<SUBMISSION>
<ACCESSION-NUMBER>0000893538-07-000046
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20070504
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20070504
<DATE-OF-FILING-DATE-CHANGE>20070504
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ST MARY LAND & EXPLORATION CO
<CIK>0000893538
<ASSIGNED-SIC>1311
<IRS-NUMBER>410518430
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-31539
<FILM-NUMBER>07817813
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1776 LINCOLN ST STE 700
<CITY>DENVER
<STATE>CO
<ZIP>80203
<PHONE>303-861-8140
</BUSINESS-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>asci050407_8k.htm
<DESCRIPTION>05/04/07 8K FOR PRESS RELEASE
<TEXT>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>UNITED STATES</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Washington, D.C. 20549</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of Report (Date of earliest event reported)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>May 4, 2007 (May 3, 2007)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>St. Mary Land &amp; Exploration Company</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact name of registrant as specified in its charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>


<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse'>
    <tr >
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Delaware</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>001-31539</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>41-0518430</font></p> </td> </tr>
    <tr >
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(State or other jurisdiction</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Commission</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(I.R.S. Employer</font></p> </td> </tr>
    <tr >
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>of incorporation)</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>File Number)</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Identification No.)</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>1776 Lincoln Street, Suite 700, Denver, Colorado 80203</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Address of principal executive offices)</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>(Zip Code)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Registrant&#146;s telephone number, including area code: (303) 861-8140</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Not applicable</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Former name or former address, if changed since last report.)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>


<table border="0" cellspacing=0 cellpadding=0 width="295" style='border-collapse:collapse'>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 2.02</font></b></p> </td>
        <td width="199" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Results of Operations and Financial Condition.</font></b></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>On May 3, 2007, St. Mary issued a press release announcing its results of operations for the first quarter of 2007. A copy of the press release is furnished as Exhibit 99.1 to this report. As indicated in the press release, the Company has scheduled the first quarter 2007 earnings teleconference call for May 4, 2007, at 8:00 a.m. (MDT). The teleconference call is publicly accessible, and the press release includes instructions as to when and how to access the teleconference and the location on the Company's web site where the teleconference information will be available. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>In accordance with General Instruction B.2. of Form 8-K, the following information, including Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such a filing.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="355" style='border-collapse:collapse'>
    <tr >
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 9.01</font></b></p> </td>
        <td width="259" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Financial Statements and Exhibits.</font></b></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td width="456" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits.  The following exhibits are furnished as part of this report:</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="96" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="90" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibit 99.1</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Press release of St. Mary Land &amp; Exploration Company dated May 3, 2007.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.94in; text-indent:-0.94in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.4in;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="228" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="360" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>ST. MARY LAND &amp; EXPLORATION COMPANY</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="589" style='border-collapse:collapse'>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:  May 4, 2007</font></p> </td>
        <td width="35" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:  </font></p> </td>
        <td  nowrap colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ DAVID W. HONEYFIELD</font></u></p> </td>
        <td  width="108">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  nowrap colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="157" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>David W. Honeyfield</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td  nowrap colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Senior Vice President - Chief Financial Officer,</font></p> </td> </tr>
    <tr>
        <td width="228" ></td>

        <td width="35" ></td>

        <td width="1" ></td>

        <td width="157" ></td>

        <td width="60" ></td>

        <td width="108" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.19in;text-align:left;'><font size=2>Secretary and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit991.htm
<DESCRIPTION>EXHIBIT 99.1 05/03/07 PRESS RELEASE
<TEXT>
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right"><U><B><FONT
size=2>EXHIBIT 99.1</FONT></B></U></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
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      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
