230463--3/2/2006--POGO_PRODUCING_CO

related topics
{gas, price, oil}
{loss, insurance, financial}
{acquisition, growth, future}
{cost, regulation, environmental}
{debt, indebtedness, cash}
{investment, property, distribution}
{operation, international, foreign}
{competitive, industry, competition}
{product, market, service}
{operation, natural, condition}
{stock, price, share}
Natural gas and oil prices fluctuate widely, and low prices could have a material adverse impact on the Company s business. The Company s integration of Northrock may not be successful. The natural gas and oil business involves many operating risks that can cause substantial losses or hinder marketing efforts. The Company may not be able to obtain sufficient drilling equipment and experienced personnel to conduct its operations. The Company s foreign operations subject it to additional risks. The Company cannot control the activities on properties it does not operate; operators of those properties may act in ways that are not in the Company s best interests. Maintaining reserves and revenues in the future depends on successful exploration and development activities and/or acquisitions. The Company s operations are subject to casualty risks against which it cannot fully insure. The Company has substantial capital requirements. The Company will continue to pursue acquisitions and dispositions. The Company s reserve data are estimates and should not be unduly relied on. The Company faces significant competition and is smaller than many of its competitors. The Company s competitors may use superior technology. The Company is subject to legal limitations that may adversely affect the cost, manner or feasibility of doing business. The Company is subject to various environmental liabilities. Derivative instruments expose the Company to risks of financial loss in a variety of circumstances. The Company is subject to restrictive debt covenants.

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