1022646--2/23/2009--ULTRA_PETROLEUM

related topics

{gas, price, oil}

{operation, natural, condition}

{capital, credit, financial}

{cost, regulation, environmental}

{customer, product, revenue}

Factors beyond our control affect our ability to effectively market production and may ultimately affect our financial results. We may experience a temporary decline in revenues if we lose one of our significant customers. A decrease in oil and natural gas prices may adversely affect our results of operations and financial condition. A price decrease may more adversely affect the price received for our Wyoming production than production in other U.S. regions. If the United States experiences a sustained economic downturn or recession, natural gas prices may fall, which may adversely affect our results of operations. Compliance with environmental and other government regulations could be costly and could negatively impact our production. We may not be able to obtain funding on acceptable terms or at all because of the deterioration of the credit and capital markets. This may hinder or prevent us from meeting our future capital needs. We may not be able to replace our reserves or generate cash flows if we are unable to raise capital. We will be required to make substantial capital expenditures to develop our existing reserves and to discover new oil and gas reserves. Our operations may be interrupted by severe weather or drilling restrictions, particularly in the Rocky Mountain region. Our focus on exploration projects increases the risks inherent in our oil and gas activities. Unless we are able to replace reserves which we have produced, our cash flows and production will decrease over time. We are exposed to operating hazards and uninsured risks that could adversely impact our results of operations and cash flow. There are risks associated with our drilling activity that could impact our results of operations. Our decision to drill a prospect is subject to a number of factors which may alter our drilling schedule or our plans to drill at all. If oil and natural gas prices decrease, we may be required to take write-downs of the carrying value of our oil and gas properties.

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1022646--2/23/2009--ULTRA_PETROLEUM_CORP