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      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><B><FONT
      size=2>For Information</FONT></B></U></P></TD></TR></TABLE></DIV>
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      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top noWrap width=319>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Brent A. Collins</FONT></P></TD></TR></TABLE></DIV>
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      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
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      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>303-861-8140</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><B><FONT
size=2>FOR IMMEDIATE RELEASE</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><B><FONT
size=2>ST. MARY REPORTS QUARTERLY RESULTS AND UPDATES GUIDANCE</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><B><FONT
size=2>DENVER, May 3, 2007 </FONT></B><FONT size=2>- St. Mary Land &amp;
Exploration Company (NYSE: SM) today reports earnings for the first quarter 2007
of $40.0 million, or $0.63 per diluted share.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>Tony Best, President and CEO, commented, "Our first quarter financial
results reflected record quarterly production and discretionary cash flow as
well as increased lease operating costs. Realized prices were 11 percent higher
than we had budgeted at the beginning of the year and as a result our revenues,
discretionary cash flow, and operating margin were all stronger than
anticipated. The strong volumes and realized prices were reduced by lease
operating costs higher than what we have seen in prior periods. Oil properties
are more labor intensive and our well servicing vendors are experiencing the
same personnel constraints and compensation inflation as other segments of the
petroleum industry. In addition, unexpected workover operations also adversely
affected our lease operating expense. Exploration expense was negatively
impacted by exploratory dry holes that were recognized during the quarter. The
first quarter of 2007 was by most financial measures a solid quarter, and we
know there are areas where we can and will improve our performance."</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>"As noted in our previously issued operations update, we continue to
press ahead in every region with our 2007 capital program. We regularly review
our program allocation on a consolidated basis as well as at the regional level
to consider in the most current information on commodity prices, drilling and
completion costs, and program performance."</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><B><FONT
size=2>FIRST QUARTER EARNINGS </FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>St. Mary announces first quarter 2007 earnings of $40.0 million or $0.63
per diluted share. First quarter 2006 earnings were $50.5 million or $0.76 per
diluted share. The non-cash, after-tax charge related to the quarterly change in
the Company's Net Profits Plan liability was $3.1 million, or $0.05 per diluted
share, for the first quarter of 2007. The first quarter of 2006 charge, net of
tax, for the Net Profits Plan was $4.4 million, or $0.07 per diluted share. For
the first quarter of 2007, the non-cash, after-tax charge related to unrealized
derivative loss was $2.5 million, or $0.04 per diluted share. The first quarter
2006 charge, net of tax, was $296 thousand and had no impact on diluted earnings
per share.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>While revenues for the Company increased meaningfully year over year,
these gains were negated by cost increases in several categories as described
below. Revenues for the first quarter of 2007 were $221.0 million compared to
$193.6 million for the first quarter of 2006. The increase was primarily a
result of a 16 percent increase in production volumes between the two periods,
diminished by a slight decrease in </FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P><!-- EEDocs PBStart-->
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<PAGE><!-- EEDocs PBEnd-->
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>realized equivalent price. Oil and gas production expenses increased to
$52.3 million in the quarter from $41.2 million in the same period last year,
driven by a significant increase in lease operating costs. Factors impacting
this year's increase in lease operating costs include several significant
unplanned workovers in the North Rockies region and inflation in well servicing
costs. DD&amp;A expense also increased significantly year over year to $49.0
million in the first quarter of 2007 from $34.4 million for the same period last
year. This increase reflects the higher per MCFE costs the industry has
experienced in recent years to acquire and develop producing assets. Lastly,
exploration expense nearly doubled in the first quarter of 2007 to $20.8 million
compared to the $10.8 million in the first quarter of 2006. The majority of the
difference is due to the recognition of expense for exploratory dry holes in
2007.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>Discretionary cash flow<SUP>(1)</SUP> increased to $144.2 million in the
first quarter of 2007 from $122.7 million in the same period the preceding year.
Net cash provided by operating activities was $126.1 million in the first
quarter of 2007 compared to $129.2 million in the comparable period for the
prior year. </FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>Daily oil and gas production during the first quarter 2007 averaged 283
million cubic feet of gas equivalent (MMCFE), an increase from 244 MMCFE in the
comparable 2006 period. Average prices realized during the first quarter,
inclusive of hedging activities, were $8.04 per Mcf and $52.62 per barrel, 3%
lower for both natural gas and oil than the realized prices in the first quarter
of 2006. Average prices excluding hedging activities were $6.82 per Mcf and
$52.61 per barrel during the quarter, which were 10% lower and 8% lower,
respectively, than the same quarter last year. </FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><B><FONT
size=2>UPDATED GUIDANCE</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>The Company's guidance for the second quarter of 2007 is shown below.
