
Property, Plant and Equipment	(e) Property, Plant and Equipment: Capi tal assets are recorded at cost and depreciated using the declining-balance method based on their respective useful life.
Oil and natural gas properties	( f ) Oil and N atural G as P roperties: The Company uses the full cost method of accounting for exploration and development activities a s defined by the Securities and Exchange Commission (“SEC”) Release No. 33-8995, Modernization of Oil and Gas Reporting Requirements (“SEC Release No. 33-8995”) and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Top ic 932, Extractive Activities – Oil and Gas (“FASB ASC 932”) . Under this method of accounting, the costs of unsuccessful, as well as successful, exploration and development activities are capitalized as oil and gas properties. This includes any internal co sts that are directly related to exploration and development activities but does not include any costs related to production, general corporate overhead or similar activities. The carrying amount of oil and natural gas properties also includes estimated as set retirement costs recorded based on the fair value of the asset retirement obligation when incurred. Gain or loss on the sale or other disposition of oil and natural gas properties is not recognized, unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and natural gas attributable to a country. The sum of net capitalized costs and estimated future development costs of oil and natural gas properties are amortized using the units-of-produ ction method based on the Company’s proved reserves. Oil and natural gas reserves and production are converted into equivalent units based on relative energy content. Asset retirement costs are included in the base costs for calculating depletion. Under the full cost method, costs of unevaluated properties and major development projects expected to require significant future costs may be excluded from capitalized costs being amortized. The Company excludes significant costs until proved reserves are found or until it is determined that the costs are impaired. The Company reviews its unproved leasehold costs quarterly or when management determines that events or circumstances indicate that the recorded carrying value of the unevaluated properties may not be recoverable. The fair values of unproved properties are evaluated utilizing a discounted net cash flows model based on management’s assumptions of future oil and gas production, commodity prices, operating and development costs, as well as appropriate dis count rates. The estimated prices used in the cash flow analysis are determined by management based on forward price curves for the related commodities, adjusted for average historical location and quality differentials. Estimates of cash flows related to probable and possible reserves are reduced by additional risk-weighting factors. The amount of any impairment is transferred to the capitalized costs being amortized. Companies that use the full cost method of accounting for oil and natural gas exploratio n and development activities are required to perform a ceiling test calculation each quarter. The full cost ceiling test is an impairment test prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is performed quarterly, on a country-by-country basi s, utilizing the average of prices in effect on the first day of the month for the preceding twelve month period in accordance with SEC Release No. 33-8995. The ceiling limits such pooled costs to the aggregate of the present value of future net revenues a ttributable to proved crude oil and natural gas reserves discounted at 10%, plus the lower of cost or market value of unproved properties, less any associated tax effects. If such capitalized costs exceed the ceiling, the Company will record a write-down t o the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and results in a lower depletion, depreciation and amortization (“DD&A”) rate in future periods. A write-down may not be reve rsed in future periods even though higher oil and natural gas prices may subsequently increase the ceiling. The Company did not incur a ceiling test write-down for the six months ended June 30, 2017 or 2016 .
Inventories	(g) Inventories: At June 30, 2017 and 2016 , inventory of $7.5 million and $ 4.1 million, respectively, primarily includes the cost of pipe and production equipment that will be utilized during the 2017 drilling program and crude oil inventory. Materials and supplies inventories are carried at lower of cost or market and include expenditures and other charges directly and indirectly incurred in bringing the inventory to its existing condition and location. Selling expenses and general and administrative expe nses are reported as period costs and excluded from inventory cost. The Company uses the weighted average method of recording its materials and supplies inventory. Crude oil inventory is valued at lower of cost or market.
Deferred Financing Costs	(h) Deferred Financing Costs: The Company follows ASU No. 2015-3, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs and includes the costs for issuing debt including issuance discounts, except those related to the revolving credit facility, as a direct d eduction from the carrying amount of the related debt liability . Costs related to the issuance of the revolving credit facility are recorded as an asset in the Consolidated Balance Sheets.
Derivatives Instruments	(i) Derivative Instruments and Hedging Act ivities: The Company follows FASB ASC Topic 815, Derivatives and Hedging (“FASB ASC 815”). The Company records the fair value of its commodity derivatives as an asset or liability in the Consolidated Balance Sheets, and records the changes in the fair val ue of its commodity derivatives in the Consolidated Statements of Operations. The Company does not offset the value of its derivative arrangements with the same counterparty. (See Note 6 for more information).
Income Taxes	(j) Income Taxes: Income taxes are acc ounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their re spective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded related to deferred tax assets based on the “more likely than n ot” criteria described in FASB ASC Topic 740, Income Taxes. In addition, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position follo wing an audit.
Equity Interests	(k) Equity Interests: In accordance with the Plan, each of the Company’s equity interests outstanding prior to the Effective Date were cancelled and each such equity interest has no further force or effect after the Effective Date. Pursuant to the Plan, the holders of the Company’s common shares outstanding prior to the Effective Date (the “Existing Common Shares”) received (i) their proportionate distribution of New Equity and (ii) the right to participate in the Rights Offering. The holder s of all other equity interests in the Company received no distribution under the Plan in respect thereof.
Earnings (Loss) Per Share	(l) Earnings (Loss) Per Share: Basic earnings (loss) per share is computed by dividing net earnings (loss) attributable to common stockholders by t he weighted average number of common shares outstanding during each period. Diluted earnings (loss) per share is computed by adjusting the average number of common shares outstanding for the dilutive effect, if any, of common stock equivalents. The Company uses the treasury stock method to determine the dilutive effect. In conjunction with our emergence from chapter 11, on April 12, 2017, the Company issued shares of New Equity to holders of Existing Common Shares at a conversion ratio of 0.521562. As a r esult, the basic and fully diluted share counts have been presented to reflect this conversion as if it had occurred as of January 1, 2016. Share based payments subject to performance or market conditions are considered contingently issuable shares for pu rposes of calculating diluted earnings per share. Thus, they are not included in the diluted earnings per share denominator until the performance or market criteria are met. For the quarter and six months ended June 30, 2017 , the Company had 4.2 million contingently issuable shares that are not included in the diluted earnings per share denominator as the performance or market criteria have not been met (See Note 4). There were no contingently issuable shares outstan ding for the quarter and six months ended June 30, 2016 . Three Months Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 (Share amounts in 000's) Net income (loss) $ 499,037 $ 14,002 $ 409,338 $ (7,832) Weighted average common shares outstanding - basic 180,964 80,002 130,770 79,984 Effect of dilutive instruments 69 331 308 - Weighted average common shares outstanding - diluted 181,033 80,333 131,078 79,984 Net income (loss) per common share - basic $ 2.76 $ 0.18 $ 3.13 $ (0.10) Net income (loss) per common share - diluted $ 2.76 $ 0.17 $ 3.12 $ (0.10) Number of shares not included in dilutive earnings per share that would have been anti-dilutive because the exercise price was greater than the average market price of the common shares (1) - 749 - - (1) Due to the net loss for the six months ended June 30, 2016, 0.8 million shares for options and restricted stock units were anti-dilutive and excluded from the computation of net loss per share.
