25 fetal lambs with a mean gestational age of 139 days were maintained in the fetal state by extracorporeal gas exchange for periods of 1–11 h and intentionally terminated at a mean of 4 h. Pao2, Paco2, pH, umbilical blood flow, heart rate, arterial blood pressure, blood glucose and serum electrolytes were maintained within the fetal range. The hematocrit of 30%, was 25% below in utero values due to dilution with priming blood. Hemolysis occurred at a rate of 2 mg hemoglobin/100 ml plasma/h, with a mean drop in hematocrit of 6% in 4 h. Metabolic acidosis was the most common problem. The cardiac output, measured in five lambs using radioactive microspheres, was 65% of in utero values. The fractional distribution appeared normal. It is hypothesized that mild tissue hypoxia, secondary to the reduced cardiac output and reduced oxygen capacity of the blood, was the most likely source of the metabolic acidosis.