The airplane collided with desert terrain at 1317 Mountain time and was substantially damaged. The commercial pilot and airline transport pilot were fatally injured. Visual conditions prevailed for the upset-recovery training flight. The airplanes operator reported the flight overdue and the wreckage was located at about 1430. The two pilots were located approximately 50 feet to the north of the airplane wreckage. Both pilots were wearing parachutes. The commercial pilots parachute was found to have been activated and partially deployed. The airline transport pilots parachute had not been activated.