<SUBMISSION>
<ACCESSION-NUMBER>0000893538-07-000144
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20071221
<ITEMS>5.02
<ITEMS>5.03
<ITEMS>9.01
<FILING-DATE>20071221
<DATE-OF-FILING-DATE-CHANGE>20071221
<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>071323162
</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>form8_k.htm
<DESCRIPTION>DECEMBER 21, 2007 FORM 8-K
<TEXT>
<html>

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    <title>form8_k.htm</title>
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    <div>&#160;</div>
    <div>
      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
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    <div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">UNITED
        STATES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">SECURITIES
        AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Washington,
        D.C. 20549</font></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>FORM
        8-K</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CURRENT
        REPORT</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Pursuant
        to Section 13 or 15(d) of the Securities Exchange Act of
        1934</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Date
        of
        Report (Date of earliest event reported)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">December
        21, 2007 (December 17, 2007)</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>St.
        Mary Land &amp; Exploration Company</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Exact
        name of registrant as specified in its charter)</font></div>
      <div><br></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Delaware</font></div>
              </td>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">001-31539</font></div>
              </td>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">41-0518430</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(State
                  or other jurisdiction</font></div>
              </td>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Commission</font></div>
              </td>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(I.R.S.
                  Employer</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">of
                  incorporation)</font></div>
              </td>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">File
                  Number)</font></div>
              </td>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Identification
                  No.)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="47%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1776
                  Lincoln Street, Suite 700, Denver, Colorado</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Address
                  of principal executive offices)</font></div>
              </td>
              <td valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">80203</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Zip
                  Code)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Registrant&#8217;s
        telephone number, including area code: (303) 861-8140</font></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Not
        applicable</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Former
        name or former address, if changed since last report.)</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[_]
        Written communications pursuant to Rule 425 under the Securities Act (17
        CFR
        230.425)</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[_]
        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[_]
        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
        Act
        (17 CFR 240.14d-2(b))</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[_]
        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
        Act
        (17 CFR 240.13e-4(c))</font></div><br>
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      </div><br>
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      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                  5.02</strong></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Departure
                  of Directors or Certain Officers; Election of Directors; Appointment
                  of
                  Certain Officers; Compensatory Arrangements of Certain
                  Officers.</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        following sets forth a summary of the base salaries for 2008 for the Chief
        Executive Officer of St. Mary Land &amp; Exploration Company (the "Company"),
        the Chief Financial Officer, and the other executive officer of the Company
        for
        whom compensation disclosure was required in the Company&#8217;s most recent proxy
        statement filed with the Securities and Exchange Commission, which base salaries
        for 2008 were approved by the Compensation Committee of the Board of Directors
        of the Company on December 17, 2007, and the Board of Directors of the Company
        on December&#160;18, 2007.</font></div>
      <div><br></div>
      <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table cellpadding="0" cellspacing="0" width="65%">

            <tr>
              <td valign="middle" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>Name
                  and Principal Position</u></font></div>
              </td>
              <td valign="middle" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><u>2008
                  Base Salary</u></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Anthony
                  J. Best</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">President
                  and Chief Executive Officer</font></div>
              </td>
              <td valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$475,000</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">David
                  W. Honeyfield</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Senior
                  Vice President &#8211; Chief Financial Officer and Secretary</font></div>
              </td>
              <td valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$270,000</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Milam
                  Randolph Pharo</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Vice
                  President &#8211; Land and Legal and Assistant Secretary</font></div>
              </td>
              <td valign="top" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">$214,000</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">As
        previously disclosed in the Company&#8217;s most recent proxy statement, Mark A.
        Hellerstein, Douglas W. York, and Kevin E. Willson, who were named executive
        officers in the proxy statement, are no longer executive officers of the
        Company.&#160;&#160;As previously reported in a Current Report on Form 8-K filed
        August 24, 2007, Robert L. Nance, who was a named executive officer in the
        proxy
        statement, has notified the Company of his decision to retire from the Company
        during the first quarter of 2008.&#160;&#160;It is currently expected that Mr.
