880114--4/7/2006--BELDEN_&_BLAKE_CORP

related topics

{gas, price, oil}

{loss, insurance, financial}

{cost, regulation, environmental}

{debt, indebtedness, cash}

{stock, price, operating}

{competitive, industry, competition}

{acquisition, growth, future}

{investment, property, distribution}

{interest, director, officer}

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. Our acquisition 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 Notes. Our structure may present conflicts of interest. The terms of our Senior Facilities, as well as the Hedges and the indenture relating to the 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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880114--4/7/2006--BELDEN_&_BLAKE_CORP_/OH/