Guidance for the full year of 2007 was provided in our April 18, 2007 press
release and remains unchanged. </FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>
<TR>
    <TD vAlign=top noWrap width=319>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top noWrap width=319>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><FONT
      size=2>2<SUP>nd</SUP> Quarter</FONT></U></P></TD></TR></TABLE></DIV>
<DIV align=left>
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  <TR>
    <TD vAlign=top noWrap width=319>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Oil and gas production</FONT></P></TD>
    <TD vAlign=top noWrap width=319>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>25.0 - 27.0 BCFE </FONT></P></TD></TR></TABLE></DIV>
<DIV align=left>
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  <TR>
    <TD vAlign=top noWrap width=638>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Lease operating expenses,</FONT></P></TD></TR></TABLE></DIV>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD vAlign=top noWrap width=213>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>including transportation </FONT></P></TD>
    <TD vAlign=top noWrap width=213>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>$1.30 - $1.38/MCFE </FONT></P></TD></TR></TABLE></DIV>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD vAlign=top noWrap width=319>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Production taxes</FONT></P></TD>
    <TD vAlign=top noWrap width=319>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>$0.54 - $0.60/MCFE </FONT></P></TD></TR></TABLE></DIV>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD vAlign=top noWrap width=319>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>General and administrative exp. </FONT></P></TD>
    <TD vAlign=top noWrap width=319>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>$0.52 - $0.56/MCFE </FONT></P></TD></TR></TABLE></DIV>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD vAlign=top noWrap width=319>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Depreciation, depletion, &amp; amort.</FONT></P></TD>
    <TD vAlign=top noWrap width=319>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>$1.95 - $2.05/MCFE </FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>St. Mary estimates the basis differential (the difference between
estimated realized oil and gas prices, before hedging, and the applicable NYMEX
prices) for the second quarter of 2007 will be $6.00 to $6.50 per barrel of oil
and $0.65 to $0.75 per Mcf of gas. The gas differential range is wider than that
of the first quarter of 2007 as a result of basis expansion in bid week prices
in the Rockies seen in the first two months of the second quarter.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT size=2>In
April of 2007, the Company issued $287.5 million of 3.50% Senior Convertible
Notes. Unlike the 5.75% Senior Convertible Notes that were called and
subsequently converted in March 2007, the 3.50% Senior Convertible Notes allow
for net share settlement. For financial accounting purposes, the potentially
dilutive securities </FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2>2</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P><!-- EEDocs PBStart-->
<HR align=center width="100%" noShade SIZE=2>
<PAGE><!-- EEDocs PBEnd-->
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>associated with these notes will be accounted for using the treasury
stock method rather than the if-converted method used for the 5.75% Senior
Convertible Notes. Under the treasury stock method, the securities associated
with the 3.50% Senior Convertible Notes will not factor into the calculation of
diluted EPS until the $54.42 per share conversion price has been reached.
</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT size=2>An
operational update for the first quarter 2007 was provided in the Company's
April 18, 2007 press release. Management will review this update on the first
quarter earnings call scheduled for May 4, 2007 at 8:00 am (MDT).</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><B><FONT
size=2>EARNINGS CALL INFORMATION</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT size=2>As
previously announced, the St. Mary first quarter earnings teleconference call is
scheduled for May 4, 2007 at 8:00 am (MDT). The call participation number is
888-424-5231. A replay of the conference call will be available two hours after
the completion of the call, 24 hours per day through May 18 at 800-642-1687,
conference number 5572826. International participants can dial 706-634-6088 to
take part in the conference call, and can access a replay of the call at
706-645-9291, conference number 5572826. In addition the call will be broadcast
live at St. Mary's website at </FONT><FONT color=#0000ff><U><FONT
size=2>www.stmaryland.com</FONT></U></FONT><FONT size=2> and this press release
and financial highlights attachment will be available before the call at
</FONT><FONT color=#0000ff><U><FONT
size=2>www.stmaryland.com</FONT></U></FONT><FONT size=2> under "News-Press
Releases." An audio recording of the conference call will be available at that
site through May 18.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><B><FONT
size=2>INFORMATION ABOUT FORWARD LOOKING STATEMENTS</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2>This release contains forward looking statements within the meaning of
securities laws, including forecasts and projections. The words "will,"
"should," "believe," "budget," "anticipate," "intend," "estimate," "forecast,"
"plan," and "expect" and similar expressions are intended to identify forward
looking statements. Although St. Mary believes the expectations and forecasts
reflected in these statements are reasonable, it can give no assurance that they
will prove to be correct. These statements involve known and unknown risks,
which may cause St. Mary's actual results to differ materially from results
expressed or implied by the forward looking statements. These risks include such
factors as the volatility and level of oil and natural gas prices, unexpected
drilling conditions and results, unsuccessful exploration and development
drilling, the availability of economically attractive exploration and
development and property acquisition opportunities and any necessary financing,
the risks of various exploration and hedging strategies, lower prices realized
on oil and gas sales resulting from our commodity price risk management
activities, production rates and reserve replacement, the imprecise nature of
estimating oil and gas reserves, uncertainties in projecting future rates of
production from drilling activities and acquisitions, drilling and operating
service availability, uncertainties in cash flow, the financial strength of
hedge contract counterparties, the negative impact that lower oil and natural
gas prices could have on our ability to borrow, our ability to compete
effectively against other independent and major oil and natural gas companies,
litigation, environmental matters, the potential impact of government
regulations, the use of management estimates, and other such matters discussed
in the "Risk Factors" section of St. Mary's 2006 Annual Report on Form 10-K/A
and subsequent Quarterly Reports on Form 10-Q filed with the SEC. Although St.