        Nance will resign as an executive officer of the Company on December 31,
        2007.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
        December 18, 2007, the Board of Directors approved the recommendation of
        management and the Compensation Committee to restructure the incentive
        compensation programs&#160;for the employees of the Company, including executive
        officers.&#160; The change will be effective prospectively beginning with the
        2008 business cycle.&#160; Accordingly, the incentive compensation&#160;programs
        that are in place currently will be maintained for the 2007 business
        cycle.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        change in the incentive compensation structure is to replace the&#160;current
        programs&#160;involving the grant of Restricted Stock Units and the grant of
        participation&#160;interests in the Net Profits Interest Bonus Plan (&#8220;NPP&#8221;) with
        a single long-term incentive&#160;program utilizing Performance
        Shares.&#160;&#160; The Performance Shares are expected to be subject to vesting
        periods and pre-established performance criteria which could result in an
        increase or decrease in the targeted number of underlying shares of&#160;the
        Company's common stock to be issued.&#160;&#160; As a result, the 2007 NPP Pool
        will be the last pool established by the Company.&#160;</font></div>
      <div><br></div>
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">We
        expect
        that awards&#160;granted&#160;under the Performance Share&#160;Plan&#160;(&#8220;PSP&#8221;)
        will be&#160;granted under the existing stockholder approved 2006 Equity
        Incentive Compensation Plan.&#160; Details and&#160;forms of award agreements
        for the PSP will be completed in the first quarter of 2008.</font></div>
      <div><br></div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
                  5.03</strong></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Amendments
                  to Articles of Incorporation or Bylaws; Change in Fiscal
                  Year.</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
        December 18, 2007, the Board of Directors approved an amendment to Section
        16 of
        the Company&#8217;s Restated By-Laws, effective immediately, to specifically provide
        for the issuance and transfer of uncertificated shares of the Company's
        stock.&#160; This amendment was adopted to comply with a requirement of the New
        York Stock Exchange ("NYSE") that requires all securities listed on the NYSE
        to
        be eligible for participation in a direct registration system administered
        by a
        securities depository, such as The Depository Trust Company, by
        January&#160;1,&#160;2008.&#160;&#160;The Company's entire Restated By-Laws, as
        amended, are attached as Exhibit 3.1 to this report and are incorporated
        herein
        by reference.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial
        Statements and Exhibits.</strong></font></div>
      <div><br></div>
      <div>
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            <tr>
              <td align="right" valign="top" width="5%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(d)&#160;
                  </font></div>
              </td>
              <td align="left" valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Exhibits.</font></div>
              </td>
              <td align="left" valign="top" width="82%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">The
                  following exhibit is filed as part of this report:</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                  By-Laws of St. Mary Land &amp; Exploration Company amended as of December
                  18, 2007.</font></div>
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        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></div>
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        MARY LAND &amp;
EXPLORATION COMPANY</font></div>
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                  21, 2007</font></div>
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                  MARK T. SOLOMON</u></font></div>
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              <td align="left" valign="top" width="28%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Mark
                  T. Solomon</font></div>
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              <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="left" valign="top" width="28%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Controller</font></div>
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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>exhibit3_1.htm
<DESCRIPTION>RESTATED BY-LAWS OF ST. MARY LAND &AMP; EXPLORATION CO.
<TEXT>
<html>

  <head>
    <title>exhibit3_1.htm</title>
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    <div>&#160;</div>
    <div>
      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
      <hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><u>Exhibit
      3.1</u></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">RESTATED
      BY-LAWS</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">OF</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ST.
      MARY
      LAND &amp; EXPLORATION COMPANY</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(amended
      as of December 18, 2007)</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">________________</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;NAME</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      title
      of this Corporation is St. Mary Land &amp; Exploration Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;OFFICE</font></div>
    <div><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">This
      Corporation may establish or discontinue, from time to time, such offices and
      places of business within or without the State of Delaware as the Board of
      Directors may deem proper for the conduct of the Corporation's
      business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;SEAL</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      corporate seal of this Corporation shall have inscribed thereon the name of
      this
      Corporation and the year of its creation and the words "Corporate Seal,
      Delaware."</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;STOCKHOLDERS'
      MEETINGS</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">4.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      annual meeting of the Stockholders shall be held on the third Thursday in May
      of
      each year, or at such other time, at the principal office of the Corporation,
      or
      such other place, within or without the State of Colorado, as the Board of
      Directors may determine, when the Stockholders shall elect a Board of Directors
      for the ensuing year and transact such other business as may come before
      it.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
<font id="TAB2" style="LETTER-SPACING: 9pt;"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Special
      meetings of the Stockholders shall be held at the place prescribed for the
      annual meetings, unless otherwise ordered by the Board of Directors, and may
      be
      called by the Chairman of the Board and the President or on the written request
      of any four Directors who may include the Chairman of the Board or the
      President.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except as
      otherwise provided by law or the Certificate of Incorporation, the holders
      of
      one-third (1/3) of the shares of the capital stock entitled to vote at the
      meeting present in person or by proxy shall constitute a quorum at all meetings
      of the Stockholders.&#160;&#160;In the absence of a quorum, the holders of a
      majority of such shares of stock present in person or by proxy may adjourn
      any