Use of Estimates	(m ) Use of Estimates: Preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Accounting for Share-based Compensation	(n ) Share-Based Compensation: The Company measures and recognizes compe nsation expense for all share-based payment awards made to employees and directors, including employee stock options, based on estimated fair values in accordance with FASB ASC Topic 718, Compensation – Stock Compensation. Stock-Based Compensation Cost : Modification. On the Effective Date, as provided in the Plan, all outstanding awards established prior to the Effective Date were cancelled and extinguished, and participants received no payment or other distribution on account of the outstanding awards. Under FASB ASC Topic 718, Compensation Cost – Stock Compensation (“FASB ASC 718”), the cancellation of an outstanding award of stock based compensation followed by the issuance of a replacement award is treated as a modif ication of the original award. The equity award cancellations and subsequent new grants by the Company were considered Type I, probable to probable modification. This type represents modifications where the award was likely to vest prior to modification an d is still likely to vest after modification. For these types of modifications, the fair value of the award is assessed both prior to modification and after modification. If the fair value after modification exceeds the fair value prior to modification, in cremental expense is generated and recognized over the remaining vesting period. Market-Based Condition Awards. When vesting of an award of stock-based compensation is dependent, at least in part, on the value of a company’s total equity, for purposes of FASB ASC 718 , the award is considered to be subject to a “market condition”. Because the Company’s total equity value is a component of its enterprise value, the awards based on enterprise value are considered to be subject to a market condition. Unlike th e valuation of an award that is subject to a service condition (i.e., time vested awards) or a performance condition that is not related to stock price, FASB ASC 718 requires the impact of the market condition to be considered when estimating the fair valu e of the award. As a result, we have used a Monte Carlo simulation model to estimate the fair value of the awards that include a market condition . FASB ASC 718 requires the expense for an award of stock based compensation that is subject to a market cond ition that can be attained at any point during the performance period to be recognized over the shorter of (a) the period between the date of grant and the date the market condition is attained, and (b) award’s derived service period. For purposes of FASB ASC 718 , the derived service period represents the duration of the median of the distribution of share price paths on which the market condition is satisfied. That median is the middle share price path (the midpoint of the distribution of paths) on which t he market condition is satisfied. The duration is the period of time from the service inception date to the expected date of market condition satisfaction. Compensation expense is recognized regardless of whether the market condition is actually satisfied.
Fair value accounting	( o ) Fair Value Accounting: The Company follows FASB ASC Topic 820, Fair Value Measurements and Disclosures (“FASB ASC 820”), which defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. This statement appli es under other accounting topics that require or permit fair value measurements. See Note 7 for additional information.
Asset Retirement Obligation	( p ) Asset Retirement Obligation: The initial estimated retirement obligation of properties is recognized as a liability with an as sociated increase in oil and gas properties for the asset retirement cost. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated asset retirement obligation changes, an adjustment is re corded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from revisions of estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling asset retirement obligations. As a full cost company, settlements for asset retirement obligations for abandonment are adjusted to the full cost pool. The asset retirement obligation is included within other long-term obligations in the accompanying Conso lidated Balance Sheets.
Revenue Recognition	(q ) Revenue Recognition: The Company generally sells oil and natural gas under both long-term and short-term agreements at prevailing market prices. The Company recognizes revenues when the oil and natural gas is delivered, whic h occurs when the customer has taken title and has assumed the risks and rewards of ownership, prices are fixed or determinable and collectability is reasonably assured. The Company accounts for oil and natural gas sales using the “entitlements method.” Un der the entitlements method, revenue is recorded based upon the Company’s ownership share of volumes sold, regardless of whether it has taken its ownership share of such volumes. Any amount received in excess of the Company’s share is treated as a liabilit y. If the Company receives less than its entitled share, the underproduction is recorded as a receivable. Make-up provisions and ultimate settlements of volume imbalances are generally governed by agreements between the Company and its partners with respe ct to specific properties or, in the absence of such agreements, through negotiation. The value of volumes over- or under-produced can change based on changes in commodity prices. The Company prefers the entitlements method of accounting for oil and natura l gas sales because it allows for recognition of revenue based on its actual share of jointly owned production, results in better matching of revenue with related operating expenses, and provides balance sheet recognition of the estimated value of product imbalances. The Company’s imbalance obligations as of June 30, 2017 and December 31, 2016 were immaterial. (r ) Other rev e nues : Other revenues are comprised of fees paid to us by the operators of the gas processing plants where our gas is process ed in exchange for the liquids removed from our production. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and in 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Age nt Considerations (Reporting Revenue Gross versus Net) , and ASU 2016-10, Revenues from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which supersede the revenue recognition requirements in Topic 605, Revenue Recog nition, and industry-specific guidance in Subtopic 932-605, Extractive Activities-Oil and Gas-Revenue Recognition. The new standard requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services.
Capital Cost Accrual	( s) Capital Cost Accrual: The Company accrues for exploration and development costs in the period incurred, while payment may occur in a subsequent period.
Reclassifications	( t) Reclassifications: Certain amount s in the financial statements of prior periods have been reclassified to conform to the current period financial statement presentation.
Leases	In February 2016, the FASB issued ASU 2016-02, Leases (“ASU No. 2016-02”). The guidance requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU will also require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitativ e information. For public companies, the standard will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 with earlier application permitted. The Company is still evaluating the impact of ASU No. 2016-02 on its consolidated financial statements .
Deposits And Retainers	( u) Deposits and Retainers : Deposits and retainers primarily consist of payments related to surety bonds.
Debt prepayment	In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) (“ASU No. 20 16-15”). The guidance requires that debt prepayment or debt extinguishment costs, including third-party costs, premiums paid, and other fees paid to lenders, be classified as cash outflows for financing activities. For public companies, the standard will t ake effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 with earlier application permitted. The Company does not expect the adoption of ASU No. 2016-15 to have a material impact on its consolidated fina ncial statements.

