Document:

EX-10.2

 Exhibit 10.2 

Execution Version 

AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE (the “Agreement”), dated as of May 12, 2020 by and among Ultra
Resources, Inc., a Delaware corporation (the “Company”), UMB Bank, N.A. a national banking association duly organized and existing under the laws of the United States of America and having a corporate trust office at 120 South Sixth
Street, Suite 1400, Minneapolis, Minnesota, 55402, (the “Successor Trustee”) and Wilmington Trust, National Association, a national banking association duly organized and existing under the laws of the United States of America and
having a corporate trust office at 15950 North Dallas Parkway, Suite 550, Dallas, Texas 75248, (the “Resigning Trustee”). 

RECITALS: 
 WHEREAS, there are
currently $150,439,000 aggregate principal amount of the Company’s 6.875% Senior Notes due 2022 and $225,000,000 aggregate principal amount of the Company’s 7.125% Senior Notes due 2025 (collectively, the “Securities”)
outstanding under an Indenture, dated as of April 12, 2017, by and between the Company, the Guarantors, (as defined therein) and the Resigning Trustee (the “Indenture”); 

WHEREAS, the Company appointed Resigning Trustee as the trustee (the “Trustee”), registrar, custodian and paying agent under
the Indenture; 
 WHEREAS, Section 7.8 of the Indenture provides that the Trustee may at any time resign with respect to the Securities
by giving written notice of such resignation to the Company effective upon the acceptance by a successor Trustee of its appointment as a successor Trustee by the Company. This Agreement shall hereby serve as such written notice. 

WHEREAS, Section 7.8 of the Indenture provides that, if the Trustee shall resign, the Company shall promptly appoint a successor Trustee;

 WHEREAS, Section 7.8 of the Indenture provides that any successor Trustee appointed in accordance with the Indenture shall deliver a
written acceptance of its appointment to the retiring Trustee and to the Company and thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under the Indenture; 

 WHEREAS, the Resigning Trustee, is hereby giving written notice to the Company that it is
resigning as Trustee, registrar, paying agent and custodian under the Indenture; 
 WHEREAS, the Company desires to appoint Successor
Trustee as successor Trustee, to succeed Resigning Trustee in such capacities under the Indenture; and 
 WHEREAS, Successor Trustee is
willing to accept such appointment as successor Trustee under the Indenture; 
 NOW, THEREFORE, the Company, Resigning Trustee and Successor
Trustee, for and in consideration of the premises and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby consent and agree as follows: 

THE RESIGNING TRUSTEE 
 1.1
Pursuant to Section 7.8 of the Indenture, Resigning Trustee, has notified the Company and the Successor Trustee shall mail a notice of its succession to Holders (as defined in the Indenture) that Resigning Trustee has resigned as Trustee,
registrar, paying agent and custodian under the Indenture. 
 1.2 Resigning Trustee hereby represents and warrants to Successor Trustee that:

  

	 	(a)	 No covenant or condition contained in the Indenture has been waived by Resigning Trustee or, to the best
knowledge of responsible officers of Resigning Trustee’s corporate trust department, by the Holders of the percentage in aggregate principal amount of the Securities required by the Indenture to effect any such waiver. 

 

	 	(b)	 To the best knowledge of responsible officers of Resigning Trustee’s corporate trust department, there is
no action, suit or proceeding pending or threatened against Resigning Trustee before any court or any governmental authority arising out of any act or omission of Resigning Trustee as Trustee under the Indenture. 

 

	 	(c)	 As of the effective date of this Agreement, Resigning Trustee will hold no moneys or property under the
Indenture. 

  
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	 	(d)	 The registers in which it has registered and transferred registered Securities accurately reflect the amount of
Securities issued and outstanding and the amounts payable thereon. 

 1.3 Resigning Trustee hereby assigns, transfers,
delivers and confirms to Successor Trustee all right, title and interest of Resigning Trustee in and to the trust under the Indenture and all the rights, powers and duties of the Trustee, registrar, paying agent and custodian. Resigning Trustee
shall execute and deliver such further instruments and shall do such other things as Successor Trustee may reasonably require so as to more fully and certainly vest and confirm in Successor Trustee all the rights, powers and duties hereby assigned,
transferred, delivered and confirmed to Successor Trustee as Trustee, registrar, paying agent and custodian. 
 1.4 Resigning Trustee shall
deliver to Successor Trustee, as of or promptly after the effective date hereof, all of the documents listed on Exhibit A hereto. 

THE COMPANY 
 1.5 The
Company hereby accepts the resignation of Resigning Trustee as Trustee, registrar, paying agent and custodian under the Indenture and this Agreement as written notice of resignation. 

1.6 The Company hereby appoints Successor Trustee as Trustee under the Indenture to succeed to, and hereby vests Successor Trustee with, all
the rights, powers and duties of Resigning Trustee as Trustee, registrar, paying agent and custodian under the Indenture with like effect as if originally named as Trustee, registrar, paying agent and custodian in the Indenture. 

