This is all it says about the warrants:
For each $1,000 aggregate principal amount of 2022 Notes validly exchanged, the Supporting Holders will receive $720 in aggregate principal amount of New Notes issued by the Company’s wholly owned subsidiary, Ultra Resources, Inc. (the “Issuer”), and 14 Warrants issued by the Company. For each $1,000 aggregate principal amount of 2025 Notes validly exchanged, the Supporting Holders will receive $660
in aggregate principal amount of New Notes issued by the Issuer and 14
Warrants issued by the Company. Each Warrant will be exercisable at the
option of the holders thereof for one common share, no par value, of the
Company, at any time following the date on which the volume-weighted
average price of the common shares is at least $2.50 for
30 consecutive trading days. In the aggregate, if all Warrants are
exercised, total shareholder dilution will be approximately 6%.