Subsequent Events	3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]
Schedule of Subsequent Events	9. SUBSEQUENT EVENTS: The Company has evaluated the period subsequent to March 31, 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 which occurred as of the Effective Date: • The plan became effective in accordance with its terms and the Debtors emerged from their Chapter 11 Cases; • Ultra Resources entered into and issued, as applicable, secured and unsecured financing in an aggregate amount of up to $2.4 billion, consisting of (i) the Term Loan Agreement (a seven-year senior secured first lien term loan credit facility in an aggregate amount of $800.0 million), (ii) the New Credit Agreement (a senior secured first lien revolving credit facility in an aggregate amount of $400.0 million maturing January 12, 2022), (iii) the New Unsecured Notes (2022 Notes in an aggregate principal amount of $700.0 million and 2025 Notes in an aggregate principal amount of $500.0 million; • Debt repayment, cancellation and extinguishment of the $1.0 billion unsecured revolving credit facility between Ultra Resources and JPMorgan Chase Bank, N.A. (“Prepetition Credit Agreement”) and $1.46 billion senior unsecured private placement notes issued by Ultra Resources (“Prepetition Senior Notes”), including principal, prepetition interest and certain other interest, fees and expenses; • Completion of the $580.0 million Rights Offering and payment of applicable Backstop Commitment fee; • Establishment of the Ultra Petroleum 2017 Stock Incentive Plan under which 7.5% of the equity in the reorganized Company (on a fully-diluted/fully-distributed basis) was reserved for grants to be made from time to time to the directors, officers, and other employees of the reorganized Company. On the Effective Date, as provided in the Plan, all outstanding LTIPs established prior to the Effective Date were cancelled and extinguished, and participants in the LTIPs received no payment or other distribution on account of the LTIPs; and, • Consistent with the Plan, 194,991,656 shares of New Equity were issued. With the exception of New Equity issued to commitment parties pursuant to their obligations under the Backstop Commitment Agreement, New Equity issued under the Plan was issued pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) under Section 1145 of the Bankruptcy Code. New Equity issued to holders of the HoldCo Notes, holders of the Existing Common Shares and commitment parties pursuant to their obligations under the Backstop Commitment Agreement was issued under the exemption from registration requirements of the Securities Act provided by Section 4(a)(2) thereof. o 70,579,367 shares of New Equity were issued pro rata to holders of the HoldCo Notes with claims allowed under the Plan; o 80,022,410 shares of New Equity were issued pro rata to holders of Existing Common Shares; o 2,512,623 shares of New Equity were issued to commitment parties under the Backstop Commitment Agreement in respect of the commitment premium due thereunder; o 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 o 23,032,893 shares of New Equity were issued to participants in the Rights Offering. • The New Equity began trading on The NASDAQ Global Select Market on April 13, 2017, under the ticker symbol “UPL” • As previously disclosed in a Current Report on Form 8-K filed with the SEC on April 18, 2017, on April 10, 2017, we agreed, with Sempra, to settle their claims for $57.0 million payable, in full, on the earlier of June 30, 2017 or 45 days after the Effective Date. We expect to pay this amount by May 27, 2017.

9. SUBSEQUENT EVENTS:

The Company has evaluated the period subsequent to March 31, 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 which occurred as of the Effective Date:

• The plan became effective in accordance with its terms and the Debtors emerged from their Chapter 11 Cases;

• Ultra Resources entered into and issued, as applicable, secured and unsecured financing in an aggregate amount of up to $2.4 billion, consisting of (i) the Term Loan Agreement (a seven-year senior secured first lien term loan credit facility in an aggregate amount of $800.0 million), (ii) the New Credit Agreement (a senior secured first lien revolving credit facility in an aggregate amount of $400.0 million maturing January 12, 2022), (iii) the New Unsecured Notes (2022 Notes in an aggregate principal amount of $700.0 million and 2025 Notes in an aggregate principal amount of $500.0 million;

• Debt repayment, cancellation and extinguishment of the $1.0 billion unsecured revolving credit facility between Ultra Resources and JPMorgan Chase Bank, N.A. (“Prepetition Credit Agreement”) and $1.46 billion senior unsecured private placement notes issued by Ultra Resources (“Prepetition Senior Notes”), including principal, prepetition interest and certain other interest, fees and expenses;

• Completion of the $580.0 million Rights Offering and payment of applicable Backstop Commitment fee;

• Establishment of the Ultra Petroleum 2017 Stock Incentive Plan under which 7.5% of the equity in the reorganized Company (on a fully-diluted/fully-distributed basis) was reserved for grants to be made from time to time to the directors, officers, and other employees of the reorganized Company. On the Effective Date, as provided in the Plan, all outstanding LTIPs established prior to the Effective Date were cancelled and extinguished, and participants in the LTIPs received no payment or other distribution on account of the LTIPs; and,

• Consistent with the Plan, 194,991,656 shares of New Equity were issued. With the exception of New Equity issued to commitment parties pursuant to their obligations under the Backstop Commitment Agreement, New Equity issued under the Plan was issued pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) under Section 1145 of the Bankruptcy Code. New Equity issued to holders of the HoldCo Notes, holders of the Existing Common Shares and commitment parties pursuant to their obligations under the Backstop Commitment Agreement was issued under the exemption from registration requirements of the Securities Act provided by Section 4(a)(2) thereof.

o 70,579,367 shares of New Equity were issued pro rata to holders of the HoldCo Notes with claims allowed under the Plan;

o 80,022,410 shares of New Equity were issued pro rata to holders of Existing Common Shares;

o 2,512,623 shares of New Equity were issued to commitment parties under the Backstop Commitment Agreement in respect of the commitment premium due thereunder;

o 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

o 23,032,893 shares of New Equity were issued to participants in the Rights Offering.

• The New Equity began trading on The NASDAQ Global Select Market on April 13, 2017, under the ticker symbol “UPL”

• As previously disclosed in a Current Report on Form 8-K filed with the SEC on April 18, 2017, on April 10, 2017, we agreed, with Sempra, to settle their claims for $57.0 million payable, in full, on the earlier of June 30, 2017 or 45 days after the Effective Date. We expect to pay this amount by May 27, 2017.