1.7 The Company hereby represents and warrants to Resigning Trustee and Successor Trustee that: 

 

	 	(a)	 The Company is a corporation duly and validly organized and existing pursuant to the laws of the State of
Delaware. 

  

	 	(b)	 The Indenture, and each amendment or supplemental indenture thereto, if any, was validly and lawfully executed
and delivered by the Company and is in full force and effect and the Securities were validly issued by the Company. 

  
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	 	(c)	 No covenant or condition contained in the Indenture has been waived by the Company or, to the best of the
Company’s knowledge, by Holders of the percentage in aggregate principal amount of the Securities required to effect any such waiver. 

  

	 	(d)	 The Company has authorized certain officers of the Company to: (a) accept Resigning Trustee’s
resignation as Trustee, registrar, paying agent and custodian under the Indenture; (b) appoint Successor Trustee as Trustee under the Indenture; and (c) execute and deliver such agreements, including, without limitation, this Agreement and
other instruments as may be necessary or desirable to effectuate the succession of Successor Trustee as Trustee, registrar, paying agent and custodian under the Indenture. Furthermore, this Agreement has been duly authorized, executed and delivered
on behalf of the Company and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms. 

  

	 	(e)	 All conditions precedent relating to the appointment of UMB Bank, N.A. as successor Trustee, registrar, paying
agent and custodian under the Indenture have been complied with by the Company. 

 THE SUCCESSOR TRUSTEE 

1.8 Successor Trustee hereby represents and warrants to Resigning Trustee and to the Company that: 

 

	 	(a)	 Successor Trustee is eligible under the provisions of Section 7.10 of the Indenture to act as Trustee
under the Indenture. 

  

	 	(b)	 This Agreement has been duly authorized, executed and delivered on behalf of Successor Trustee and constitutes
its legal, valid and binding obligation, enforceable in accordance with its terms. 

 1.9 Successor Trustee hereby accepts
its appointment as successor Trustee, registrar, paying agent and custodian under the Indenture and accepts the rights, powers, and duties of Resigning Trustee as Trustee, registrar, paying agent and custodian under the Indenture, upon the terms and
conditions set forth therein, with like effect as if originally named as Trustee, registrar, paying agent and custodian under the Indenture. The Successor Trustee shall send a notice of its succession to Holders. 

  
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 1.10 References in the Indenture to “corporate trust office” or other similar
terms shall be deemed to refer to the designated corporate trust office of Successor Trustee, which is presently located at 120 South Sixth Street, Suite 1400, Minneapolis, Minnesota 55402. 

MISCELLANEOUS 
 1.11 Except
as otherwise expressly provided herein or unless the context otherwise requires, all terms used herein which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

1.12 This Agreement and the resignation, appointment and acceptance effected hereby shall be effective immediately upon execution by the
parties; provided, however, that any resignation of the Resigning Trustee as registrar and paying agent under the Indenture and any appointment of the Successor Trustee as registrar and paying agent under the Indenture shall be effective as of the
close of business on the tenth (10th) day after the date first written above or as soon as practicable thereafter. 

1.13 This Agreement does not constitute a waiver or assignment by the Resigning Trustee of any compensation, reimbursement, expenses or
indemnity to which it is or may be entitled pursuant to the Indenture. The Company acknowledges its obligation set forth in Section 7.7 of the Indenture to indemnify Resigning Trustee for, and to hold Resigning Trustee harmless against, any
loss, damage, claims, liability or expense (including attorneys’ fees and expenses) incurred without gross negligence or willful misconduct on the part of Resigning Trustee and arising out of or in connection with the acceptance or
administration of the trust and the performance of its duties evidenced by the Indenture (which obligation shall survive the execution hereof and resignation effected hereby). 

 

  
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 1.14 The parties hereto acknowledge and agree that nothing contained herein shall constitute
(a) an assumption by the Successor Trustee of any liability of the Resigning Trustee arising out of any breach by the Resigning Trustee in the performance or non-performance of the Resigning
Trustee’s duties as Trustee under the Indenture or (b) an assumption by the Resigning Trustee of any liability of the Successor Trustee arising out of any breach by the Successor Trustee in the performance or
non-performance of the Successor Trustee’s duties as Trustee under the Indenture. 
 1.15 This
Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles thereof. 

1.16 This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together
shall constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile, PDF or other electronic transmission shall constitute effective execution and delivery of this Agreement as to the parties
hereto and may be used in lieu of the original Agreement and signature pages for all purposes. 
 1.17 The Company acknowledges that, in
accordance with Section 326 of the USA Patriot Act, Successor Trustee, in order to help fight the funding of terrorism and prevent money laundering, is required to obtain, verify and record information that identifies each person or legal
entity that establishes a relationship or opens an account with Successor Trustee. The Company agrees that it will provide Successor Trustee with such information as it may request in order for Successor Trustee to satisfy the requirements of the
USA Patriot Act. 
 1.18 This Agreement sets forth the entire agreement of the parties with respect to its subject matter, and supersedes and
replaces any and all prior contemporaneous warranties, representations or agreements, whether oral or written, with respect to the subject matter of this Agreement other than those contained in this Agreement. 

