The oil and gas exploration and production industry may be subject to new regulations, policies, and regulations that could affect their operations. These rules, regulations, policies, and regulations may include: (1) permitting oil and gas drilling on federal lands, (2) (2) leasing federal lands for oil and gas development, (3) regulating greenhouse gas emissions and climate change related matters, and (4) calculating royalty payments in respect of oil and gas production from federal lands, including an increase in applicable royalty percentages and vi) U.S. federal income tax laws applicable to oil and gas exploration and production companies.