Hartman v. Ultra Petroleum Corp. (In re Ultra Petroleum Corp.)

MEMORANDUM OPINION

Marvin Isgur, UNITED STATES BANKRUPTCY JUDGE

Doyle and Margaret Hartman filed this adversary proceeding against Ultra Petroleum Corporation et al seeking to recover a percentage of Ultra’s gains attributable to its oil and gas hedging transactions. The Hartmans allege that hedging gains must be included within their net profits interest, which was created by the 1954 Pine-dale Unit Area Net Profits Contract (the “Pinedale Contract”). Ultra moved to dismiss the Hartmans’ complaint and amended complaint under Fed. R. Civ. P. 12(b)(6) as to their hedging claim; Ultra’s motion to…