1.19 The Company, Resigning Trustee and Successor Trustee hereby acknowledge receipt of an executed counterpart of this Agreement and the
effectiveness thereof. 
 1.20 Unless otherwise provided herein, all notices, requests and other communications to any party hereunder shall
be in writing (including facsimile and electronic transmission in PDF format) and shall be given to such party, addressed to it, as set forth below: 

  
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 If to the Company: 

Ultra Resources, Inc. 
 116
Inverness Drive East #400, 
 Englewood, CO 80112 

Attn.: Kason D. Kerr 
 Email:
kkerr@ultrapetroleum.com 
 With a copy to: 

Kirkland & Ellis LLP 

600 Travis Street, Suite 3300 

Houston, Texas 77002 

Attn.:    Matthew R. Pacey 

             Mary Kogut 

             Brooks W. Antweil 

Email:  matt.pacey@kirkland.com 

             mkogut@kirkland.com 

             brooks.antweil@kirkland.com 

If to Resigning Trustee: 

Wilmington Trust, National Association 

Global Capital Markets 
 1100
North Market Street 
 Wilmington, DE 19890 

Attn.: Ultra Resources, Inc., Notes Administrator 

Facsimile: (302) 636-4149 

Email: scimalore@wilmingtontrust.com 

If to Successor Trustee: 
 UMB
Bank, N.A. 
 120 South Sixth Street, Suite 1400 

Minneapolis, MN 55402 
 Attn.:
Gordon Gendler 
 Email: gordon.gendler@umb.com 

Phone: 612-337-7002 

[Signature pages to follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement of Resignation,
Appointment and Acceptance to be duly executed, all as of the day and year first above written. 
  

			
	ULTRA RESOURCES, INC.
		
	By:	 	 /s/ David W. Honeyfield

	Name:	 	David W. Honeyfield
	Title:	 	Senior Vice President and Chief Financial Officer
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION

as Resigning Trustee

		
	By:	 	 /s/ Rita Marie Ritrovato

	Name:	 	Rita Marie Ritrovato
	Title:	 	Vice President
	
	UMB BANK, N.A., as Successor Trustee
		
	By:	 	 /s/ Gordon Gendler

	Name:	 	Gordon Gendler
	Title:	 	Senior Vice President

  
 Signature Page -
Succession Agreement (Unsecured Notes) 

 EXHIBIT A 

Documents to be delivered to Successor Trustee 
  

	1.	 Executed copy of Indenture and any amendment and supplemental indenture thereto. 

 

	2.	 Evidence that all Notes are held at DTC. 

 

	3.	 Original Global Notes. 

 

	4.	 Such other non-confidential, unprivileged documents or information as
the Successor Trustee may reasonably request on or after the effective date. 

  
 Exhibit A - Succession
Agreement (Unsecured Notes) 

 EXHIBIT B 

[Successor Trustee LETTERHEAD] 

NOTICE 
 To the Holders of: 

 

					
	  
	 		 	CUSIP # ____________1
	  
	 		 	CUSIP # ____________

 of
                             

NOTICE IS HEREBY GIVEN, pursuant to Section 7.8 of the Indenture (the “Indenture”), dated as of April 12, 2017, by and between
Ultra Resources, Inc., the Guarantors party thereto, (as defined therein), and Wilmington Trust, National Association, as Trustee, that Wilmington Trust, National Association has resigned as Trustee under the Indenture. 

Pursuant to Section 7.8 of the Indenture, UMB Bank, N.A., a national banking association duly organized and existing under the laws of
the United States of America, has accepted appointment as Trustee under the Indenture. The address of the designated corporate trust office of the successor Trustee is 120 South Sixth Street, Suite 1400, Minneapolis, Minnesota 55402. 

Wilmington Trust, National Association’s resignation as Trustee and UMB Bank, N.A.’s appointment as successor Trustee were effective
as of the opening of business on May [ ], 2020. 
 Dated: __________ ___, 2020 

Successor Trustee 
  

 
  

	1 	 6.875% Notes - CUSIPs 90400G AA9/U9037B AA8 

 

	    	 7.125% Notes - CUSIPs 90400G AB7/U9037B AB6 

  
 Exhibit B - Succession
Agreement (Unsecured Notes)EX-10.3

 Exhibit 10.3 

Execution Version 
 THIS
INSTRUMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE (this “Instrument”), dated as of May 12, 2020 (“Effective Date”), is by and among Ultra Resources, Inc., a Delaware corporation (the
“Issuer”), Ultra Petroleum Corp., a Yukon, Canada corporation (the “Parent Guarantor”), the Guarantors that are signatories hereto (together with the Parent Guarantor, the “Guarantors”), U.S. Bank
National Association, a national banking association (the “Successor Trustee”), and Wilmington Trust, National Association, a national banking association, as Trustee and as Collateral Agent, duly organized and existing under the
laws of the United States of America (the “Resigning Trustee”). Capitalized terms not otherwise defined herein shall have the same meaning ascribed to such terms in the Indenture (as defined below). 