Chapter 11 Proceedings (Tables)

Chapter 11 Proceedings (Tables)	6 Months Ended
	Jun. 30, 2017
Reorganizations [Abstract]
Schedule Of Liabilities Subject To Compromise	June 30, 2017 Liabilities subject to compromise at December 31, 2016 $ 4,038,041 Debt extinguishment - cash (2,521,493) Debt extinguishment - non-cash (1,339,740) Contract settlement (17,350) Reclassified to accrued liabilities (159,458) Liabilities subject to compromise at June 30, 2017 $ -
Schedule Of Reorganization Items	For the Three Months Ended For the Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Professional fees(1) $ (4,313) $ (3,582) $ (62,004) $ (3,582) Gains (losses)(2) 431,107 - 431,107 - Deferred financing costs - (18,742) - (18,742) Other(3) 22 141 167 141 Total Reorganization items, net $ 426,816 $ (22,183) $ 369,270 $ (22,183) (1) The six months ended June 30, 2017 includes $ 23.0 million directly related to accrued, unpaid professional fees associated with the chapter 11 filings. (2) Gains (losses) represent the net gain on the debt to equity exchange related to the 2018 and 2024 Notes. (3) Cash interest income earned for the period after the Petition Date on excess cash over normal invested capital .

Significant Accounting Polici20

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Significant Accounting Policies [Abstract]
Schedule Of Earnings Per Share	Three Months Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 (Share amounts in 000's) Net income (loss) $ 499,037 $ 14,002 $ 409,338 $ (7,832) Weighted average common shares outstanding - basic 180,964 80,002 130,770 79,984 Effect of dilutive instruments 69 331 308 - Weighted average common shares outstanding - diluted 181,033 80,333 131,078 79,984 Net income (loss) per common share - basic $ 2.76 $ 0.18 $ 3.13 $ (0.10) Net income (loss) per common share - diluted $ 2.76 $ 0.17 $ 3.12 $ (0.10) Number of shares not included in dilutive earnings per share that would have been anti-dilutive because the exercise price was greater than the average market price of the common shares (1) - 749 - - (1) Due to the net loss for the six months ended June 30, 2016, 0.8 million shares for options and restricted stock units were anti-dilutive and excluded from the computation of net loss per share.

Oil and Gas Properties and Eq21

Oil and Gas Properties and Equipment (Tables)	6 Months Ended
	Jun. 30, 2017
Oil and gas property [Abstract]
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure	2. OIL AND GAS PROPERTIES AND EQUIPMENT: June 30, December 31, 2017 2016 Proven Properties: Acquisition, equipment, exploration, drilling and abandonment costs $ 10,992,163 $ 10,752,642 Less: Accumulated depletion, depreciation and amortization (9,806,090) (9,742,176) $ 1,186,073 $ 1,010,466

Debt and Other Long Term Obliga

Debt and Other Long Term Obligations (Tables)	6 Months Ended
	Jun. 30, 2017
Long Term Liabilities [Abstract]
Outstanding Debt And Other Long Term Obligations	3. DEBT AND OTHER LONG-TERM OBLIGATIONS: June 30, December 31, 2017 2016 Total Debt: Term loan, secured, due 2024 $ 800,000 $ - 6.875% Senior, unsecured Notes due 2022 700,000 - 7.125% Senior, unsecured Notes due 2025 500,000 - 6.125% Senior Notes due 2024 - 850,000 5.75% Senior Notes due 2018 - 450,000 Senior Notes issued by Ultra Resources, Inc. - 1,460,000 Credit Agreement 77,000 999,000 Total long-term debt 2,077,000 3,759,000 Less: Deferred financing costs (60,086) - Less: Liabilities subject to compromise(1) (See Note 1) - (3,759,000) Total long-term debt not subject to compromise $ 2,016,914 $ - Other long-term obligations: Other long-term obligations $ 191,524 $ 177,088 (1 ) All of our indebtedness that was outstanding at December 31, 2016 was classified as liabilities subject to compromise in the Consolidated Balance Sheets. See below for information about the indebtedness we incurred in connection with , and that is now outstanding following, our emergence from bankruptcy.

