Here are the first quarter updates from several energy players operating in Wyoming:

Teton Energy

Teton Energy Corporation announced that for the quarter ended March 31, 2009, operating revenues from oil and gas sales increased 37 percent from the first quarter of 2008 to $1.8 million and operating cash flow from oil and gas activities decreased 47 percent to $529,000.

For Q1 of this year, Teton realized a net loss of $5.4 million from continuing operations, or a fully diluted loss of $0.23 per share of common stock, compared to a loss for the first quarter of 2008 of $8.5 million, or a fully diluted loss of $0.48 per share of common stock. Net loss for the first quarter of 2009, including discontinued operations related to the sale of the Company’s interest in its Teton Noble AMI properties and the potential sale of its Piceance Basin assets, was $35.5 million, or a fully diluted net loss of $1.49 per share of common stock, compared to a net loss for the first quarter of 2008 of $8.2 million, or a fully diluted net loss of $0.46 per share of common stock.

Devon Energy

Independent oil and gas producer Devon Energy Corp. posted a first-quarter loss driven by a $4.2 billion reduction in the carrying value of oil and gas properties, amid deteriorating commodity prices.

The Oklahoma City-based company, which operates in the Powder River Basin, reported a loss of $4 billion, or $8.92 per share, compared with earnings of $747 million, or $1.66 per share, during the same period last year. Results include a nonrecurring $4.2 billion write-down on oil and gas properties, driven by significantly lower oil and gas prices. Excluding this and other special items, the company reported adjusted earnings of $216 million, or 48 cents per share.

“The first quarter continued to present a very challenging environment for our industry,” Devon CEO Larry Nichols said during a conference call with analysts. “While oil price did improve and stabilize somewhat, realized natural gas prices, at least in North America, were weak the entire quarter. In spite of these challenges, Devon had a very good quarter.”

Production averaged 685,000 oil-equivalent barrels per day, a 7 percent increase compared with the first quarter of 2008. Sales of oil, gas and natural gas liquids, however, fell 53 percent to $1.5 billion. Nichols said Devon’s production increase was driven by “record production” from several natural gas fields, including the Barnett Shale in north Texas, the Arkoma-Woodford Shale in eastern Oklahoma and the Powder River Basin.

Ultra Petroleum

Ultra Petroleum Corp. UPL  said it continued to deliver strong financial and operating performance for the first quarter of 2009. For the first quarter, the company’s Wyoming production was up 24% on a comparable year-over-year basis to a record 42.1 Bcfe.  According tot he company, quarterly production registered the highest level in the company’s history and was largely due to increased year-over-year activity in Wyoming combined with improved drilling efficiency.

For the first quarter of 2009, Ultra Petroleum reported a net loss of $512.6 million, or $3.39 per diluted share. Net loss included a non-cash ceiling test write-down ($673.0 million net of taxes) of the company’s carrying value of natural gas and oil properties stemming from significantly lower natural gas and condensate prices at quarter-end partially offset by unrealized mark-to-market gains on the company’s commodity derivative contracts ($120.8 million net of taxes).

Ultra Petroleum reported adjusted net income of $39.7 million or $0.26 per diluted share for the first quarter, excluding the non-cash write-down in the carrying value of its natural gas and oil properties and the unrealized gain on commodity derivative contracts, which are typically excluded by the investment community in published estimates. Operating cash flow(1) for the quarter was $124.2 million or $0.82 per diluted share.

Cimarex Energy

Cimarex Energy announced oil and gas sales for the first quarter of 2009 totaled $197.2 million, compared to $454.4 million in 2008. The decrease of $257.2 million in sales between the two periods was the result of lower commodity prices which had a negative impact of $271.1 million. These lower prices were slightly offset by an increase in sales of $13.9 million due to higher production volumes during the current quarter. Compared to the first quarter of 2008, the energy company’s first quarter 2009 oil production increased by 9% to an average of 25,086 barrels per day in 2009.

First quarter 2009 financial and operating results:
* First quarter oil and gas production volumes averaged 489.0 million cubic feet equivalent per day (MMcfe/d), up from 476.2 MMcfe/d for first quarter 2008.
* First quarter oil and gas sales totaled $197.2 million.
* First quarter cash flow from operating activities was $96.0 million.
* A continued decline in gas prices led to a $501.8 million after-tax, non-cash full-cost ceiling test write-down of oil and gas properties.
* First quarter drilling totaled 41 gross (24 net) wells, completing 95% as producers.
* Cimarex Energy currently have four operated rigs running.

Warren Resources

Warren Resources, Inc.  reported a net loss of $6.6 million, or $(0.11) per diluted common share, for the first quarter ended March 31, 2009. This compares to net earnings of $9.4 million, or $0.16 per diluted common share, for the first quarter of 2008.

Warren’s oil and gas revenues decreased 51% to $11.5 million for the first quarter of 2009 compared to $23.5 million in the first quarter of 2008. This decrease primarily resulted from lower realized sales prices for oil and gas in the first quarter of 2009 compared to 2008.

Total revenues decreased 48% to $12.4 million for the first quarter of 2009 compared to $23.9 million for the first quarter of 2008. Warren’s oil and gas production increased to 2.4 billion cubic feet of gas equivalent (“Bcfe”) during the first quarter of 2009, which represents a 31% increase over the first quarter of 2008.

During the first quarter of 2009, the Company produced 253,000 net barrels of oil and 920 net million cubic feet (“MMcf”) of natural gas. This compares to 243,000 net barrels of oil and 405 net MMcf of gas produced during the first quarter of 2008.