RECITALS 
 WHEREAS,
pursuant to an Indenture dated as of December 21, 2018 (as amended, restated, amended and restated, supplemented or modified from time to time, the “Indenture”), among the Issuer, the Guarantors from time to time parties
thereto and the Resigning Trustee, the Issuer issued $545,000,000.00 aggregate principal amount of its 9.00% Cash / 2.00% PIK Senior Secured Second Lien Notes due 2024 (the “Notes”); 

WHEREAS, the Issuer appointed the Resigning Trustee as the Trustee, Registrar, Custodian, Paying Agent, and Collateral Agent under the
Indenture; 
 WHEREAS, there is presently issued and outstanding $584,302,581.00 in aggregate principal amount of Notes; 

WHEREAS, the Resigning Trustee serves as collateral agent (in such capacity, the “Collateral Agent”) under (i) the
Indenture, (ii) that certain Second Lien Guaranty and Collateral Agreement dated as of December 21, 2018 (as amended, restated, amended and restated, supplemented or modified from time to time, the “Security
Agreement”), by and among the Issuer, Guarantors and in favor of the Collateral Agent, (iii) that certain First Lien/Second Lien Intercreditor Agreement, dated as of December 21, 2018 (as the same may be supplemented and amended
from time to time, the “Intercreditor Agreement”), among Bank of Montreal, Barclays Bank PLC, the Collateral Agent, and acknowledged and agreed to by the Issuer and Guarantors , and (iv) that certain Second Lien Mortgage, Deed
of Trust, Assignment of As-Extracted Collateral, Security Agreement, Fixture Filing and Financing Statement, dated as of December 21, 2018 (as amended, restated, amended and restated, supplemented or
modified from time to time, the “Second Lien Mortgage” and together with the Security Agreement and the Intercreditor Agreement, collectively, the “Security Documents”), by and among the Issuer and the Resigning
Trustee in its capacity as Collateral Agent, for and on behalf of the Secured Parties (as defined therein);     

WHEREAS, Sections 2.3, 7.8 and 11.10(f) of the Indenture provides that the Trustee, Collateral Agent, Registrar and Paying Agent may at any
time resign by giving written notice of such resignation to the Issuer; 
  

 WHEREAS, the Resigning Trustee desires to resign as Trustee, Custodian, Registrar, Paying
Agent and Collateral Agent under the Indenture, and in its various roles under the Notes and Security Documents, as applicable, and the Issuer desires to appoint the Successor Trustee, as Trustee, Custodian, Registrar, Paying Agent and Collateral
Agent under the Indenture and to succeed the Resigning Trustee in each of its capacities under the Indenture, Notes and Security Documents; and 

WHEREAS, the Successor Trustee is willing to accept the appointment as Trustee, Custodian, Registrar, Paying Agent and Collateral Agent under
the Indenture and the related appointments under the Notes and Security Documents, as applicable; 
 NOW, THEREFORE, in consideration of the
covenants herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Acceptance of Resignation of Resigning Trustee; Appointment of Successor Trustee.  

 

	 	a.	 Pursuant to Section 7.8 of the Indenture, the Resigning Trustee hereby notifies the Issuer that the
Resigning Trustee does hereby resign as Trustee, Custodian, Registrar, Paying Agent and Collateral Agent under the Indenture and in its various roles under the Notes and Security Documents, as applicable. 

 

	 	b.	 The Issuer accepts the resignation of the Resigning Trustee as Trustee, Custodian, Registrar, Paying Agent and
Collateral Agent under the Indenture, and in its various roles under the Notes and Security Documents, as applicable. Pursuant to Section 7.8 of the Indenture, the Issuer hereby appoints the Successor Trustee as Trustee, Custodian, Registrar,
Paying Agent and Collateral Agent under the Indenture and to succeed the Resigning Trustee in its various roles under the Notes and Security Documents, as applicable. The Issuer hereby acknowledges that, as of the Effective Date, the Successor
Trustee shall be the Trustee, Custodian, Registrar, Paying Agent and Collateral Agent under the Indenture, the Notes, the Security Documents, as applicable, and shall hold all rights, powers, duties and obligations which the Resigning Trustee now
holds under and by virtue of the Indenture, the Security Documents and Notes as Trustee, Custodian, Registrar, Paying Agent, Collateral Agent and other roles outlined in the Security Documents and Notes. The Issuer shall execute and deliver such
further instruments and shall do such other things as the Successor Trustee may reasonably require so as to more fully and certainly vest in and confirm to the Successor Trustee all the rights, powers, duties and obligations hereby assigned,
transferred, delivered and confirmed to the Successor Trustee. The Successor Trustee or its agent shall, and each of the Resigning Trustee and the Issuer hereby authorize the Successor Trustee or its agent to, execute and file any and all assignment
and transfer documents necessary to effect or evidence such assignment and transfer including amendments to any financing statements naming the Resigning Trustee as a secured party. The Issuer hereby reaffirms their obligations to the Successor
Trustee and the Resigning Trustee under Section 7.7 of the Indenture. 