Share Based Compensation (Table

Share Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Share Based Compensation [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	4. SHARE BASED COMPENSATION: Valuation and Expense Information Three Months Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 Total cost of share-based payment plans $ 34,679 $ 1,322 $ 35,890 $ 4,050 Amounts capitalized in oil and gas properties and equipment $ 9,266 $ 415 $ 9,626 $ 1,346 Amounts charged against income, before income tax benefit $ 25,413 $ 907 $ 26,264 $ 2,704 Amount of related income tax benefit recognized in income before valuation allowance $ 10,114 $ 361 $ 10,453 $ 1,076
Changes in stock options and stock options outstanding	Weighted Number of Average Options Exercise Price (000's) (US Dollars) Balance, December 31, 2015 271 $ 94.04 to $ 189.57 Cancelled or Extinguished (90) $ 96.15 to $ 144.14 Balance, December 31, 2016 181 $ 94.04 to $ 189.57 Cancelled or Extinguished (181) $ 94.04 to $ 144.14 Balance, June 30, 2017 - $ 0.00 to $ 0.00

Derivative Financial Instrume24

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	Natural Gas: Type Commodity Reference Price Remaining Contract Period Volume - MMBTU/Day Average Price /MMBTU Fair Value - June 30, 2017 Asset Fixed price swap NYMEX-Henry Hub July - Oct 2017 575,000 $3.17 $ 8,367
Gain (loss) on commodity derivatives	For the Three Months For the Six Months Ended June 30, Ended June 30, Commodity Derivatives : 2017 2016 2017 2016 Realized loss on commodity derivatives-natural gas (1) $ (868) $ - $ (868) $ - Unrealized gain on commodity derivatives (1) 21,585 - 8,367 - Total gain on commodity derivatives $ 20,717 $ - $ 7,499 $ - (1) Included in gain on commodity derivatives in the Consolidated Statements of Operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value By Balance Sheet Grouping	Level 1 Level 2 Level 3 Total Assets: Current derivative asset $ - $ 8,367 $ - $ 8,367
Carrying values and estimated fair values of finanical instruments	June 30, 2017 December 31, 2016(1) Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Term loan, secured, due April 2024 $ 800,000 $ 794,000 $ - $ - 6.875% Notes, unsecured, due April 2022, issued 2017 700,000 709,301 - - 7.125% Notes, unsecured, due April 2025, issued 2017 500,000 501,599 - - Credit Facility due January 2022 77,000 77,000 - - 7.31% Notes due March 2016, issued 2009 - - 62,000 64,266 4.98% Notes due January 2017, issued 2010 - - 116,000 123,967 5.92% Notes due March 2018, issued 2008 - - 200,000 224,025 5.75% Notes due December 2018, issued 2013 - - 450,000 465,630 7.77% Notes due March 2019, issued 2009 - - 173,000 204,854 5.50% Notes due January 2020, issued 2010 - - 207,000 233,932 4.51% Notes due October 2020, issued 2010 - - 315,000 337,528 5.60% Notes due January 2022, issued 2010 - - 87,000 99,983 4.66% Notes due October 2022, issued 2010 - - 35,000 38,225 6.125% Notes due October 2024, issued 2014 - - 850,000 893,325 5.85% Notes due January 2025, issued 2010 - - 90,000 106,299 4.91% Notes due October 2025, issued 2010 - - 175,000 193,665 Credit Facility due October 2016 - - 999,000 999,000 $ 2,077,000 $ 2,081,900 $ 3,759,000 $ 3,984,699 (1) At December 31, 2016 , the debt included in the table above is a component of liabilities subject to compromise in our Consolidated Balance Sheets. See Note 1.

Shareholders Equity - Explanato

Shareholders Equity - Explanatory Notes (Details)	6 Months Ended
	Jun. 30, 2017shares
New equity issued per reorgnization plan	194,991,656
Holdco Equityholders
New equity issued per reorgnization plan	70,579,367
Existing common shareholders
Convesion ratio	0.521562
New equity issued per reorgnization plan	80,022,410
Commitment premium | BCA
New equity issued per reorgnization plan	2,512,623
Backstop obligation | BCA
New equity issued per reorgnization plan	18,844,363
Rights offering
New equity issued per reorgnization plan	23,032,893

Chapter 11 Proceedings (Narrati

Chapter 11 Proceedings (Narratives) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Apr. 12, 2017	Feb. 08, 2017	Nov. 21, 2016
Plan Of Reorganization
Petition Date	Apr. 29, 2016
Bankruptcy Approval Date	Feb. 21, 2017
Plans Filed Date	Dec. 6, 2016
Plan Confirmed Date	Mar. 14, 2017
Plan Effective Date	Apr. 12, 2017
Prepetition senior notes
Plan Of Reorganization
Principal obligation outstanding		$ 1,460
Barclays Bank PLC
Exit Financing Commitment Letter
Secured and unsecured financing provided by Barclays			$ 2,400
Notes Due December 2018
Plan Of Reorganization
Claims settled		450
Notes Due October 2024
Plan Of Reorganization
Claims settled		850
BCA | Rights offering
Rights Offering
Rights Offering Aggregate				$ 580
PCA
Plan Of Reorganization
Principal obligation outstanding		$ 999

Chapter 11 Proceedings Componen

Chapter 11 Proceedings Components of liabilities subject to compromise) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Liabilities Subject To Compromise [Abstract]
Debt extinguishment - cash	$ (2,521,493)
Debt extinguishment - non-cash	(1,339,740)
Contract Settlement	(17,350)
Reclassified to accrued liabilities	(159,458)
Liabilities subject to compromise	$ 0	$ 4,038,041