      meeting from time to time, until a quorum shall be present.&#160;&#160;At any
      such adjourned meeting at which a quorum may be present, any business may be
      transacted which might have been transacted at the meeting as originally
      called.&#160;&#160;No notice of any adjourned meeting need be given other than
      by announcement at the meeting that is being adjourned, provided that if the
      adjournment is for more than thirty (30) days, or if after the adjournment
      a new
      record date is fixed for the adjourned meeting, then a notice of the adjourned
      meeting shall be given to each Stockholder of record entitled to vote at the
      meeting.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each
      Stockholder of record, as determined pursuant to Article 16 of these By-Laws,
      shall be entitled to one vote either in person or by proxy for each share of
      capital stock registered in his name on the books of the Corporation, provided,
      that, each stockholder of record of a fractional share shall be entitled to
      a
      vote equal to such fractional share.&#160;&#160;Except as otherwise provided by
      law, by the Certificate of Incorporation or by Article 5 of these By-Laws,
      all
      elections of directors and all other actions to be taken by Stockholders shall
      be decided by the vote of the holders of a majority of the shares of capital
      stock present in person or by proxy at the meeting and entitled to vote in
      the
      election or on the action.</font></div>
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      (e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notice of
      the meetings and the conduct of the same shall be as prescribed by the Board
      of
      Directors, subject to applicable law and the provisions of these
      By-Laws.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any action
      required to be taken, or which may be taken, at any meeting of Stockholders
      may
      be taken without a meeting, without prior notice and without a vote, if a
      consent in writing, setting forth the action so taken, shall be signed by the
      holders of shares of outstanding capital stock having not less than the minimum
      number of votes that would be necessary to authorize or take such action at
      a
      meeting at which all shares of stock entitled to vote thereon were present
      and
      voted; provided, that prompt notice of the taking of corporate action without
      a
      meeting by less than unanimous written consent shall be given to those
      Stockholders who have not consented in writing.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;At an
      annual meeting of the Stockholders, only such business shall be conducted as
      shall have been properly brought before the meeting.&#160;&#160;To be properly
      brought before an annual meeting, business must be (i) specified in the notice
      of meeting (or any supplement thereto) given by or at the direction of the
      Board
      of Directors (or any duly authorized committee thereof), (ii) otherwise properly
      brought before the annual meeting by or at the direction of the Board of
      Directors (or any duly authorized committee thereof), or (iii) otherwise
      properly brought before the annual meeting by any Stockholder of the Corporation
      (A) who is a Stockholder of record on the date of the giving of notice provided
      for in this subsection (g) and on the record date for the determination of
      Stockholders entitled to vote at such annual meeting and (B) who complies with
      the notice procedures set forth in this subsection (g).</font></div>
    <div>&#160;</div>
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      </div>
    </div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
In
      addition to any
      other applicable requirements, for business to be properly brought before an
      annual meeting by a Stockholder, such Stockholder must have given timely notice
      thereof in proper written form to the Secretary of the Corporation.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
To
      be timely, a
      Stockholder&#8217;s notice to the Secretary must be delivered to, or mailed and
      received at, the principal executive offices of the Corporation not less than
      seventy-five (75) days nor more than one hundred five (105) days prior to the
      first anniversary date of the immediately preceding annual meeting of the
      Stockholders, provided, however, that if the date of the annual meeting is
      called for a date that is not within twenty (20) days before or after such
      anniversary date, in order to be timely notice by the Stockholder must be so
      delivered or received not later than the close of business on the tenth (10<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>th</sup></font>) day following
      the
      day on which public disclosure of the date of the annual meeting is first
      made.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
To
      be in proper
      written form, a Stockholder&#8217;s notice to the Secretary must set forth as to each
      matter the Stockholder proposes to bring before the annual meeting (i) a brief
      description of the proposal desired to be brought before the annual meeting
      and
      the reasons for conducting such business at the annual meeting, (ii) the name
      and address, as they appear on the Corporation&#8217;s books, of the Stockholder
      proposing such business and any other Stockholders known by such Stockholder
      to
      be supporting such proposal, (iii) the class and number of shares of the
      Corporation&#8217;s capital stock which are owned beneficially and of record by the
      Stockholder on the date of such Stockholder notice and by any other Stockholders
      known by such Stockholder to be supporting such proposal on the date of such
      Stockholder notice, (iv) a description of all arrangements or understandings
      between such Stockholder and any other person or persons (including their names)
      in connection with the proposal of such business by such Stockholder and any
      material interest of such Stockholder in such proposal and (v) a representation
      that such Stockholder intends to appear in person or by proxy at the annual
      meeting to bring such business before the meeting.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
No
      business shall be
      conducted at an annual meeting of the Stockholders except business brought
      before the annual meeting in accordance with the procedures set forth in this
      subsection (g), provided, however, that once business has been properly brought
      before the annual meeting in accordance with such procedures, nothing in this
      subsection (g) shall be deemed to preclude discussion by any Stockholder of
      any
      such business.&#160;&#160;If the Chairman of an annual meeting determines that
      business was not properly brought before the annual meeting in accordance with
      the foregoing procedures, the Chairman shall declare to the meeting that the
      business was not properly brought before the meeting and such business shall
      not
      be transacted.</font></div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;</font></div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Only
      persons who are nominated in accordance with the following procedures shall
      be
      eligible for the election as Directors of the
      Corporation.&#160;&#160;Nominations of persons for election to the Board of
      Directors may be made at any annual meeting of the Stockholders, or at any
      special meeting of the Stockholders called for the purpose of electing Directors
      (i) by or at the direction of the Board of Directors (or any duly authorized
      committee thereof), or (ii) by any Stockholder of the Corporation (A) who is
      a
      Stockholder of record on the date of the giving of the notice provided for
      in
      this subsection (h) and on the record date for the determination of Stockholders
      entitled to vote for the election of Directors at such meeting and (B) who