  
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 2. Issuer’s Representations and Warranties. Each
Issuer represents and warrants to the Successor Trustee that: 
  

	 	a.	 It is duly organized and validly existing under the laws of the State of Delaware; 

 

	 	b.	 It has full power, authority, and right to execute, deliver and perform this Instrument; 

 

	 	c.	 The Indenture was validly and lawfully executed and delivered by the Issuer and the Guarantors and is in full
force and effect. The current outstanding aggregate principal amount of the Notes is $584,302,581.00; 

  

	 	d.	 There is no action, suit or proceeding pending or, to the best of the Issuer’s knowledge, threatened
against the Issuer before any court or any governmental authority arising out of any act or omission of the Issuer under the Indenture; 

  

	 	e.	 No event has occurred and is continuing which is, or after notice or lapse of time would become, an Event of
Default under the Indenture except for the Issuer’s failure to pay scheduled interest payments on the Issuer’s outstanding 6.875% Senior Notes Due 2022 and 7.125% Senior Notes Due 2025 on April 15, 2020, which will constitute an Event
of Default under the Indenture if the Issuer fails to make such scheduled interest payments on or before May 15, 2020; 

  

	 	f.	 Assuming the accuracy of the representation made by the Successor Trustee in Section 4 hereof, all
conditions precedent relating to the appointment of the Successor Trustee as Trustee, Custodian, Registrar, Paying Agent and Collateral Agent under the Indenture, have been complied with by the Issuer, and such appointment is permitted by the
Indenture; and 

  

	 	g.	 Except as set forth on Exhibit B hereto, the Indenture has not been supplemented and remains in full
force and effect. 

 3. Resigning Trustee Representations and Warranties. The Resigning
Trustee hereby represents and warrants to the Successor Trustee that: 
  

	 	a.	 The Indenture, Notes, Security Documents and all related and ancillary documents and instruments have been
validly and lawfully executed and delivered by the Resigning Trustee; 

  
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	 	b.	 To the best of the knowledge of the responsible officer of the Resigning Trustee who is signing this document,
no covenant or condition contained in the Indenture has been waived by the Resigning Trustee or by the holders of the percentage in aggregate principal amount of Notes required by the Indenture to effect any such waiver; 

 

	 	c.	 To the best of the knowledge of the responsible officer of the Resigning Trustee who is signing this document,
there is no action, suit or proceeding pending or threatened against the Resigning Trustee before any court or governmental authority arising out of any action or omission by the Resigning Trustee as Trustee, Custodian, Registrar, Paying Agent,
Custodian or Collateral Agent under the Indenture, Notes or Security Documents; 

  

	 	d.	 The Resigning Trustee has made, or promptly will make, available to the Successor Trustee originals, if
available, or copies in its possession, of all documents relating to the trust created by the Indenture, and all information in the possession of its corporate trust department relating to the administration and status of the trust created by the
Indenture and such other documents listed on Exhibit B hereto, and such other documents reasonably obtainable as mutually agreed upon; 

  

	 	e.	 The execution and delivery of this Instrument has been duly authorized by the Resigning Trustee, and this
Instrument constitutes the Resigning Trustee’s legal, valid, binding and enforceable obligation; 

  

	 	f.	 The Resigning Trustee certifies that $584,302,581.00 in principal amount of Notes is outstanding and interest
due on the Notes has been paid to January 15, 2020; 

  

	 	g.	 Except as set forth on Exhibit B hereto, the Indenture has not been supplemented and remains in full
force and effect; 

  

	 	h.	 As of the effective date of this instrument, the Resigning Trustee will hold no property under the Indenture,
Notes or Security Documents; and 

  

	 	i.	 Each person who so authenticated the Notes was duly elected, qualified and acting as an officer or authorized
signatory of the Resigning Trustee and empowered to authenticate the Notes at the respective times of such authentication and the signature of such person or persons appearing on such Notes is each such person’s genuine signature.

  
 4 

 4. Successor Trustee Representation and Warranty. The
Successor Trustee represents and warrants to the Resigning Trustee and the Issuer that: 
  

	 	a.	 The Successor Trustee is eligible to serve as Trustee under Section 7.10 of the Indenture; and

  

	 	b.	 The execution and delivery of the Instrument has been duly authorized by the Successor Trustee, and this
Instrument constitutes the Successor Trustee’s legal, valid, binding and enforceable obligation. 