Chapter 11 Proceedings (Costs o

Chapter 11 Proceedings (Costs of Reorganization) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reorganization Items [Abstract]
Professional fees	$ (4,313)	$ (3,582)	$ (62,004)	$ (3,582)
Gains (losses)	431,107	0	431,107	0
Deferred financing costs	0	(18,742)	0	(18,742)
Other	22	141	167	141
Reorganization items, net	$ 426,816	$ (22,183)	369,270	$ (22,183)
Accrued and unpaid professional fees			$ 23,000

Significant Accounting Polici30

Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Dec. 31, 2016USD ($)
Significant Accounting Policies Details [Abstract]
Discount Rate Future Net Revenues	10.00%
Earnings Per Share Reconciliation [Abstract]
Net income (loss) | $	$ 499,037	$ 14,002	$ 409,338	$ (7,832)	$ 56,151
Weighted Average Number of Shares Outstanding, Basic	180,964,000	80,002,000	130,770,000	79,984,000
Incremental Common Shares Attributable to Share-based Payment Arrangements	69,000	331,000	308,000	0
Weighted Average Number of Shares Outstanding, Diluted	181,033,000	80,333,000	131,078,000	79,984,000
Net income (loss) per common share - basic | $ / shares	$ 2.76	$ 0.18	$ 3.13	$ (0.1)
Net income (loss) per common share - fully diluted | $ / shares	$ 2.76	$ 0.17	$ 3.12	$ (0.1)
Contingently issuable shares	4,200,000	0	4,200,000	0
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	749	0
Reserve account for the purpose of paying allowed and unpaid professional fees | $	$ 35,000		$ 35,000
Claim reserve account after effective date | $	400,000		400,000
Inventory, Net | $	$ 7,533	$ 4,100	$ 7,533	$ 4,100	$ 4,906
Existing common shareholders
Antidilutive Securities Excluded from Computation of Earnings Per Share
Convesion ratio			0.521562
Options and Restricted Sock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				800,000

Oil and Gas Properties and Eq31

Oil and Gas Properties and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Proven Properties [Abstract]
Acquisition, equipment, exploration, drilling and environmental costs	$ 10,992,163	$ 10,752,642
Less: Accumulated depletion, depreciation and amortization	(9,806,090)	(9,742,176)
Proved	$ 1,186,073	$ 1,010,466

Debt and Other Long Term Obli32

Debt and Other Long Term Obligations (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Apr. 12, 2017	Dec. 31, 2016
Debt
Long term debt	$ 2,077,000,000		$ 3,759,000,000
Less: Deferred financing costs	(60,086,000)		0
Less: Liabilities subject to compromise	0		(3,759,000,000)
Long term debt not subject to compromise	2,016,914,000		0
Other long-term obligations:
Other long-term obligations	191,524,000		177,088,000
Ultra Resources, Inc
Debt
Senior notes	0		1,460,000,000
2024 Notes
Debt
Senior notes	$ 0		850,000,000
Stated interest rate	6.125%
Maturity year	2,024
2018 Notes
Debt
Senior notes	$ 0		450,000,000
Stated interest rate	5.75%
Maturity year	2,018
Credit Agreement | Ultra Resources, Inc
Debt
Credit Agreement	$ 77,000,000		999,000,000
Long term debt		$ 400,000,000
Secured debt | Loan due April 2024
Debt
Term loan	$ 800,000,000		0
Debt intsruments maturity date	2024-04
Unsecured debt | Notes due April 2022
Debt
Senior notes	$ 700,000,000	$ 700,000,000	0
Stated interest rate	6.875%	6.875%
Debt intsruments maturity date	2022-04
Unsecured debt | Notes due April 2025
Debt
Senior notes	$ 500,000,000	$ 500,000,000	$ 0
Stated interest rate	7.125%	7.125%
Debt intsruments maturity date	2025-04