      complies with the notice procedures set forth in this subsection
      (h).</font></div>
    <div>&#160;</div>
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        </div>
      </div>
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      </div>
    </div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
In
      addition to any
      other applicable requirements, for a nomination to be made by a Stockholder
      such
      Stockholder must have given timely notice thereof in proper written form to
      the
      Secretary of the Corporation.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
To
      be timely, a
      Stockholder&#8217;s notice to the Secretary must be delivered to, or mailed and
      received at, the principal executive offices of the Corporation (i) in the
      case
      of an annual meeting of the Stockholders, not less than seventy-five (75) days
      nor more than one hundred five (105) days prior to the first anniversary date
      of
      the immediately preceding annual meeting of the Stockholders, provided, however,
      that if the date of the annual meeting is called for a date that is not within
      twenty (20) days before or after such anniversary date, in order to be timely
      notice by the Stockholder must be so delivered or received not later than the
      close of business on the tenth (10<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>th</sup></font>) day following
      the
      day on which public disclosure of the date of the annual meeting is first made,
      and (ii) in the case of a special meeting of the Stockholders called for the
      purpose of electing Directors, not later than the close of business on the
      tenth
      (10<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>th</sup></font>) day
      following the day on which public disclosure of the date of such meeting is
      first made.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
To
      be in proper
      written form, a Stockholder&#8217;s notice to the Secretary must set forth (i) as to
      each person whom the Stockholder proposes to nominate for election as a
      Director, (A) the name, age, business address and residence address of the
      person, (B) the principal occupation or employment of the person, (C) the class
      and number of shares of capital stock of the Corporation that are owned
      beneficially and of record by the person, and (D) any other information relating
      to the person that would be required to be disclosed in a proxy statement or
      other filings required to be made in connection with solicitations of proxies
      for election of directors pursuant to Section 14 of the Securities Exchange
      Act
      of 1934, as amended (the &#8220;Exchange Act&#8221;), and the rules and regulations
      promulgated thereunder, and (ii) as to the Stockholder giving the notice, (A)
      the name and address, as they appear on the Corporation&#8217;s books, of such
      Stockholder, (B) the class and number of shares of the Corporation&#8217;s capital
      stock which are owned beneficially and of record by such Stockholder on the
      date
      of such Stockholder notice, (C) a description of all arrangements or
      understandings between such Stockholder and each proposed nominee and any other
      person or persons (including their names) pursuant to which the nomination(s)
      are to be made by such Stockholder, (D) a representation that such Stockholder
      intends to appear in person or by proxy at the meeting to nominate the persons
      named in the notice and (E) any other information relating to such Stockholder
      that would be required to be disclosed in a proxy statement or other filings
      required to be made in connection with solicitations of proxies for election
      of
      directors pursuant to Section 14 of the Exchange Act and the rules and
      regulations promulgated thereunder.&#160;&#160;Such notice must be accompanied
      by a written consent of each proposed nominee to being named as a nominee and
      to
      serve as a Director if elected.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
No
      person shall be
      eligible for election as a Director of the Corporation unless nominated in
      accordance with the procedures set forth in this subsection (h).&#160;&#160;If
      the Chairman of the meeting of the Stockholders determines that a nomination
      was
      not made in accordance with the foregoing procedures, the Chairman shall declare
      to the meeting that the nomination was defective and such defective nomination
      shall be disregarded.</font></div>
    <div>&#160;</div>
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;DIRECTORS</font></div>
    <div><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">5.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      property and business of this Corporation shall be managed by a Board of at
      least three Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The number
      of Directors may be fixed from time to time by resolution by the Board of
      Directors but shall not be less than three; the Board of Directors may at any
      regular or special meeting increase its number by electing additional members
      to
      hold office until the next annual meeting of the Stockholders, or until their
      successors shall be elected and qualified or until their earlier resignation
      or
      removal.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Regular
      meetings of the Board of Directors shall be held at such times as may be
      determined by resolution of the Board of Directors and no notice shall be
      required for any regular meeting.&#160;&#160;Except as otherwise provided by
      law, any business may be transacted at any regular meeting of the Board of
      Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Special
      meetings of the Board of Directors shall be called by the Secretary on the
      request of the President, or on the request in writing of any two other
      Directors stating the purpose or purposes of such meeting.&#160;&#160;Notice of
      any special meeting shall be in form approved by the
      President.&#160;&#160;Notices of special meetings shall be mailed to each
      Director, addressed to him at his residence or usual place of business, not
      later than three (3) days before the day on which the meeting is to be held,
      or
      shall be sent to him at such place by telegraph, cable or other form of recorded
      communication or be delivered personally or by telephone, not later than the
      day
      before such day of meeting.&#160;&#160;Notice of any meeting of the Board of
      Directors need not be given to any Director if he shall sign a written waiver
      thereof either before or after the time stated therein, or if he shall attend
      a
      meeting, except when he attends such meeting for the express purpose of
      objecting, at the beginning of the meeting, to the transaction of any business
      because the meeting is not lawfully called or convened.&#160;&#160;Neither the
      business to be transacted at, nor the purpose of, any special meeting of the
      Board of Directors need be specified in any notice or written waiver of
      notice.&#160;&#160;Unless limited by law, by the Certificate of Incorporation or
      by these By-Laws, any and all business may be transacted at any special
      meeting.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A majority
      of the whole Board of Directors (the whole Board of Directors being the number
      of Directors fixed by resolution of the Board of Directors from time to time)
      shall constitute a quorum for the transaction of business at any meeting of
      the
      Board of Directors.&#160;&#160;The act of the majority of the Directors present
      at a meeting at which a quorum is present shall be the act of the Board of
      Directors unless otherwise provided by law, the Certificate of Incorporation
      or
      these By-Laws.&#160;&#160;A majority of the Directors present at any meeting may