 5.
Assignment by Resigning Trustee. Effective on the Effective Date, the Resigning Trustee hereby confirms, assigns, transfers, delivers and conveys to the Successor Trustee, as Trustee, Custodian, Registrar, Paying
Agent and Collateral Agent under the Indenture, and in each of its additional capacities under the Notes and Security Documents, all rights, powers, duties and obligations which the Resigning Trustee now holds under and by virtue of the Indenture,
Notes and Security Documents, and effective as of such date does hereby pay over to the Successor Trustee any and all property and moneys held by the Resigning Trustee under and by virtue of the Indenture, Notes and Security Documents. The Resigning
Trustee hereby authorizes the Issuer and/or the Successor Trustee to file UCC financing statement, mortgage and deed of trust assignments and/or amendments with respect to existing UCC financing statements, mortgages and deeds of trust as may be
necessary or as the Successor Trustee or Issuer may in their reasonable judgment deem necessary to evidence the Successor Trustee’s succession as “Collateral Agent” under the Indenture, Notes and Security Documents. To the extent
requested by the Successor Trustee, the Resigning Trustee shall execute and deliver such further instruments and shall do such other things as the Successor Trustee may reasonably require so as to more fully and certainly vest and confirm in the
Successor Trustee all the rights, powers, trusts and duties hereby assigned, transferred, delivered and confirmed to the Successor Trustee. Until such time as all instruments of assignment or transfer with respect to the Resigning Trustee’s
interest in the Collateral are executed and/or recorded and all Liens granted in favor of the Resigning Trustee in the Collateral have been assigned or otherwise transferred to the Successor Trustee, the Resigning Trustee shall continue to hold such
Collateral and/or Liens on such Collateral as a co-Collateral Agent, subagent and/or bailee of the Successor Trustee in accordance with the Indenture and the corresponding provisions of the Notes and Security
Documents, solely for purposes of maintaining the priority and perfection of such Liens (it being understood, however, that the Resigning Trustee shall have no responsibility or obligation to take any action to maintain the priority or perfection of
such Liens). 
 This Agreement does not constitute a waiver or assignment by the Resigning Trustee of any compensation, reimbursement,
expenses or indemnity to which it is or may be entitled pursuant to the Indenture. The Company acknowledges its obligation set forth in Section 7.7 of the Indenture to indemnify Resigning Trustee for, and to hold Resigning Trustee harmless
against, any loss, damage, claims, liability or expense (including attorneys’ fees and expenses) incurred without gross negligence or willful misconduct on the part of Resigning Trustee and arising out of or in connection with the acceptance or
administration of the trust and the performance of its duties evidenced by the Indenture (which obligation shall survive the execution hereof and resignation effected hereby). 

  
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 6. Acceptance by Successor Trustee. The Successor Trustee
accepts its appointment as Trustee, Custodian, Registrar, Paying Agent and Collateral Agent under the Indenture, its appointment as Collateral Agent under the Security Agreement, and in each of its additional capacities under the Notes and Security
Documents, and shall assume said rights, powers, duties and obligations upon the terms and conditions set forth in the Indenture, Security Agreement, Security Documents and Notes. References in the Indenture to the “Corporate Trust Office of
the Trustee” or other similar terms shall be deemed to refer to the Corporate Trust Office of the Successor Trustee at the address outlined in Section 12 of this Instrument or any other office of the Successor Trustee at which, at any
particular time, its corporate trust business shall be administered. Promptly after the execution and delivery of this Instrument, the Successor Trustee shall cause a notice, the form of which is annexed hereto as Exhibit A, to be sent to the
Issuer and each Holder of the Notes. 
 7. Additional Documentation. The Resigning Trustee and the
Issuer, on behalf of themselves and the Guarantors, for the purposes of more fully and certainly vesting in and confirming to the Successor Trustee the rights, powers, duties and obligations hereby assigned, transferred, delivered and conveyed,
agree, upon reasonable request of the Successor Trustee, to execute, acknowledge and deliver, at Issuer’s expense, such further instruments of conveyance and further assurance, and to do such other things as may reasonably be required to effect
or evidence (of public record or otherwise) the succession and the assignment of liens herein contemplated; provided, that any document, instrument or agreement, including, without limitation, the UCC financing statement, mortgage and deed of
trust assignments and/or amendments referred to in Section 5 hereto, to be furnished or executed by, or other action to be taken by, Issuer on behalf of itself and the other Guarantors, the Resigning Trustee or the Successor Trustee, shall be
reasonably satisfactory to it. Without limiting the foregoing, the Issuer agrees to promptly deliver, or cause to be delivered, (i) true copies of all title insurance policies and endorsements thereto, if any, issued to the Resigning Trustee
with respect to the Mortgages; and (ii) insurance certificates and endorsements to the Successor Trustee, naming the Successor Trustee as loss payee or additional insured, as appropriate, in respect of all insurance policies required to be
maintained pursuant to the Notes. 
 8. Privileged Information. It is the intention and understanding of the Resigning
Trustee and the Successor Trustee that any exchange of information under this Instrument that is otherwise protected against disclosure by privilege, doctrine or rule of confidentiality (such information, “Privileged Information”),
whether before or after the Effective Date (i) shall not waive any applicable privilege, doctrine, or rule of protection from disclosure, (ii) shall not diminish the confidentiality of the Privileged Information and (iii) shall not be
asserted as a waiver of any such privilege, doctrine or rule by the Resigning Trustee or the Successor Trustee. 
 9. Choice of
Laws. This Instrument shall be governed by the laws of the State of New York. 
  