Debt And Other Long Term Obli33

Debt And Other Long Term Obligations (Narratives) (Details) - USD ($)	Apr. 12, 2017	Jun. 30, 2017	Dec. 31, 2016
Debt
Long term debt		$ 2,077,000,000	$ 3,759,000,000
Indenture
Debt
Debt Instrument Covenant description	The Indenture contains customary covenants that restrict the ability of Ultra Resources and the guarantors and certain of its subsidiaries to: (i) sell assets and subsidiary equity; (ii) incur indebtedness; (iii) create or incur certain liens; (iv) enter into affiliate agreements; (v) enter into agreements that restrict distribution from certain restricted subsidiaries and the consummation of mergers and consolidations; (vi) consolidate, merge or transfer all or substantially all of the assets of the Company or any Restricted Subsidiary (as defined in the Indenture); and (vii) create unrestricted subsidiaries. The covenants in the Indenture are subject to important exceptions and qualifications. Subject to conditions, the Indenture provides that the Company and its subsidiaries will no longer be subject to certain covenants when the Notes receive investment grade ratings from any two of S&P Global Ratings, Moody’s Investors Service, Inc., and Fitch Ratings, Inc.
In compliance with debt covenants		At June 30, 2017, Ultra Resources was in compliance with all of its debt covenants under the Notes.
Notes due April 2022 | Unsecured debt
Debt
Senior notes	$ 700,000,000	$ 700,000,000	0
Stated interest rate	6.875%	6.875%
Maturity date	Apr. 15, 2022
debt instrument date of first required payment	Oct. 15, 2017
Debt Instrument Call Feature	Prior to April 15, 2019, Ultra Resources may, at any time or from time to time, redeem in the aggregate up to 35% of the aggregate principal amount of the 2022 Notes in an amount no greater than the net cash proceeds of certain equity offerings at a redemption price of 106.875% of the principal amount of the 2022 Notes, plus accrued and unpaid interest, if any, to the date of redemption, if at least 65% of the original principal amount of the 2022 Notes remains outstanding and the redemption occurs within 180 days of the closing of such equity offering. In addition, before April 15, 2019, Ultra Resources may redeem all or a part of the 2022 Notes at a redemption price equal to the sum of (i) the principal amount thereof, plus (ii) a make-whole premium at the redemption date, plus accrued and unpaid interest, if any, to the redemption date. In addition, on or after April 15, 2019, Ultra Resources may redeem all or a part of the 2022 Notes at redemption prices (expressed as percentages of principal amount) equal to 103.438% for the twelve-month period beginning on April 15, 2019, 101.719% for the twelve-month period beginning April 15, 2020, and 100.000% for the twelve-month period beginning April 15, 2021 and at any time thereafter, plus accrued and unpaid interest, if any, to the applicable redemption date on the 2022 Notes.
In compliance with debt covenants		At June 30, 2017, Ultra Resources was in compliance with all of its debt covenants under the Notes.
Notes due April 2025 | Unsecured debt
Debt
Senior notes	$ 500,000,000	$ 500,000,000	0
Stated interest rate	7.125%	7.125%
Maturity date	Apr. 15, 2025
debt instrument date of first required payment	Oct. 15, 2017
Debt Instrument Call Feature	Prior to April 15, 2020, Ultra Resources may, at any time or from time to time, redeem in the aggregate up to 35% of the aggregate principal amount of the 2025 Notes in an amount no greater than the net cash proceeds of certain equity offerings at a redemption price of 107.125% of the principal amount of the 2025 Notes, plus accrued and unpaid interest, if any, to the date of redemption, if at least 65% of the original principal amount of the 2025 Notes remains outstanding and the redemption occurs within 180 days of the closing of such equity offering. In addition, before April 15, 2020, Ultra Resources may redeem all or a part of the 2025 Notes at a redemption price equal to the sum of (i) the principal amount thereof, plus (ii) a make-whole premium at the redemption date, plus accrued and unpaid interest, if any, to the redemption date. In addition, on or after April 15, 2019, Ultra Resources may redeem all or a part of the 2025 Notes at redemption prices (expressed as percentages of principal amount) equal to 105.344% for the twelve-month period beginning on April 15, 2020, 103.563% for the twelve-month period beginning April 15, 2021, 101.781% for the twelve-month period beginning April 15, 2022, and 100.000% for the twelve-month period beginning April 15, 2023 and at any time thereafter, plus accrued and unpaid interest, if any, to the applicable redemption date on the 2025 Notes.
In compliance with debt covenants		At June 30, 2017, Ultra Resources was in compliance with all of its debt covenants under the Notes.
Ultra Resources, Inc
Debt
Senior notes		$ 0	1,460,000,000
Ultra Resources, Inc | RBL Credit Agreement
Debt
Long term debt	$ 400,000,000
Credit Agreement		77,000,000	$ 999,000,000
Initial borrowing base		$ 1,200,000,000
Debt Instrument Covenant description	The RBL Credit Agreement requires Ultra Resources to maintain (i) an interest coverage ratio of 2.50 to 1.00; (ii) a current ratio of 1.00 to 1.00; (iii) a consolidated net leverage ratio of (A) 4.25 to 1.00 as of the last day of any fiscal quarter ending on or before December 31, 2017 and (B) 4.00 to 1.00, as of the last day of any fiscal quarter thereafter; and (iv) after the Company has obtained investment grade rating an asset coverage ratio of 1.50 to 1.00.
In compliance with debt covenants		At June 30, 2017, Ultra Resources was in compliance with all of its debt covenants under the RBL Credit Agreement.
Interest Coverage Ratio	2.50 to 1.00
Current Ratio	1.00 to 1.00
Asset coverage ratio	1.50 to 1.00
Ultra Resources, Inc | RBL Credit Agreement | Revolving Credit Facility
Debt
Weighted average interest rate		3.93%
Maturity date	Jan. 12, 2022
loan commitments	$ 50,000,000
Ultra Resources, Inc | RBL Credit Agreement | Base rate | Minimum | Revolving Credit Facility
Debt
Debt Instrument Basis Spread On Variable Rate	1.50%
Ultra Resources, Inc | RBL Credit Agreement | Base rate | Maximum | Revolving Credit Facility
Debt
Debt Instrument Basis Spread On Variable Rate	2.50%
Ultra Resources, Inc | RBL Credit Agreement | LIBOR | Minimum | Revolving Credit Facility
Debt
Debt Instrument Basis Spread On Variable Rate	2.50%
Ultra Resources, Inc | RBL Credit Agreement | LIBOR | Maximum | Revolving Credit Facility
Debt
Debt Instrument Basis Spread On Variable Rate	3.50%
Ultra Resources, Inc | Term Loan Agreement
Debt
Debt instrument term	7 years
Debt Instrument Covenant description	The Term Loan Agreement also contains customary affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), delivery of quarterly and annual financial statements and oil and gas engineering reports, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens, indebtedness, asset dispositions, fundamental changes, restricted payments and other customary covenants.
In compliance with debt covenants		At June 30, 2017, Ultra Resources was in compliance with all of its debt covenants under the Term Loan Facility.
Percent of principal amount redeemed	0.25%
Redemption start date	Jun. 30, 2019
Initial term loan	$ 600,000,000
Term loan	$ 800,000,000	$ 800,000,000
Asset coverage ratio	2 to 1
Incremental term loan	$ 200,000,000
Original issue discount	$ 8,000,000
Ultra Resources, Inc | Term Loan Agreement | Base rate
Debt
Debt Instrument Basis Spread On Variable Rate	2.00%
Ultra Resources, Inc | Term Loan Agreement | LIBOR
Debt
Debt Instrument Basis Spread On Variable Rate	3.00%