      adjourn the meeting from time to time without further notice other than
      announcement at the meeting.&#160;&#160;If at any meeting a quorum is not
      present, a majority of the Directors present may adjourn the meeting from time
      to time without notice other than announcement at the meeting until a quorum
      is
      present.</font></div>
    <div>&#160;</div>
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      </div>
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          5
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any action
      required or permitted to be taken at any meeting of the Board of Directors,
      or
      of any committee thereof, may be taken without a meeting if all members of
      the
      Board of Directors, or of such committee, as the case may be, consent thereto
      in
      writing, and such written consent is filed with the minutes of the proceedings
      of the Board of Directors or of such committee.&#160;&#160;Furthermore, members
      of the Board of Directors, or any committee thereof, may participate in a
      meeting of the Board of Directors, or of such committee, by means of conference
      telephone or other similar communications equipment by means of which all
      persons participating in the meeting can hear each other, and participation
      in a
      meeting pursuant to this provision shall constitute presence in person at such
      meeting.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In case of
      any increase in the number of Directors, or of any vacancy in the Board of
      Directors, the additional Director or Directors shall be elected, or, as the
      case may be, the vacancy or vacancies shall be filled by the Board of Directors
      at any meeting by the affirmative vote of a majority of the remaining Directors,
      notwithstanding that the remaining Directors may be less than a quorum, or
      by
      the sole remaining Director.&#160;&#160;The Directors so chosen shall hold
      office until the next annual meeting of Stockholders and until their successors
      are elected and qualify or until their earlier resignation or
      removal.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By
      resolution of the Board of Directors, any Director may be paid any one or more
      of the following: his expenses, if any, of attendance at meetings; a fixed
      sum
      for attendance at meetings; or a stated salary as Director.&#160;&#160;Nothing
      herein contained shall be construed to preclude any Director from serving the
      Corporation in any capacity as an officer, employee, agent or otherwise, and
      receiving compensation therefor.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board
      of Directors shall have power to elect or appoint all necessary officers and
      committees, to employ agents, factors, clerks and workmen, to require any of
      them to give such bond for the faithful discharge of their duties as may be
      deemed wise, to fix their compensation, to prescribe their duties, to dismiss
      any appointed officer or employee, and generally to control all the officers
      of
      the Corporation.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board
      of Directors may, by resolution passed by a majority of the whole Board of
      Directors as specified in the Certificate of Incorporation, designate one or
      more committees, each to consist of one or more of the Directors of the
      Corporation, and may appoint chairmen of any such committees.&#160;&#160;To the
      extent provided in the resolution designating such committee, and to the extent
      permitted by law, each such committee shall have and may exercise the powers
      of
      the Board of Directors in the management of the business and affairs of the
      Corporation, and may authorize the seal of the corporation to be affixed to
      all
      papers which may require it. The Board of Directors may designate one or more
      Directors as alternate members of any committee, who may replace any absent
      or
      disqualified member at any meeting of the committee.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Board
      of Directors, in addition to the powers and authority expressly conferred upon
      them by these By-Laws, may exercise all such powers and do all such things
      as
      may be exercised or done by the Corporation, but subject, nevertheless, to
      the
      provisions of the law, of the Certificate of Incorporation, and of these
      By-Laws.</font></div>
    <div>&#160;</div>
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        </div>
      </div>
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      </div>
    </div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;
      (l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Director
      of the Company may be removed by a vote of the Stockholders for cause, as
      determined by the written opinion of independent counsel of the
      Company.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;OFFICERS</font></div>
    <div><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">6.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      officers of the corporation shall be a Chairman of the Board, President, one
      or
      more Vice Presidents, a Secretary, a Treasurer, one or more Assistant
      Secretaries, one or more Assistant Treasurers, a Controller and such other
      officers as may from time to time be elected or appointed by the Board of
      Directors.&#160;&#160;The determination of whether or not to fill such positions
      shall be within the discretion of the Board of Directors, except as otherwise
      provided by law.&#160;&#160;Any offices except those of President and Vice
      President or President and Secretary may be held by the same
      person.&#160;&#160;All officers shall serve at the pleasure of the Board of
      Directors.&#160;&#160;Any officer may be removed by the Board of Directors at
      anytime with or without cause.&#160;&#160;A vacancy in any office shall be
      filled by the Board of Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;CHAIRMAN
      OF THE
      BOARD</font></div>
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      Chairman of the Board shall preside at all meetings of the Stockholders and
      at
      all meetings of the Board of Directors.&#160;&#160;He shall have general powers
      and duties of management and such other powers and duties as may be prescribed
      by the Board of Directors or the By-Laws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;PRESIDENT</font></div>
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      President shall be a member of the Board of Directors, and he shall be the
      chief
      executive officer of the Corporation and shall exercise general supervision
      and
      administra&#173;tion over all its affairs and shall have such further duties as
      are incident to the office of President or prescribed by law or as shall from
      time to time be designated by the Board of Directors.&#160;&#160;He shall, in
      the absence of the Chairman of the Board, preside at all meetings of the
      Stockholders and Directors.&#160;&#160;He shall sign or countersign as may be
      necessary all such bills, notes, checks, contracts and other instruments as
      may
      pertain to the business and affairs of the Corporation, and he shall sign,
      when
      duly authorized, all contracts, orders, deeds, liens, licenses and other
      instruments of a special nature.&#160;&#160;He shall, as far as may be possible
      and desirable, familiarize himself with and exercise supervision over the
      affairs of this or any other corporation in which this Corporation may be
      interested.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;VICE-PRESIDENT</font></div>
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      the
      absence of the President or in the event of his inability or refusal to act,
      the
      Vice-President, if any (or, if there be more than one, the Vice Presidents
      in