  
 6 

 10. Counterparts. This Instrument may be executed in any
number of counterparts, each of which, when so executed and delivered, shall be deemed an original, but all counterparts shall constitute but one Instrument. Delivery of a counterpart hereof by facsimile transmission, by e-mail transmission of an Adobe portable document format file (also known as a “PDF” file) or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. 

11. Patriot Act. Each Issuer acknowledges that, in accordance with Section 326 of the USA Patriot Act,
the Successor Trustee, like all financial institutions, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Successor Trustee. Each Issuer
agrees that it will provide the Successor Trustee with such information as it may reasonably request in order for it to satisfy the requirements of the USA Patriot Act. 

12. Notices. All notices, whether faxed or mailed, will be deemed received in accordance with
Section 12.2 of the Indenture to the following: 
 TO THE SUCCESSOR TRUSTEE: 

U.S. Bank National Association 

Global Corporate Trust 
 1 Federal
Street 
 EX-MA-FED 

Boston, MA 02110 
 Attention:
Laura L. Moran, Vice President 
 Email: laura.moran@usbank.com 

With a copy to: 
 Squire Patton Boggs (US) LLP

 201 E. Fourth Street 
 Suite
1900 
 Cincinnati, OH 45202 

Attention: Stephen Lerner 
 Email:
stephen.lerner@squirepb.com 
 and 

2550 M Street, NW 
 Washington, DC
20037 
 Attention: Jeffrey Rothleder 

Email: jeffrey.rothleder@squirepb.com 
  

  
 7 

 TO THE RESIGNING TRUSTEE: 

Wilmington Trust, National Association 

Global Capital Markets 
 1100
North Market Street 
 Wilmington, Delaware 19890 

Attention: Ultra Resources Notes Administrator 

Email: scimalore@wilmingtontrust.com 
 TO THE
ISSUER OR THE GUARANTORS: 
 Ultra Resources, Inc. 

116 Inverness Drive East, Suite 400 

Englewood, Colorado 80112 
 Attn:
Kason D. Kerr 
 Email: kkerr@ultrapetroleum.com 

With a copy to: 
 Kirkland & Ellis LLP

 609 Main Street, Suite 4500 

Houston, Texas 77002 
  

			
	   Attention:
	  	 Matthew R. Pacey
 Mary Kogut Brawley

Brooks W. Antweil

		
	   Email:
	  	 matt.pacey@kirkland.com

mary.kogut@kirkland.com
 brooks.antweil@kirkland.com

 13. Effectiveness. This Instrument and the resignation, appointment and
acceptance effected hereby shall be effective as of the close of business on the Effective Date, upon the execution and delivery hereof by each of the parties hereto; provided, however, that the resignation of the Resigning Trustee as
Custodian, Registrar and Paying Agent and the appointment of the Successor Trustee as Custodian, Registrar and Paying Agent under the Indenture shall be effective on May 26, 2020. 

14. No Liability. The parties hereto acknowledge and agree that nothing contained herein shall constitute (a) an
assumption by the Successor Trustee of any liability of the Resigning Trustee arising out of any breach by the Resigning Trustee in the performance or non-performance of the Resigning Trustee’s duties as
Trustee or Collateral Agent under the Indenture, the Notes or the Security Documents or (b) an assumption by the Resigning Trustee of any liability of the Successor Trustee arising out of any breach by the Successor Trustee in the performance
or non-performance of the Successor Trustee’s duties as Trustee or Collateral Agent under the Indenture, the Notes or Security Documents. 

[Remainder of page left intentionally blank] 

  
 8 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed all as of the date and year
first written above. 
 ISSUER: 
  

			
	ULTRA RESOURCES, INC., a Delaware corporation
		
	By:	 	/s/ David W. Honeyfield
	Name:	 	David W. Honeyfield
	Title:	 	Senior Vice President and Chief Financial Officer

 GUARANTORS: 

UP ENERGY CORPORATION, a Delaware corporation 

KEYSTONE GAS GATHERING, LLC, a Delaware limited liability company 

ULTRA WYOMING, LLC, a Delaware limited liability company 

UPL PINEDALE, LLC, a Delaware limited liability company 

UPL THREE RIVERS HOLDINGS, LLC, a Delaware limited liability company 

ULTRA WYOMING LGS, LLC, a Delaware limited liability company 

 

			
	By:	 	 /s/ David W. Honeyfield

	Name:	 	David W. Honeyfield
	Title:	 	Senior Vice President and Chief Financial Officer

 ULTRA PETROLEUM CORP., a Yukon corporation 

 

			
	By:	 	 /s/ David W. Honeyfield

	Name:	 	David W. Honeyfield
	Title:	 	Senior Vice President and Chief Financial Officer

 Signature Page - Succession Agreement (Second Lien) 

