The boom in oil and gas production has made for some pretty lucrative investments in 2013, and exploration and production companies are getting better at drilling for oil and gas by the day. This makes for some pretty promising times coming into 2014. One stock that investors should get on their radar as the new year approaches is Ultra Petroleum (NASDAQ:UPL). Not only is the company the lowest-cost producer among its natural gas peers Exco Resources (NYSE:XCO) and Southwestern Energy (NYSE:SWN), but it also has made some smart acquisitions this year that give the company exposure to oil.

Add all these things up and Ultra Petroleum is poised for a very strong year next year. Tune into the video below to find out how Ultra is beating its peers and the key drivers you should watch for going forward with Ultra Petroleum. 

Fool contributor Tyler Crowe has no position in any stocks mentioned. You can follow him at under the handle TMFDirtyBird, on Google +, or on Twitter @TylerCroweFool.

The Motley Fool recommends and owns shares of Ultra Petroleum and has the following options on Ultra Petroleum: long January 2014 $30 calls, long January 2014 $40 calls, and long January 2014 $50 calls. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.