880114--4/10/2009--BELDEN_&_BLAKE_CORP_/OH/

related topics
{gas, price, oil}
{cost, regulation, environmental}
{loss, insurance, financial}
{investment, property, distribution}
{condition, economic, financial}
{debt, indebtedness, cash}
{capital, credit, financial}
{competitive, industry, competition}
{stock, price, operating}
Our operations require large amounts of capital that may not be recovered or raised. We depend upon access to the credit markets to fund our growth strategy. Currently, the credit markets are experiencing an unprecedented disruption which, if it continues for an extended period of time, will adversely affect our growth strategy. Oil and natural gas prices are volatile, and an extended decline in prices would hurt our profitability and financial condition. If oil and natural gas prices decrease or our drilling efforts are unsuccessful, we may be required to write down the carrying value of our oil and natural gas properties. Information concerning our reserves and future net revenues is uncertain. Our exploitation and development drilling activities may not be successful. We face strong competition in the oil and natural gas industry, and the resources of many of our competitors are greater than ours. Our operations are subject to the business and financial risk of oil and natural gas exploration. Our business is subject to operating hazards that could result in substantial losses. We must comply with complex federal, state and local laws and regulations. We may incur substantial costs to comply with stringent environmental regulations. Our business depends on gathering and transportation facilities owned by others. All of our common stock is owned by one controlling shareholder whose interests may differ from those of the holders of our Senior Secured Notes. Our structure may present conflicts of interest. The terms of our Amended Credit Agreement, as well as the J. Aron Swap and the indenture relating to the Senior Secured Notes, restrict our current and future operations, particularly our ability to respond to industry or economic changes or to take certain actions

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