Ultra Petroleum Corp was originally incorporated on November 14, 1979, under the laws of the Province of British Columbia, Canada. Since March 2000, it has operated under the laws of The Yukon Territory, Canada. The Company is an independent oil and natural gas company engaged in the acquisition, exploration, development, and production of oil and natural gas properties. Its main business activities are in the Green River Basin of southwest Wyoming and the north-central Pennsylvania area of the Appalachian Basin and the Uinta Basin in northeast Utah. The Company owns oil and natural gas leases in Wyoming, Pennsylvania and Utah and oil and gas leases and fee minerals in Colorado. As of December 31, 2013, the Company owned oil and natural gas leases totaling approximately 84,000 gross (49,000 net) acres in southwest Wyoming's Green River Basin. As of December 31, 2013, the Company owned oil and gas leases covering 473,000 gross (250,000 net) acres in the Pennsylvania portion of the Appalachian Basin. As of December 31, 2013, the Company owned oil and natural gas leases covering 8,000 gross (8,000 net) acres in the Utah portion of the Green River Basin. The Company operates in one industry segment, natural gas and oil exploration and development, with one geographical segment, the United States. The competitors in development, exploration, acquisitions and production include major integrated oil and natural gas companies as well as numerous independents, including many that have greater resources. The Company's exploration, drilling and production activities from wells and natural gas facilities, including the operation and construction of pipelines, plants and other facilities for transporting, processing, treating or storing oil, natural gas and other products are subject to stringent federal, state and local laws and regulations governing environmental quality, including those relating to oil spills and pollution control.