Ultra Petroleum Corp was incorporated on November 14, 1979, under the laws of the Province of British Columbia, Canada. It remains a Canadian company, but since March 2000, has operated under the laws of Yukon, Canada pursuant to Section 190 of the Yukon Business Corporations Act. The Company is an independent oil and gas company engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. Its business activities are developing its long-life natural gas reserves in the Green River Basin of southwest Wyoming - the Pinedale and Jonah fields, its oil reserves in the Uinta Basin in northeast Utah and its natural gas reserves in the north-central Pennsylvania area of the Appalachian Basin. The Company sells all of its natural gas production to a diverse group of third-party, non-affiliated entities in a portfolio of transactions of various durations and prices. The Company's customer base includes number of customers situated in the various regions of the United States. For its natural gas production in Wyoming, the Company has entered into various gathering and processing agreements with several midstream service providers that gather, compress and process natural gas owned or controlled by the Company from its producing wells in the Pinedale Anticline and Jonah fields. Under these agreements, the midstream service providers have routinely expanded their facilities' capacities in southwest Wyoming to accommodate growing volumes from wells in which the Company owns an interest. In Pennsylvania, the Company and its partners have constructed gas gathering pipelines and facilities, compression facilities and pipeline delivery stations to gather production from the Company's producing natural gas wells. These facilities are gathering systems and related infrastructure, and their construction is expected to continue, to some extent, until the Company's properties in Pennsylvania are fully developed. The Company markets its Wyoming condensate to various purchasers, which are refiners in the Salt Lake City, Utah area. The Company's properties in the Uinta Basin produce referred to as Black Wax Crude which is considered a medium grade of crude oil. This oil is marketed through long-term contracts with refiners in the Salt Lake City, Utah area and is also shipped out of the area via rail from various rail loading facilities in the Salt Lake City region. The Company's competitors in development, exploration, acquisitions and production include integrated oil and natural gas companies as well as numerous independents, including many that have greater resources.