The natural gas exploration and production operations of Greylock Production in the Marcellus Shale are subject to stringent and comprehensive federal state and local laws and regulations governing the discharge emission or release of materials into the environment or otherwise relating to environmental protection These laws and regulations may impose numerous obligations that are applicable to Greylock Productiona' operations including the acquisition of a permit before conducting drilling water withdrawal or waste disposal operations govern the amounts and types of substances that may be disposed or released into the environment limit or prohibit construction or drilling activities in sensitive areas such as wetlands wilderness areas or areas containing endangered or threatened species or their habitats require investigatory and response actions to mitigate pollution conditions arising from Greylock Productiona' operations or attributable to former operations and impose obligations to reclaim and abandon well sites impoundments and pits Failure to comply with these laws and regulations may result in the assessment of administrative civil or criminal penalties the imposition of investigatory or remedial obligations and the issuance of orders enjoining some or all of Greylock Productiona' operations in affected areas There is inherent risk of incurring significant environmental costs and liabilities in the performance of Greylock Productiona' operations due to its handling of petroleum hydrocarbons and wastes because of air