      the order designated by the President, subject to revision by the Board of
      Directors, and, absent such designation or revision, in the order of their
      first
      election to that office), shall perform the duties and discharge the
      responsibilities of the President.&#160;&#160;They shall have such other duties
      and powers as shall from time to time be designated by the Board of Directors
      or
      by the President.</font></div>
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          7
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          <hr style="COLOR: black" noshade size="2">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;SECRETARY</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">10.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Secretary shall be sworn to the faithful discharge of his duties and shall
      keep
      full minutes of all the meetings of the Stockholders and of the Board of
      Directors, and shall perform the same duty for the standing committees when
      required.&#160;&#160;He shall issue all calls for meetings of the Stockholders
      and Directors and shall notify all officers and Directors of their
      election.&#160;&#160;He shall have charge of the seal of the Corporation and
      affix the same to any instrument requiring it.&#160;&#160;He shall have charge
      of the stock certificate books, stock transfer books, and stock ledgers, and
      such other books and papers as the Board of Directors may place in his
      charge.&#160;&#160;He shall make such reports to the Board of Directors as they
      may require, and he shall also prepare such reports and statements as may be
      required by the provisions of the law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;ASSISTANT
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      Assistant Secretary (or if there be more than one, the Assistant Secretaries
      in
      the order designated by the President, subject to revision by the Board of
      Directors, and, absent such designation or revision, in the order of their
      first
      election to that office) shall, in the absence, disability, or refusal to act
      of
      the Secretary, be vested with all the powers of the Secretary and shall perform
      all his duties.&#160;&#160;He shall assist the Secretary in the performance of
      his duties, and shall have such powers and perform such other duties as the
      Board of Directors may from time to time direct.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;TREASURER</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">12.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Treasurer shall be the custodian of all the funds and securities of the
      Corporation and shall keep full and accurate records and accounts in books
      provided for that purpose of all receipts, disbursements, credits, assets,
      liabilities and general financial transactions of the Corporation.&#160;&#160;He
      shall endorse for collection or deposit, to the credit of the Corporation,
      all
      bills, notes, checks and other negotiable instruments of the Corporation coming
      into his hands in such depositories and safe deposits as may be designated
      by
      the Board of Directors.&#160;&#160;He shall disburse the funds of the
      Corporation as may be ordered by the specific instructions of the Board of
      Directors or any committee established thereby, taking proper vouchers for
      all
      such disbursements, and he shall give bond to the Corporation in such sum and
      with such surety as shall be satisfactory to the proper officers of the
      Corporation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 136.8pt;"></font>ASSISTANT
      TREASURER</font></div>
    <div><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">13.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Assistant Treasurer (or, if there be more than one, the Assistant Treasurers
      in
      the order designated by the President, subject to revision by the Board of
      Directors, and, absent such designation or revision, in the order of their
      first
      election to that office) shall, in the absence, disability or refusal to act
      of
      the Treasurer, be vested with all the powers of the Treasurer and shall perform
      all his duties.&#160;&#160;He shall assist the Treasurer in the performance of
      his duties, and shall have such powers and perform such other duties as the
      Board of Directors may from time to time direct.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          8
          -</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;CONTROLLER</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">14.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Controller shall exercise and perform such powers and duties with respect to
      the
      administration of the business and affairs of the Corporation as may from time
      to time be assigned to him by the Board of Directors.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;OFFICER
      PRO
      TEM</font></div>
    <div><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">15.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">In
      the
      absence of any officer, the Board of Directors may delegate his powers and
      duties to any other officers or to any Director, for the time
      being.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;STOCK</font></div>
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      shares of the Corporation&#8217;s stock may be in either certificated or
      uncertificated form.&#160;&#160;Any shares represented by a certificate may not
      become uncertificated until the certificate therefore is surrendered to the
      Corporation, subject to the provisions of section 16(d) hereof.&#160;&#160;Any
      certificates representing shares of stock shall be in such form as the Board
      of
      Directors shall from time to time approve, signed by or in the name of the
      Corporation by the President or any Vice-President and by the Treasurer, an
      Assistant Treasurer, the Secretary or an Assistant Secretary, certifying the
      number of shares owned by the stockholder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;
      (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any or all
      the signatures on a certificate may be a facsimile.&#160;&#160;In case any
      officer, transfer agent or registrar who has signed or whose facsimile signature
      has been placed upon a certificate shall have ceased to be such officer,
      transfer agent or registrar before such certificate is issued, it may be issued
      by the Corporation with the same effect as if he were such officer, transfer
      agent or registrar at the date of issue.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;
      (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A record of
      the name and address of each holder of certificated or uncertificated shares,
      the number of shares held, and the date of issue thereof, shall be made on
      the
      Corporation's books.&#160;&#160;The Corporation shall be entitled to treat the
      holder of record of any share or shares of stock as the holder in fact thereof,
      and accordingly, shall not be bound to recognize any equitable or other claim
      to
      or interest in any share on the part of any other person whether or not it
      shall
      have express or other notice thereof, except as required by the laws of
      Delaware.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;
      (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any person
      claiming a stock certificate or uncertificated shares in lieu of a stock
      certificate lost, stolen, mutilated or destroyed shall give the Corporation
      an
      affidavit as to his ownership of the certificate and of the facts as to its
      loss, theft, mutilation or destruction.&#160;&#160;He shall also, if required by
      the Board of Directors, give the Corporation a bond, in such form and amount
      as
      may be approved by the Board of Directors, sufficient to indemnify the