Share-based compensation (Valua

Share-based compensation (Valuation and Expense Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation, Allocation and Classification in Financial Statements
Total cost of share-based payment plans	$ 34,679	$ 1,322	$ 35,890	$ 4,050
Amounts capitalized in oil and gas properties and equipment	9,266	415	9,626	1,346
Amount charged against income, before income tax benefit	25,413	907	26,264	2,704
Amount of related income before valuation allowance	$ 10,114	$ 361	$ 10,453	$ 1,076

Share Based Compensation (Chang

Share Based Compensation (Changes in Stock Options and Stock Options Outstanding) (Details) - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Options
Number of Options, Balance	181	271
Number of Options, Cancelled or Extinguished	(181)	(90)
Number of Options, Balance	0	181
Minimum
Weighted Average Exercise Price
Weighted Average Exercise Price, Balance	$ 94.04	$ 94.04
Weighted Average Exercise Price, Cancelled or Extinguished	(94.04)	(96.15)
Weighted Average Exercise Price, Balance	0	94.04
Maximum
Weighted Average Exercise Price
Weighted Average Exercise Price, Balance	189.57	189.57
Weighted Average Exercise Price, Cancelled or Extinguished	(144.14)	(144.14)
Weighted Average Exercise Price, Balance	$ 0	$ 189.57

Share Based Compensation (Narra

Share Based Compensation (Narratives) (Details) - USD ($) $ in Thousands	Apr. 12, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award
Total cost of share based payment plans		$ 25,413	$ 907	$ 26,264	$ 2,704
LTIP 2,017
Share-based Compensation Arrangement by Share-based Payment Award
Percent of equity reserved for grants	7.50%
LTIP 2014 & 2015 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Total cost of share based payment plans					$ 2,200
Initial MIP Grants
Share-based Compensation Arrangement by Share-based Payment Award
Total cost of share based payment plans				25,200
Percent of reserve granted to create MIP	40.00%
Share based compensation, vested (Shares)		1,207,111
Intrinsic value of equity-based compensation awards vested. Excludes stock and unit options.		$ 25,800
Share-based award expiration period	5 years
Vesting rights	Also on the Effective Date, 40% of the Reserve (“Initial MIP Grants”) was granted to members of the board of directors, officers, and other employees of the reorganized Company subject to the conditions and performance requirements provided in the grants, including the limitations that one-third of the Initial MIP Grants will vest, if at all, at such time when the total enterprise value of the Company equals or exceeds $6.0 billion based upon the volume weighted average price of the common stock during a consecutive 30-day period, that one-third of the Initial MIP Grants will vest, if at all, at such time when the total enterprise value of the Company equals or exceeds 110% of $6.0 billion based upon the volume weighted average price of the common stock during a consecutive 30-day period, and that if any Initial MIP Grants do not vest before the fifth anniversary of the Effective Date, such Initial MIP Grants shall automatically expire.
Total enterprise value assumption	$ 6,000,000
Total enterprise value equals or exceeds 110%	$ 6,600,000
Initial MIP Grant - $6.60 Billion TEV
Share-based Compensation Arrangement by Share-based Payment Award
Total cost of share based payment plans				20,100
Initial MIP Grant - $6.0 Billion TEV
Share-based Compensation Arrangement by Share-based Payment Award
Total cost of share based payment plans				$ 22,100

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2017
Statement Income Taxes Details [Abstract]
Statutory tax rate	35.00%

Derivative Financial Instrume38

Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)MMBTU$ / MMBTU	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)MMBTU$ / MMBTU	Jun. 30, 2016USD ($)
Commodity Derivatives [Abstract]
Realized (loss) gain on commodity derivatives - natural gas	$ (868)	$ 0	$ (868)	$ 0
Unrealized Gain (Loss) on Derivatives	21,585	0	8,367	0
Gain loss on commodity derivatives	$ 20,717	$ 0	$ 7,499	$ 0
Natual Gas | Nymex Henry Hub
Derivative Financial Instruments (Details)
DerivativeSwapType			Fixed price swap
Volume per day | MMBTU	575,000		575,000
Average Price | $ / MMBTU	3.17		3.17
Fair Value	$ 8,367		$ 8,367
Derivative remaining maturity date			July - Oct 2017

Derivative Financial Instrumens

Derivative Financial Instrumens (Narratives) (Details)	3 Months Ended
	Jun. 30, 2017
Commodity Derivatives Authorization [Abstract]
Commodity Derivatives Board Authorization	50.00%

Fair Value Measurments (Derivat

Fair Value Measurments (Derivative assets and liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	$ 8,367	$ 0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	8,367
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Derivative assets	$ 0

