<SEC-DOCUMENT>0001193125-12-030189.txt : 20120319
<SEC-HEADER>0001193125-12-030189.hdr.sgml : 20120319
<ACCEPTANCE-DATETIME>20120130200205
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-12-030189
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAN JUAN BASIN ROYALTY TRUST
		CENTRAL INDEX KEY:			0000319655
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				756279898
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		COMPASS BANK, TRUST DEPARTMENT
		STREET 2:		2525 RIDGMAR BOULEVARD SUITE 100
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76116
		BUSINESS PHONE:		8668094553

	MAIL ADDRESS:	
		STREET 1:		COMPASS BANK, TRUST DEPARTMENT
		STREET 2:		2525 RIDGMAR BOULEVARD SUITE 100
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76116
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>Correspondence Letter</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">January 30, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Via EDGAR </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporate Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street,
N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, DC 20549 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention: Karl Hiller </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">San Juan Basin Royalty Trust </FONT></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form 10-K for the Fiscal Year Ended December&nbsp;31, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Filed March&nbsp;1, 2011 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">File No.&nbsp;001-08032 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear Mr.&nbsp;Hiller: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This firm serves as
legal counsel to Compass Bank in its capacity as the Trustee of the San Juan Basin Royalty Trust (the &#147;Trust&#148;). In regard to the comments of the staff of the Securities and Exchange Commission set forth in the comment letter dated
December&nbsp;29, 2011 (the &#147;Comment Letter&#148;), on behalf of the Trust, we respectfully submit the following responses. For your convenience, we have repeated each comment of the Division of Corporate Finance (the &#147;Staff&#148;) of the
Securities and Exchange Commission exactly as it appears in the Comment Letter and provided a response below each comment. We also have included useful background and information regarding the Trust. Capitalized terms used and not otherwise defined
in this letter have the meaning as set forth in the Trust&#146;s Form 10-K for fiscal year-ended December&nbsp;31, 2010. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Background </U></I></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following is some background information concerning the Trust that you may find helpful in reviewing the Trust&#146;s responses to the comment
letter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Trust is an express trust created under the laws of the state of Texas by the San Juan Basin Royalty Trust Indenture entered into
on November&nbsp;3, 1980, between Southland Royalty Company and The Fort Worth National Bank. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">On October&nbsp;23, 1980, the stockholders of
Southland Royalty approved and authorized that company&#146;s conveyance of a 75% net overriding royalty interest (equivalent to a net profits interest and referred to herein as the &#147;Royalty&#148;) to the Trust for the benefit of the
stockholders of Southland Royalty of record at the close of business on the date of the conveyance carved out of that company&#146;s oil and gas leasehold and royalty interests in properties located in the San Juan Basin of northwestern New Mexico
(the &#147;Underlying Properties&#148;). Subsequent to the conveyance of the Royalty, through a series of assignments and mergers, Southland Royalty&#146;s successor became Burlington Resources Oil&nbsp;&amp; Gas Company LP (&#147;BROG&#148;).
</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">BROG is the principal owner and operator of the Underlying Properties. ConocoPhillips is the parent of
Burlington Resources, Inc., which in turn is the parent of BROG. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The function of the Trustee is to collect the net proceeds attributable to
the Royalty, to pay all expenses and charges of the Trust, and then distribute the remaining available income to the unit holders of the Trust. The Trust is not empowered to carry on any business activity and has no employees. Neither does it have a
board of directors, officers, or an audit committee. All administrative functions are performed by the Trustee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Due to the pass-through
nature of the Trust, BROG provides much of the information disclosed in the periodic reports filed by the Trust with the Commission. Under the conveyance transferring the Royalty to the Trust, BROG is obligated to provide the Trust with certain
information concerning calculations of net proceeds owed to the Trust, among other information. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Trustee receives periodic updates from
BROG regarding activities related to the Trust. Accordingly, the Trust&#146;s ability to timely report certain information required to be disclosed in the Trust&#146;s periodic reports is dependent on BROG&#146;s timely delivery of that information
to the Trust. As disclosed in the Trustee&#146;s periodic reports filed with the SEC, BROG is contractually obligated to deliver information required by the Trust to complete its periodic reports. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Responses to Staff&#146;s Comments </U></I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Form 10-K for Fiscal Year-Ended December&nbsp;31, 2010 </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Item&nbsp;2.