 RESIGNING TRUSTEE: 

 
  

					
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
		 		 	 solely as

Trustee, Custodian, Registrar,
 Paying
Agent and Collateral Agent

 
			
		
	By:	 	/s/ Rita Marie Ritrovato
	Name:	 	Rita Marie Ritrovato
	Title:	 	Vice President

 SUCCESSOR TRUSTEE: 

U.S. BANK NATIONAL ASSOCIATION, 

solely as 
 Trustee, Custodian,
Registrar, 
 Paying Agent and Collateral Agent 
  

			
	By:	 	 /s/ Charles S. Hodges

	Name:	 	Charles S. Hodges
	Title:	 	Vice President

 Signature Page - Succession Agreement (Second Lien) 

 EXHIBIT A 

[U.S. Bank Letterhead] 

NOTICE TO HOLDERS OF THE 9.00% CASH / 2.00% PIK SENIOR SECURED SECOND 

LIEN NOTES DUE 2024 (THE “NOTES”) OF ULTRA RESOURCES, INC. 

(THE “ISSUER”): 

Cusip Numbers1: 

THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL HOLDERS OF THE SUBJECT NOTES. IF APPLICABLE, ALL
DEPOSITORIES, CUSTODIANS, AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER. 

Reference is hereby made to that certain Indenture dated as of December 21, 2018 (as supplemented, modified or amended from time to time,
the “Indenture”), by and among the Issuer, the Guarantors from time to time party thereto and Wilmington Trust, National Association, as Trustee, pursuant to which the above-referenced Notes were issued and are outstanding. 

NOTICE IS HEREBY GIVEN, pursuant to Section 12.2 of the Indenture that Wilmington Trust, National Association, has resigned as Trustee,
Custodian, Registrar, Paying Agent and Collateral Agent under the Indenture. 
 NOTICE IS HEREBY FURTHER GIVEN, pursuant to
Section 12.2 of the Indenture, that the Issuer has appointed [U.S. Bank], whose primary corporate trust office is located at [ADDRESS], as successor Trustee, Custodian, Registrar, Paying Agent and Collateral Agent under the
Indenture, and [U.S. Bank] has accepted such appointment. 
 NOTICE IS HEREBY FURTHER GIVEN that Wilmington Trust, National
Association’s resignation as Trustee, Custodian, Registrar, Paying Agent and Collateral Agent and [U.S. Bank]’s appointment as Successor Trustee, Custodian, Registrar, Paying Agent and Collateral Agent were effective as of the
opening of business on _____, 2020. Wilmington Trust, National Association’s resignation as Custodian, Registrar and Paying Agent, and [U.S. Bank]’s appointment as Custodian, Registrar and Paying Agent will be effective as of the
opening of business on _____, 2020. 
  

			
	 Dated: _____, 2020
	  	 [U.S. Bank], as Successor Trustee

  

	1	 CUSIP numbers appearing herein have been included solely for the convenience of the Holders. The Trustee
assumes no responsibility for the selection or use of such numbers and makes no representation as to the correctness of the CUSIP numbers listed above. 

  
 Exhibit B - Succession
Agreement (Second Lien) 

 EXHIBIT B 

Documents to be delivered by Resigning Trustee to Successor Trustee as to the Indenture: 

1. Executed copy of the Indenture 

2. Executed copy of the First Supplemental Indenture 

3. Executed copy of the Second Supplemental Indenture 

4. Executed copy of the Third Supplemental Indenture 

5. Executed copy of the Fourth Supplemental Indenture 

6. Executed copy of the Fifth Supplemental Indenture 

7. Executed copy of the First Lien/Second Lien Intercreditor Agreement 

8. Executed copy of the Second Lien Guaranty and Collateral Agreement 

9. Executed copy of the Second Lien Mortgage, Deed of Trust, Assignment of As-Extracted Collateral,
Security Agreement, Fixture Filing and Financing Statement 
 10. Executed copies of any additional amendments, restatements, supplements or
modifications of any of the above referenced agreements 
 11. Certified list of noteholders as of the Effective Date, certificate detail and
all “stop transfers” and the reason for such “stop transfers” (or, alternatively, if there are a substantial number of registered noteholders, the computer tape reflecting the identity of such noteholders). 

12. Copies of any official notices sent by the Resigning Trustee to all the holders of the Notes pursuant to the terms of the Indenture during
the past twelve months and a copy of the Resigning Trustee’s most recent annual report to Holders, if any. 
 13. Original Global Notes.

 14. Copies of UCC financing statements in the possession of the Resigning Trustee naming the Resigning Trustee as a secured party. 

15. Copies of mortgages and deeds of trust in the possession of the Resigning Trustee naming the Resigning Trustee as a secured party. 

16. Any collateral in the physical possession of the Resigning Trustee. 

17. Such other non-confidential, unprivileged documents or information as the Successor Trustee may
reasonably request on or after the Effective Date. 
 Exhibit B - Succession Agreement (Second Lien)

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