      Corporation against any claim that may be made against it on account of the
      alleged loss or theft of the certificate or the issuance of a new
      certificate.&#160;&#160;Upon production of any required evidence and
      indemnification, the Corporation may issue a new certificate or certificates
      of
      stock or provide for uncertificated shares in place of any certificate or
      certificates previously issued by the Corporation alleged to have been lost,
      stolen, mutilated or destroyed.</font></div>
    <div>&#160;</div>
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          9
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          <hr style="COLOR: black" noshade size="2">
        </div>
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    </div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;
      (e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Corporation may maintain one or more transfer offices or agencies, each under
      the control of a transfer agent designated by the Board of Directors, where
      the
      shares of stock of the Corporation shall be transferable.&#160;&#160;The
      Corporation may also maintain one or more registry offices, each under the
      control of a registrar designated by the Board of Directors, wherein such shares
      of stock shall be registered.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;
      (f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transfer of
      shares shall, except as provided in section 16(d) hereof, be made on the books
      of the Corporation only by direction of the holder, whether named in the
      certificate or on the books of the Corporation as a holder of uncertificated
      shares, or his attorney, lawfully constituted in writing, upon presentation
      of
      proper transfer instructions and proper evidence of succession, assignment
      or
      authority to transfer the shares and, if held in certificate form, only upon
      the
      surrender for cancellation of the certificate therefor, duly endorsed or
      accompanied by a written assignment of the shares evidenced
      thereby.&#160;&#160;Upon the surrender of any certificate for the transfer of
      stock, such certificate shall be marked "Cancelled" and filed with the stock
      records of the Corporation.</font></div>
    <div>&#160;</div>
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      (g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In order
      that the Corporation may determine the Stockholders entitled to notice of or
      to
      vote at any meeting of Stockholders or any adjournment thereof, or entitled
      to
      receive payment of any dividend or other distribution or allotment of any
      rights, or entitled to exercise any rights in respect of any change, conversion
      or exchange of stock or for the purpose of any other lawful action, the Board
      of
      Directors may fix, in advance, a record date, which shall not be more than
      sixty
      nor less than ten days before the date of such meeting, nor more than sixty
      days
      prior to any other action.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;INSPECTION
      OF BOOKS
      AND ACCOUNTS</font></div>
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      as
      otherwise provided by law and the Certificate of Incorporation, the Directors
      shall determine from time to time whether, and, if allowed, when and under
      what
      conditions and regulations the accounts and books of the Corporation, or any
      of
      them, shall be open to the inspection of the Stockholders, and the Stockholders'
      rights in this respect are and shall be restricted and limited
      accordingly.</font></div>
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    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;ALTERATION
      AND
      AMENDMENT</font></div>
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      Board
      of Directors may by a majority vote of the whole Board, adopt, amend or repeal
      these By-Laws at any regular meeting or at any special meeting.</font></div>
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          <hr style="COLOR: black" noshade size="2">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;DEFERRED
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">19.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
      any
      meeting provided for in these By-Laws should fall upon a legal holiday, the
      same
      shall be held upon the next succeeding business day at the same hour and
      place.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;INDEMNIFICATION
      OF
      OFFICERS, DIRECTORS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;EMPLOYEES
      AND
      AGENTS:&#160;&#160;INSURANCE</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">20.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Corporation shall indemnify any person who was or is a party or is threatened
      to
      be made a party to any threatened, pending or completed action, suit or
      proceeding, whether civil, criminal, administrative or investigative (other
      than
      an action by or in the right of the Corporation) by reason of the fact that
      he
      is or was a Director, officer, employee or agent of the Corporation, or is
      or
      was serving at the request of the Corporation as Director, officer, employee
      or
      agent of another corporation, partnership, joint venture, trust or other
      enterprise, against expenses (including attorneys' fees), judgments, fines
      and
      amounts paid in settlement actually and reasonably incurred by him in connection
      with such action, suit or proceeding if he acted in good faith and in a manner
      he reasonably believed to be in or not opposed to the best interests of the
      Corporation, and, with respect to any criminal action or proceeding, had no
      reasonable cause to believe his conduct was unlawful.&#160;&#160;The termination
      of any action, suit or proceeding by judgment, order, settlement, conviction,
      or
      upon a plea of nolo contendere or its equivalent, shall not, of itself, create
      a
      presumption that the person did not act in good faith and in a manner which
      he
      reasonably believed to be in or not opposed to the best interests of the
      Corporation, and, with respect to any criminal action or proceeding, had
      reasonable cause to believe that his conduct was unlawful.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;
      (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      Corporation shall indemnify any person who was or is a party or is threatened
      to
      be made a party to any threatened, pending or completed action or suit by or
      in
      the right of the Corporation to procure a judgment in its favor by reason of
      the
      fact that he is or was a Director, officer, employee or agent of the
      Corporation, or is or was serving at the request of the Corporation as a
      Director, officer, employee or agent of another corporation, partnership, joint
      venture, trust or other enterprise against expenses (including attorneys' fees)
      actually and reasonably incurred by him in connection with the defense or
      settlement of such action or suit if he acted in good faith and in a manner
      he
      reasonably believed to be in or not opposed to the best interests of the
      Corporation and except that no indemnification shall be made in respect of
      any
      claim, issue or matter as to which such person shall have been adjudged to
      be
      liable to the Corporation unless and only to the extent that the Court of
      Chancery or the court in which such action or suit was brought shall determine
      upon application that, despite the adjudication of liability but in view of
      all
      the circumstances of the case, such person is fairly and reasonably entitled
      to
      indemnity for such expenses which the Court of Chancery or such other court