Properties, page 6 </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. Please tell us and disclose the internal controls you use in your reserve estimation effort. In addition,
disclose the qualification of the technical person primarily responsible for overseeing the preparation of the reserve estimates. Refer to Item&nbsp;1202(a)(7) of Regulation S-K. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Response</I>: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Trust notes the Staff&#146;s comments and respectfully submits the following
response. The process of estimating oil and gas reserves is complex and requires significant judgment. As a result, the Trustee has developed internal policies and controls for estimating reserves. The Trust does not have information that would be
available to a company with oil and gas operations because detailed information is not generally available to owners of royalty interests. The Trustee accumulates information and data provided by BROG regarding the Royalty derived from the
Underlying Properties and provides such information to Cawley, Gillespie&nbsp;&amp; Associates, Inc. (&#147;CG&amp;A&#148;), who extrapolates from such information estimates of the reserves attributable to the Underlying Properties based on its
expertise in the oil and gas fields where the Underlying Properties are situated, as well as publicly available information. The Trust&#146;s policies regarding reserve estimates require proved reserves to be determined and disclosed in compliance
with the SEC definitions and guidance. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Further, CG&amp;A, whose firm registration number is F-693, was founded in 1961 and is nationally recognized
in the evaluation of oil and gas properties. The technical person at CG&amp;A primarily responsible for overseeing the reserve estimate with respect to the Trust is Zane Meekins. Mr.&nbsp;Meekins has been a practicing petroleum engineering
consultant since 1989, with over 22 years of practice experience in petroleum engineering. He is a registered professional engineer in the State of Texas (License No.&nbsp;71055). He graduated from Texas A&amp;M University in 1987, summa cum laude,
with a B.S. in Petroleum Engineering. CG&amp;A and Mr.&nbsp;Meekins have indicated that they meet or exceed all requirements set forth in Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the
Society of Petroleum Engineers. This information is contained in the Trust&#146;s Annual Report on Form 10-K for the fiscal year ending December&nbsp;31, 2010. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">2. Please disclose the number of net productive and dry development wells drilled for each of the last three fiscal years. Refer to Item&nbsp;1205(a)(2) of Regulation S-K. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Response</I>: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Trust notes the
Staff&#146;s comments and supplementally advises Staff and submits that there were no dry development wells on the Underlying Properties during the fiscal years ending at December&nbsp;31, 2011, 2010, and 2009, respectively. The number of net
productive development wells for each of the past three fiscal years is set forth in the Trust&#146;s Form 10-K for FY 2010 in Item&nbsp;2, Properties, beginning on page 6. The Trust also respectfully requests that it not be required to revise its
filed disclosures and will make this clarification in the Trust&#146;s next Annual Report on Form 10-K. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Item&nbsp;7. Trustee&#146;s
Discussion on and Analysis of Financial Condition and Results of Operations, page 16 </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. We note your disclosure that fluctuations in
annual gas production that have occurred during the five years ended December&nbsp;31, 2010 generally resulted from changes in the demand for gas. Please clarify this statement with your disclosure indicating that BROG entered into four contracts
effective April&nbsp;1, 2009 for the sale of all gas produced from the Underlying Properties. In this manner, it would appear that since April&nbsp;1, 2009 there was a contractual requirement for the counterparties to these contracts to purchase all
gas produced at the underlying properties. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Response</I>: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Trust notes the Staff&#146;s comments and respectfully submits that while BROG does have contracts in place for the sale and purchase of all gas produced from the Underlying Properties, and has had
since at least April&nbsp;1, 2009, the fluctuations relate primarily to the volume of gas <I>produced</I> as distinguished from what is <I>sold</I>. We have been informed and recently confirmed in conversation with BROG representatives that the
annual capital budget established by BROG for the operation of the Underlying Properties varies from year to year, in large part based upon BROG&#146;s projections concerning the demand and therefore the price payable under the subject contracts for
the gas produced. As we have reported, those contracts provide for sale &#147;at prices which fluctuate in accordance with the published indices for gas sold in the San Juan Basin.&#148; </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">So for example, during extremely cold or hot weather, the demand for natural gas to heat and cool buildings
