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Disclaimer - Carbon Natural Gas Company

Disclaimer

Terms and Conditions, Disclaimers, and Forward-Looking Statements

IMPORTANT LEGAL INFORMATION PLEASE READ THE FOLLOWING INFORMATION CAREFULLY BEFORE USING THIS WEB SITE

The information (“Information”) on this web site is provided by Carbon Natural Gas Company (“Carbon”) as a service to visitors to this web site and may be used only for informational purposes. Single copies of this information may be printed or downloaded subject to the terms below. By printing or downloading any information from this web site, you agree to these terms. If you do not agree to these terms, then you should not use this web site or print or download any information from it.

Limitation of Liability

IN NO EVENT SHALL CARBON OR ANY THIRD PARTIES MENTIONED ON THE SITE BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION) RESULTING FROM THE USE OR INABILITY TO USE MATERIAL ON THIS WEB SITE OR SITES LINKED TO THIS WEB SITE, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT CARBON IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Single Copy License. You may print or download one copy of the Information on a single computer for your personal, non-commercial internal use only. This is a license, not a transfer of title, and is subject to the following restrictions: you may not (a) modify the Information or use it for any commercial purpose, or for any public display, performance, sale or rental; (b) remove any copyright or other proprietary notices from the Information; or (c) transfer the Information to another person. You agree to prevent any unauthorized copying of the Information. Carbon may terminate this license at any time if you are in breach of these terms. Upon termination, you will immediately destroy the Information.

Ownership of Information. Information is copyrighted and protected by worldwide copyright laws and treaty provisions. Except as expressly provided herein, Information may not be copied, reproduced, modified, published, uploaded, posted, transmitted, or distributed in any way, without Carbon’s prior written permission. Except as expressly provided herein, Carbon does not grant any express or implied right to you under any patents, copyrights, trademarks, or trade secret information.

Applicable Laws. This web site is controlled and operated by Carbon from its offices within the United States of America. Carbon makes no representation that Information in the web site is appropriate or available for use in other locations, and access to it from territories where its contents are illegal is prohibited. Those who choose to access this web site from other locations do so on their own initiative and are responsible for compliance with applicable local laws. You may not use or export the Information in violation of U.S. export laws and regulations. Any claim relating to the Information shall be governed by the internal substantive laws of the State of Colorado.

Links to Other Information. The third-party linked sites are not under the control of Carbon, and Carbon is not responsible for the content of any linked site or any link contained in a linked site. Carbon reserves the right to terminate any link or linking program at any time. Carbon does not endorse companies, products or services to which it links and reserves the right to note as such on its web pages. If you decide to access any of the third-party sites linked to this web site, you do so entirely at your own risk.

General. Carbon may revise these terms at any time by updating this web page. You should visit this page from time to time to review the then-current terms because they are binding on you. Certain provisions of these terms may be superseded by expressly designated legal notices or terms located on particular pages of this web site.

Disclaimer. THE INFORMATION FOUND ON THIS WEB SITE IS PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL CARBON OR ITS AGENTS OR REPRESENTATIVES BE LIABLE FOR ANY DAMAGES WHATSOEVER ARISING OUT OF THE USE OF OR INABILITY TO USE THE INFORMATION, EVEN IF CARBON HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. In addition, Carbon does not warrant the accuracy or completeness of the materials, text, graphics, links or other items contained within the Information. Although Carbon regularly monitors this web site for accuracy, you should assume that Information is current only as of the day it is published on this web site. Carbon may make changes to the Information at any time without notice. CARBON DISCLAIMS ANY AND ALL DUTY OR INTENTION TO UPDATE THE INFORMATION.

CARBON DOES NOT WARRANT THAT THE WEB SITE WILL OPERATE ERROR-FREE OR THAT THE WEB SITE AND ITS SERVER ARE FREE OF COMPUTER VIRUSES OR OTHER HARMFUL MATERIAL. IF YOUR USE OF THE WEB SITE OR THE SITE’S MATERIAL RESULTS IN ANY COSTS OR EXPENSES, INCLUDING, WITHOUT LIMITATION, THE NEED FOR SERVICING OR REPLACING EQUIPMENT OR DATA, CARBON SHALL NOT BE RESPONSIBLE FOR THOSE COSTS OR EXPENSES.

SEC Information. Certain Information provided on this web site has been filed with the Securities and Exchange Commission (“SEC”) (such Information being referred to as “SEC Information”). Carbon does not assume any duty of disclosure beyond that which is imposed by law and expressly disclaims any duty to update any Information contained in the SEC Information. The SEC Information should be read in conjunction with Carbon’s periodic reports filed with the SEC, including the disclosures therein of certain factors which may affect the registrant’s future performance. Individual statements appearing in the SEC Information are intended to be read in conjunction with and in the context of the complete SEC Information documents in which they appear, rather than as stand-alone statements. Cautionary Note to U.S. Investors – Effective January 1, 2010, the SEC permits oil and gas companies, in their filings with the SEC, to disclose not only “proved” reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also “probable” reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as “possible” reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). As indicated above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided on this web site that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. We also use certain terms on this web site, such as “unrisked potential,” “resource potential,” “reserve potential,” or other descriptions of reserves potentially recoverable through additional drilling or recovery techniques, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our Annual Reports on Form 10-K and other filings made by us with the SEC that are available on our web site at www.carbonnaturalgas.com under the Investor Relations tab or by calling us at (720) 407-4030. You can also obtain these filings from the SEC by calling 1-800-SEC-0330.

Forward-Looking Statements. Carbon’s web site also contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, that address activities that Carbon assumes, plans, expects, believes, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements provided are based on management’s current belief, based on currently available information, as to the outcome and timing of future events. Carbon cautions that its future natural gas, oil and liquids production, revenues, cash flows, liquidity, plans for future operations, expenses, outlook for oil and natural gas prices, timing and capital expenditures, and other forward-looking statements are subject to all of the risks and uncertainties normally incident to Carbon’s exploration for, and development, production and sale of, oil and gas.

These risks include, but are not limited to, oil and natural gas price volatility, Carbon’s access to cash flows and other sources of liquidity to fund its capital expenditures, its level of indebtedness, its ability to replace production, a lack of availability of goods and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating future oil and gas production or reserves, economic conditions and other risks as described in reports that Carbon files with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Any of these factors could cause Carbon’s actual results and plans to differ materially from those in the forward-looking statements.

All forward-looking statements attributable to Carbon are expressly qualified in their entirety by this cautionary statement. Carbon disclaims any obligation to update forward-looking statements contained on its web site, except as may be required by law.