Fair Value Measurments (Carryin

Fair Value Measurments (Carrying and fair value of debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Apr. 12, 2017	Dec. 31, 2016
Carrying value and fair value of debt
Long Term Debt	$ 2,077,000		$ 3,759,000
Level 2
Carrying value and fair value of debt
Estimated fair value	2,081,900		3,984,699
Notes Due 2016
Carrying value and fair value of debt
Notes payable, carrying value	$ 0		62,000
Stated interest rate	7.31%
Debt intsruments maturity date	2016-03
Debt instrument issuance date	2,009
Notes Due 2016 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 0		64,266
Notes Due 2017
Carrying value and fair value of debt
Notes payable, carrying value	$ 0		116,000
Stated interest rate	4.98%
Debt intsruments maturity date	2017-01
Debt instrument issuance date	2,010
Notes Due 2017 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 0		123,967
Notes Due March 2018
Carrying value and fair value of debt
Notes payable, carrying value	$ 0		200,000
Stated interest rate	5.92%
Debt intsruments maturity date	2018-03
Debt instrument issuance date	2,008
Notes Due March 2018 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 0		224,025
Notes Due December 2018
Carrying value and fair value of debt
Notes payable, carrying value	$ 0		450,000
Stated interest rate	5.75%
Debt intsruments maturity date	2018-12
Debt instrument issuance date	2,013
Notes Due December 2018 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 0		465,630
Notes Due March 2019
Carrying value and fair value of debt
Notes payable, carrying value	$ 0		173,000
Stated interest rate	7.77%
Debt intsruments maturity date	2019-03
Debt instrument issuance date	2,009
Notes Due March 2019 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 0		204,854
Notes Due January 2020
Carrying value and fair value of debt
Notes payable, carrying value	$ 0		207,000
Stated interest rate	5.50%
Debt intsruments maturity date	2020-01
Debt instrument issuance date	2,010
Notes Due January 2020 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 0		233,932
Notes Due October 2020
Carrying value and fair value of debt
Notes payable, carrying value	$ 0		315,000
Stated interest rate	4.51%
Debt intsruments maturity date	2020-10
Debt instrument issuance date	2,010
Notes Due October 2020 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 0		337,528
Notes Due January 2022
Carrying value and fair value of debt
Notes payable, carrying value	$ 0		87,000
Stated interest rate	5.60%
Debt intsruments maturity date	2022-01
Debt instrument issuance date	2,010
Notes Due January 2022 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 0		99,983
Notes Due October 2022
Carrying value and fair value of debt
Notes payable, carrying value	$ 0		35,000
Stated interest rate	4.66%
Debt intsruments maturity date	2022-10
Debt instrument issuance date	2,010
Notes Due October 2022 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 0		38,225
Notes Due October 2024
Carrying value and fair value of debt
Notes payable, carrying value	$ 0		850,000
Stated interest rate	6.125%
Debt intsruments maturity date	2024-10
Debt instrument issuance date	2,014
Notes Due October 2024 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 0		893,325
Notes Due January 2025
Carrying value and fair value of debt
Notes payable, carrying value	$ 0		90,000
Stated interest rate	5.85%
Debt intsruments maturity date	2025-01
Debt instrument issuance date	2,010
Notes Due January 2025 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 0		106,299
Notes Due October 2025
Carrying value and fair value of debt
Notes payable, carrying value	$ 0		175,000
Stated interest rate	4.91%
Debt intsruments maturity date	2025-10
Debt instrument issuance date	2,010
Notes Due October 2025 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 0		193,665
Revolving Credit Facility | Loan due January 2022
Carrying value and fair value of debt
Credit facility, carrying value	$ 77,000		0
Debt intsruments maturity date	2022-01
Revolving Credit Facility | Loan due January 2022 | Level 2
Carrying value and fair value of debt
Credit facility, fair value	$ 77,000		0
Revolving Credit Facility | Loan due October 2016
Carrying value and fair value of debt
Credit facility, carrying value	$ 0		999,000
Debt intsruments maturity date	2016-10
Revolving Credit Facility | Loan due October 2016 | Level 2
Carrying value and fair value of debt
Credit facility, fair value	$ 0		999,000
Secured debt | Loan due April 2024
Carrying value and fair value of debt
Term loan	$ 800,000		0
Debt intsruments maturity date	2024-04
Secured debt | Loan due April 2024 | Level 2
Carrying value and fair value of debt
Loans payable, fair value	$ 794,000		0
Unsecured debt | Notes due April 2022
Carrying value and fair value of debt
Notes payable, carrying value	$ 700,000	$ 700,000	0
Stated interest rate	6.875%	6.875%
Debt intsruments maturity date	2022-04
Debt instrument issuance date	2,017
Unsecured debt | Notes due April 2022 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 709,301		0
Unsecured debt | Notes due April 2025
Carrying value and fair value of debt
Notes payable, carrying value	$ 500,000	$ 500,000	0
Stated interest rate	7.125%	7.125%
Debt intsruments maturity date	2025-04
Debt instrument issuance date	2,017
Unsecured debt | Notes due April 2025 | Level 2
Carrying value and fair value of debt
Note payable, fair value	$ 501,599		$ 0

Commitments and Contingencies (

Commitments and Contingencies (Narratives) (Details) - USD ($) $ in Millions	Apr. 04, 2016	Aug. 31, 2016	Apr. 29, 2016	Apr. 19, 2016	Jul. 12, 2017	Jun. 30, 2017	Apr. 14, 2017
Contingencies
Claim reserve account after effective date						$ 400
Rockie Express Pipeline | REX
Contingencies
Damage sought	$ 303.3
Royalties | ONRR
Contingencies
Bankruptcy Claims Amount Of Claims Filed				$ 35.1
Oil Sales Contract | SPMT
Contingencies
Damage sought			$ 38.6
Bankruptcy Claims Amount Of Claims Filed		$ 16.9
Indebtedness Claims | Notes holders
Contingencies
Claim reserve account after effective date							$ 400
Subsequent event | Rockie Express Pipeline | REX
Contingencies
Amount paid to settle claims					$ 150

Subsequent Events (Details)

Subsequent Events (Details) - Rockie Express Pipeline - REX - USD ($) $ in Millions	Jul. 12, 2017	Jan. 17, 2017
Subsequent Event
Claims settled		$ 303.3
Subsequent event
Subsequent Event
Amount paid to settle claims	$ 150