increases which in turn drives up the published indices and therefore the price payable under contracts calling for payment in accordance with such published indices. Many experts cite the abundant supply of natural gas derived from the relatively
new horizontal drilling technology which enables the extraction of gas from various shale formations as a factor materially reducing pricing and therefore published indices. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As sales prices increase, the operator can justify higher capital investment in so-called &#147;lifting costs,&#148; including the drilling of new wells and the steps to maintain or improve the level of
production from existing wells. But as prices decline, the opposite is true, in that the operators may be less inclined to make the investments needed to lift the gas such that the natural decline curve causes production to fall as the mineral
resource depletes. So, production is subject to fluctuation based upon demand even though there is a buyer contracted to take the gas at an index price, which index itself varies based upon supply and demand. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Note 7 &#150; Settlements and Litigation, page 25 </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4. We note your disclosure that you have not received any report from BROG as to the final disposition of the DOI case, nor any estimate of the amount of any potential loss or the portion of any such
potential loss which might be allocated to you. If there is at least a reasonable possibility that a loss exceeding amounts already recognized may have been incurred, please either disclose an estimate of the additional loss or range of loss, state
that such an estimate cannot be made or, if true, state that the estimate is immaterial in lieu of providing quantified amounts. Please refer to ASC 450-20-50. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If you conclude that you cannot estimate the reasonably possible additional loss or range of loss, please supplementally: (1)&nbsp;explain to us the procedures you undertake on a quarterly basis to
attempt to develop a range of reasonably possible loss for disclosure, and (2)&nbsp;for each material matter, what specific factors are causing the inability to estimate and when you expect those factors to be alleviated. We recognize that there are
a number of uncertainties and potential outcomes associated with loss contingencies. Nonetheless, an effort should be made to develop estimates for purposes of disclosure, including determining which of the potential outcomes are reasonably possible
and what the reasonably possible range of losses would be for those outcomes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please include any proposed disclosures in your response.
</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Response</I>: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Trust respectfully submits that an estimate of any potential loss related to the final disposition of the DOI case cannot be made. The Trust would supplementally respond as follows: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) The Trust is not a party to the DOI case but regularly checks with BROG regarding material developments in that matter and has
specifically inquired as to the range of reasonably possible loss for disclosure. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) BROG has informed the Trust that BROG
does not have sufficient information to estimate a range of loss for the Trust because the DOI has not provided a major portion calculation for the January 1984 to February 1988 time period as required by the July&nbsp;16, 2010, US Court of Appeals
ruling referenced in the Trust&#146;s Form 10-K for FY 2010<B>.</B> BROG reports that this situation will not be alleviated until the DOI provides BROG with a new Order To Perform or similar notice. BROG informs the Trust that the last information
received by it was a Memorandum Order dated October&nbsp;7, 2010 remanding the case to the DOI and that BROG cannot predict when or if the DOI will provide such information or notice. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">At the Staff&#146;s request, this letter constitutes an acknowledgement on behalf of the Trust that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Trust is responsible for the adequacy and accuracy of the disclosure in filing; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the
filing; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Trust may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of
the United States. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If we can be of any further assistance, please do not hesitate to contact me at 214-665-3691.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Michael L. Malone</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Michael L. Malone</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Enclosure</FONT></TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Lee Ann Anderson, Compass Bank </FONT></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">John Dickey [Firm] </FONT></P>
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