Ultra Petroleum Corp. announced it has entered into agreements to effect, subject to customary settlement procedures, an incremental notes exchange transaction that provides for the exchange of approximately $24.1 million aggregate principal amount of its 6.875% Senior Notes due 2022 for approximately $14.5 million of new 9.00% Cash /2.00% PIK Senior Secured Second Lien Notes due July 2024. This Incremental Exchange was executed at more favorable terms for the Company than the exchange transaction that the Company closed on December 21, 2018. For each $1,000 aggregate principal amount of 2022 Notes to be exchanged in the Incremental Exchange, the holders thereof received $600 in aggregate principal amount of Second Lien Notes issued by the Company's wholly owned subsidiary, Ultra Resources Inc. No stock warrants were included in this Incremental Exchange. Including this Incremental Exchange and the Prior Exchange, the Company will have exchanged for Second Lien Notes approximately $529.1 million aggregate principal amount, or 75.6%, of its 2022 Notes and $275 million aggregate principal amount, or 55.0%, of its 7.125% Senior Notes due 2025. Following the closing of this Incremental Exchange, the Company will retain the ability under the indenture governing the issuance of the Second Lien Notes to further exchange approximately $30.9 million of the remaining 2022 Notes within one year of the Prior Exchange on the same terms or terms that are more favorable to the Company than those included in the Prior Exchange.