Mary may from time to time voluntarily update its prior forward looking
statements, it disclaims any commitment to do so except as required by
securities laws.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2>3</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P><!-- EEDocs PBStart-->
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<PAGE><!-- EEDocs PBEnd-->
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size=2></FONT>&nbsp;</P>
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  <TR>
    <TD vAlign=top width=48>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top width=48>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>(1)</FONT></P></TD>
    <TD vAlign=top>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=2>Discretionary cash flow is computed as net income plus
      depreciation, depletion, amortization, ARO accretion, impairments,
      deferred taxes, exploration expense, stock-based compensation expense, and
      non-cash changes in the Net Profits Plan liability less the effect of
      unrealized derivative loss. See the attached financial highlights for a
      reconciliation of discretionary cash flow to net cash provided by
      operating activities, a presentation of other cash flow information, and a
      statement indicating why management believes the presentation of the
      non-GAAP measure of discretionary cash flow provides useful information to
      investors.</FONT></P></TD></TR></TABLE></DIV>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.19in; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2>PR-07-11</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2>###</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2>4</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P><!-- EEDocs PBStart-->
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<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
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  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=9>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=2>ST. MARY LAND &amp; EXPLORATION COMPANY</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=9>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=2>FINANCIAL HIGHLIGHTS</FONT></B></P></TD></TR>
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    <TD
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      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=2>March 31, 2007</FONT></B></P></TD></TR>
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      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=2>(Unaudited)</FONT></P></TD></TR>
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      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
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      size=1></FONT>&nbsp;</P></TD>
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      size=1></FONT>&nbsp;</P></TD>
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      size=1></FONT>&nbsp;</P></TD>
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    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><B><FONT
      size=1>PRODUCTION DATA</FONT></B></U><U></U></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>For the Three Months Ended</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>March 31,</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1>Percent</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=3>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>2007</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>2006</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1>Change</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=1>Average realized price, net of hedging:</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Oil (per Bbl)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 52.62 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 54.47 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>-3%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Gas (per Mcf)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 8.04 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 8.28 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>-3%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=1>Production:</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Oil (MBbls)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>1,709 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left"><FONT
      size=1>1,529 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>12%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Gas (MMcf)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>15,220 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>12,789 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>19%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>MMCFE (6:1)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>25,476 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>21,962 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>16%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=1>Daily production:</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Oil (Bbls per day)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>18,992 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>16,987 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>12%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Gas (Mcf per day)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><FONT
      size=1>169,112 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>142,096 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>19%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>MCFE per day (6:1)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><FONT
      size=1>283,063 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>244,020 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>16%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=1>Margin analysis per MCFE:</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Average realized price, net of hedging</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 22.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 8.34 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 8.61 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>-3%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Lease operating expense and transportation</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left"><FONT
      size=1>1.51 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 31.5pt; TEXT-ALIGN: left"><FONT
      size=1>1.33 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>14%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Production taxes</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left"><FONT
      size=1>0.54 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 31.5pt; TEXT-ALIGN: left"><FONT
      size=1>0.55 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>-2%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>General and administrative costs</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left"><FONT
      size=1>0.44 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 31.5pt; TEXT-ALIGN: left"><FONT
      size=1>0.49 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>-10%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: left"><FONT
      size=1>Operating margin</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 22.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 5.85 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 6.24 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>-6%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Depletion, depreciation and amortization</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 22.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 1.92 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 25.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 1.57 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><FONT
      size=1>22%</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><B><FONT
