1022646--2/28/2007--ULTRA_PETROLEUM_CORP

related topics
{gas, price, oil}
{operation, natural, condition}
{operation, international, foreign}
{customer, product, revenue}
{cost, regulation, environmental}
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. Compliance with environmental and other government regulations could be costly and could negatively impact our production. 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. We are not the operator, and have limited influence over the operations, of our Bohai Bay properties. Political, economic or legal factors associated with our ownership of properties in China could impact our results of operations. Our operations in China have special operational risks that may negatively affect the value of those assets.

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