      shall deem proper.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;
      (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To the
      extent that a Director, officer, employee or agent of the Corporation has been
      successful on the merits or otherwise in defense of any action, suit or
      proceeding referred to in subsections (a) and (b), or in defense of any claim,
      issue or matter therein, he shall be indemnified against expenses (including
      attorneys' fees) actually and reasonably incurred by him in connection
      therewith.</font></div>
    <div>&#160;</div>
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          11
          -</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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      </div>
    </div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;
      (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any
      indemnification under subsections (a) and (b) (unless ordered by a court) shall
      be made by the Corporation only as authorized in the specific case upon a
      determination that indemnification of the Director, officer, employee or agent
      is proper in the circumstances because he has met the applicable standard of
      conduct set forth in subsections (a) and (b).&#160;&#160;Such determination
      shall be made (1) by the Board of Directors by a majority vote of a quorum
      consisting of Directors who were not parties to such action, suit or proceeding,
      or (2) if such a quorum is not obtainable, or, even if obtainable a quorum
      of
      disinterested directors so directs, by independent legal counsel in a written
      opinion.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;
      (e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Expenses
      incurred by an officer or Director in defending a civil or criminal action,
      suit
      or proceeding shall be paid by the Corporation in advance of the final
      disposition of such action, suit or proceeding upon receipt of an undertaking
      by
      or on behalf of such Director or officer to repay such amount if it shall
      ultimately be determined that he is not entitled to be indemnified by the
      Corporation as authorized in this Article 20.&#160;&#160;Such expenses incurred
      by other employees and agents may be so paid upon such terms and conditions,
      if
      any, as the Board of Directors deems appropriate.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;
      (f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i) The
      indemnification and advancement of expenses provided by, or granted pursuant
      to,
      the other subsections of this Article shall not be deemed exclusive of any
      other
      rights to which those seeking indemnification or advancement of expenses may
      be
      entitled under any by-law, agreement, vote of Stockholders or disinterested
      Directors, or otherwise, both as to action in his official capacity and as
      to
      action in another capacity while holding such office; and (ii) the
      indemnification and advancement of expenses provided by, or granted pursuant
      to,
      this Article shall, unless otherwise provided when authorized or ratified,
      continue as to a person who has ceased to be a Director, officer, employee
      or
      agent, and shall inure to the benefit of the heirs, executors and administrators
      of such a person.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;
      (g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company
      may purchase and maintain insurance on behalf of any person who is or was a
      Director, officer, employee or agent of the Corporation, or is or was serving
      at
      the request of the Corporation as a Director, officer, employee or agent of
      another corporation, partnership, joint venture, trust or other enterprise
      against any liability asserted against him and incurred by him in any such
      capacity, or arising out of his status as such, whether or not the Corporation
      would have the power to indemnify him against such liability under the
      provisions of this section.</font></div>
    <div>&#160;</div>
    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;
      (h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
      provisions of this Article 20 shall be separable and the invalidity of all
      or
      any part thereof as applied to any particular type of liability or any
      particular person shall not preclude application of any remaining portion
      thereof to such situation or such person, nor application of the provisions
      of
      this Article to any other situation or person.</font></div>
    <div>&#160;</div>
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          12
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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    <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;COMPENSATION
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">21.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">By
      resolution of the Board of Directors, any Director may be paid any one or more
      of the following: his expenses, if any, of attendance at meetings, a fixed
      sum
      for attendance at meetings; or a stated salary as Director.&#160;&#160;Nothing
      herein contained shall be construed to preclude any Director from serving the
      Corporation in any capacity as an officer, employee, agent or otherwise, and
      receiving compensation therefor.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;CONFLICTS
      OF
      INTEREST</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">22.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">No
      Director, officer or employee may pursue for his or her own account a business
      or investment opportunity if he or she has obtained knowledge of such
      opportunity through his or her affiliation with the Corporation.&#160;&#160;No
      officer or employee of the Corporation may pursue for his own account an oil
      and
      gas opportunity as to which he or she did not obtain knowledge through his
      or
      her affiliation with the Corporation unless (a) with respect to a non-officer
      of
      the Corporation, such employee&#8217;s pursuit of such opportunity has been approved
      by a senior officer of the Corporation with full knowledge of such opportunity
      and (b) with respect to an officer of the Corporation, such officer&#8217;s pursuit of
      such opportunity has been approved by the Board of Directors.&#160;&#160;The
      foregoing restrictions shall not apply to the acquisition of less than one
      percent of the publicly traded securities of another company.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;EXECUTIVE
      COMMITTEE</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">23.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
      Executive Committee shall consist of at least three members who shall be
      appointed by the Board of Directors.&#160;&#160;Committee members may be removed
      and replaced by a majority of the members of the Board in their
      discretion.&#160;&#160;If a Committee Chair is not designated by the Board or is
      not present at a meeting, the members of the Committee may designate a Chair
      by
      majority vote.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;The
      Committee
      shall meet as frequently as necessary between meetings of the Board and shall
      have the power and authority to act on behalf of the Board and the Company
      with
      respect to matters as to which it has been authorized to act by the Board
      provided that such actions are not in conflict with the Certificate of
      Incorporation or the Bylaws of the Company or applicable laws, regulations
      or
      rules and listing standards of the New York Stock Exchange.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;The
      Committee
      shall on a timely basis report all actions of the Committee to the Board of
      Directors.</font></div>
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