      size=1>INCOME STATEMENT</FONT></B></U><U></U></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>(In thousands, except per share amounts)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>For the Three Months Ended</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>March 31,</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=3>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>2007</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>2006</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Operating revenues:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Oil and gas production revenue</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 10.5pt; TEXT-ALIGN: left"><FONT
      size=1>$ 193,706 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 14pt; TEXT-ALIGN: left"><FONT
      size=1>$ 184,065 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Realized oil and gas hedge gain </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>18,684 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left"><FONT
      size=1>5,105 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Marketed gas and other operating revenue</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>8,616 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left"><FONT
      size=1>4,418 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; TEXT-ALIGN: left"><FONT
      size=1>Total operating revenues</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left"><FONT
      size=1>221,006 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>193,588 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Operating expenses:</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Oil and gas production expense</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>52,320 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>41,214 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Depletion, depreciation, amortization,</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: left"><FONT
      size=1>and asset retirement obligation liability accretion</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>48,959 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>34,391 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Exploration</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>20,769 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>10,787 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Impairment of proved properties</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 34.5pt; TEXT-ALIGN: left"><FONT
      size=1>- </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left"><FONT
      size=1>1,289 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Abandonment and impairment of unproved properties</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>1,484 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left"><FONT
      size=1>1,186 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>General and administrative</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>11,141 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>10,786 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Change in Net Profits Plan liability</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>4,965 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left"><FONT
      size=1>7,021 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Marketed gas system and other operating expense</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>7,952 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left"><FONT
      size=1>5,759 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Unrealized derivative loss</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>3,904 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33pt; TEXT-ALIGN: left"><FONT
      size=1>469 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 10.1pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24pt; TEXT-ALIGN: left"><FONT
      size=1>Total operating expenses</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.25in; TEXT-ALIGN: left"><FONT
      size=1>151,494 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>112,902 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 10.1pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Income from operations</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>69,512 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>80,686 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Nonoperating income (expense):</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Interest income</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 29.25pt; TEXT-ALIGN: left"><FONT
      size=1>103 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33pt; TEXT-ALIGN: left"><FONT
      size=1>824 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Interest expense</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 22.5pt; TEXT-ALIGN: left"><FONT
      size=1>(6,053)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 26.25pt; TEXT-ALIGN: left"><FONT
      size=1>(1,379)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Income before income taxes</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>63,562 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>80,131 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Current income tax expense </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>2,375 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>15,775 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Deferred income tax expense </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>21,237 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>13,830 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=1>Net income</FONT></B></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15.5pt; TEXT-ALIGN: left"><FONT
      size=1>$ 39,950 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 18.5pt; TEXT-ALIGN: left"><FONT
      size=1>$ 50,526 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Basic weighted-average common shares outstanding</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>57,011 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>57,233 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Diluted weighted-average common shares outstanding</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21pt; TEXT-ALIGN: left"><FONT
      size=1>64,908 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>67,334 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=1>Basic net income per common share</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 0.70 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 0.88 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=1>Diluted net income per common share</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 0.63 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.75pt; TEXT-ALIGN: left"><FONT
      size=1>$ 0.76 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></P><!-- EEDocs PBStart-->
<HR align=center width="100%" noShade SIZE=2>
<PAGE><!-- EEDocs PBEnd-->
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="MARGIN-LEFT: 4.65pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=643 border=0>

  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=9>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=2>ST. MARY LAND &amp; EXPLORATION COMPANY</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=9>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=2>FINANCIAL HIGHLIGHTS</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=9>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=2>March 31, 2007</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap colSpan=9>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=2>(Unaudited)</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><B><FONT
      size=1>BALANCE SHEET</FONT></B></U><U></U></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>(In thousands)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>March 31,</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>December 31,</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.5pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>2007</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>2006</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 11.5pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Working capital (deficit)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 11.5pt; TEXT-ALIGN: left"><FONT
      size=1>$ (24,669)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.5pt; TEXT-ALIGN: left"><FONT
      size=1>$ 22,870 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Long-term debt</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.5pt; TEXT-ALIGN: left"><FONT
      size=1>$ 350,000 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left"><FONT
      size=1>$ 433,980 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Stockholders' equity</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.5pt; TEXT-ALIGN: left"><FONT
      size=1>$ 844,368 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: left"><FONT
      size=1>$ 743,374 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.25in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.25in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>Shares outstanding </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.25in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 16.5pt; TEXT-ALIGN: center"><FONT
      size=1>62,760 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.25in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.25in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 23.25pt; TEXT-ALIGN: center"><FONT
      size=1>55,002 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.25in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.25in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.25in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.25in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.25in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12.95pt">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.95pt"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><U><B><FONT
      size=1>CASH FLOW</FONT></B></U><U></U></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.95pt"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.95pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.95pt"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.95pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.95pt"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.95pt"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.95pt"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 12.95pt"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>(In thousands)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=1>Reconciliation of Discretionary Cash Flow</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><B><FONT
      size=1>to Net Cash Provided by Operating Activities:</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>For the Three Months Ended</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 0.15in"
    vAlign=bottom noWrap colSpan=3>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>March 31,</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap colSpan=3>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>2007</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><B><FONT
      size=1>2006</FONT></B></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Discretionary cash flow (1)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.25pt; TEXT-ALIGN: left"><FONT
      size=1>$&nbsp;&nbsp; 144,235 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 8pt; TEXT-ALIGN: left"><FONT
      size=1>$&nbsp;&nbsp;&nbsp; 122,696 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Exploration expense, excluding exploratory </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 12pt; TEXT-ALIGN: left"><FONT
      size=1>dry hole expense</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 15pt; TEXT-ALIGN: left"><FONT
      size=1>(11,200)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 21.75pt; TEXT-ALIGN: left"><FONT
      size=1>(10,541)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Other</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.5pt; TEXT-ALIGN: left"><FONT
      size=1>(125)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 33.75pt; TEXT-ALIGN: left"><FONT
      size=1>134</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Changes in working capital</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 19.5pt; TEXT-ALIGN: left"><FONT
      size=1>(6,835) </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 24.5pt; TEXT-ALIGN: left"><FONT
      size=1>16,953</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Net cash provided by operating activities</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.25pt; TEXT-ALIGN: left"><FONT
      size=1>$ 126,075 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: medium none; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left"><FONT
      size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129,242 </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Net cash used in investing activities</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 5.25pt; TEXT-ALIGN: left"><FONT
      size=1>$&nbsp; (136,029)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left"><FONT
      size=1>$&nbsp;&nbsp;&nbsp;&nbsp; (87,552)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.15in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1>Net cash provided by financing activities</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 13.5pt; TEXT-ALIGN: left"><FONT
      size=1>$ 13,223</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2.25pt double; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 20.5pt; TEXT-ALIGN: left"><FONT
      size=1>$ 4,447</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.15in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 0.05in">
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=229>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=72>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=78>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=68>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=18>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=66>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 0.05in"
    vAlign=bottom noWrap width=47>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=1>(1) Discretionary cash flow is computed as net income plus depreciation,
depletion, amortization, ARO accretion, impairments, deferred taxes, exploration
expense, stock-based compensation expense, and non-cash changes in the Net
Profits Plan liability less the effect of unrealized derivative loss. The
non-GAAP measure of discretionary cash flow is presented since management
believes that it provides useful additional information to investors for
analysis of St. Mary's ability to internally generate funds for exploration,
development, and acquisitions. In addition, discretionary cash flow is widely
used by professional research analysts and others in the valuation, comparison,
and investment recommendations of companies in the oil and gas exploration and
production industry, and many investors use the published research of industry
research analysts in making investment decisions. Discretionary cash flow should
not be considered in isolation or as a substitute for net income, income from
operations, net cash provided by operating activities or other income,
profitability, cash flow, or liquidity measures prepared under GAAP. Since
discretionary cash flow excludes some, but not all, items that affect net income
and net cash provided by operating activities and may vary among companies, the
discretionary cash flow amounts presented may not be comparable to similarly
titled measures of other companies.</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P><!-- EEDocs PBStart--><!-- EEDocs PBEnd-->
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size=2></FONT>&nbsp;</P></BODY></HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
