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<SEC-DOCUMENT>0000056868-06-000004.txt : 20061107
<SEC-HEADER>0000056868-06-000004.hdr.sgml : 20061107
<ACCEPTANCE-DATETIME>20060530165440
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000056868-06-000004
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20060530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRIMEENERGY CORP
		CENTRAL INDEX KEY:			0000056868
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				840637348
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE LANDMARK SQ
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
		BUSINESS PHONE:		2033585700

	MAIL ADDRESS:	
		STREET 1:		ONE LANDMARK SQ
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KRM PETROLEUM CORP
		DATE OF NAME CHANGE:	19900614
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<TITLE>September 30, 2005</TITLE>
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<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<I><P>&nbsp;</P>
</I><P>September 30, 2005</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P>Ms. Jill S. Davis</P>
<P>Branch Chief</P>
<P>Division of Corporation Finance</P>
<P>Securities and Exchange Commission</P>
<P>Washington, DC  20549-7010</P>

<P>Re:&#9;PrimeEnergy Corporation</P>
<P>&#9;Form 10-K for Fiscal Year Ended December 31, 2004 </P>
<P>Filed April 6, 2005</P>
<P>&#9;Forms 10-Q for Fiscal Quarters Ended March 31, 2005 and June 30, 2005</P>
<P>&#9;Filed May 17, 2005 and August 15, 2005</P>
<P>&#9;File No. 0-07406</P>

<P>Dear Ms. Davis:</P>
<P>&#9;</P>
<P ALIGN="JUSTIFY">In response to your letter dated August 24, 2005 regarding PrimeEnergy Corporation (Registrant), the following reply has been prepared to address each of your comments. Each of your comments has been listed below and our response follows in italics.</P>

<B><U><P>Form 10-K for the Fiscal Year Ended December 31, 2004</P>

<P ALIGN="JUSTIFY">Reserves </P>
</B></U><P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">1. &#9;Please reconcile the amounts reported as Future Net Revenue and Present Value of Future Net Revenue to the information reported in your Standardized Measure on Page F-20. It appears that these measures represent non-GAAP measures.  Please provide all disclosure required by Item 10(e) of Regulation S-K.</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<B><I><P>Response:</B>  Reconciliation See Schedule 1 .  </P>
</I><P>Page 2</P>
<P ALIGN="JUSTIFY"> </P>
<B><U><P ALIGN="JUSTIFY">Selected Financial Data, page F-15</P>
</B></U><P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">2.&#9;Revise to disclose all statement of cash flow measures to provide investors with a more balanced presentation.  Refer to FRC 202.03.</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<B><I><P ALIGN="JUSTIFY">Response:</B>  Revised table  See Schedule 2. </P>
<P ALIGN="JUSTIFY"></P>
</I><B><U><P ALIGN="JUSTIFY">Critical Accounting Estimates</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>

</B></U><P ALIGN="JUSTIFY">3.&#9;We note that your Management's Discussion and Analysis discussion does not include disclosure about those critical accounting estimates that you consider material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters and that materially impact your financial condition or operating performance. Please expand your Management's Discussion and Analysis to include disclosures that refer to specific accounting estimates and the assumptions and uncertainties underlying such estimates.  Explain how the assumptions that you have made compare to other assumptions that could have reasonably been made, under the circumstances, and to address the specific uncertainties that are reasonably likely to give rise to material effects in the course of resolution.  Please provide information about the quality and potential variability of your earnings and cash flow so that investors may ascertain the extent to which your reported financial information is
 indicative of your future results.  We generally find that disclosers including both sensitivity analyses and discussions of historical experience in making the critical estimates are effective in meeting this Management's Discussion and Analysis objective.  In your expanded discussion, specifically address your commitment to offer to repurchase the limited partners' interest in certain of the Partnerships for which you are the managing general partner.  Please refer to guidance in FRC Section 501.14 if you require further clarification. </P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<B><I><P ALIGN="JUSTIFY">Response:</B>  Critical Accounting Estimates</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">  Proved Oil and Gas Reserves</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">     Proved oil and gas reserves directly impact financial accounting estimates, including depreciation, depletion and amortization.  Proved reserves represent estimated quantities of natural gas, crude oil, condensate, and natural gas liquids that geological and engineering data demonstrate, with reasonable certainty, to be recoverable in future years from known reservoirs under economic and operating conditions existing at the time the estimates were made.  The process of estimating quantities of proved oil and gas reserves is very complex, requiring significant subjective decisions in the evaluation of all available geological, engineering and economic data for each reservoir.  The data for a given reservoir may also change substantially over time as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions.  Consequently, material re
visions (upward or downward) to existing reserve estimates may occur from time to time.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">  </P>
<P ALIGN="JUSTIFY"></P>
</I><P ALIGN="JUSTIFY">Page 3</P>
<I><P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY"> Depreciation, Depletion and Amortization for Oil and Gas Properties</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">     The quantities of estimated proved oil and gas reserves are a significant component of our calculation of depletion expense and revisions in such estimates may alter the rate of future expense.  Holding all other factors constant, if reserves were revised upward or downward, earnings would increase or decrease respectively.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">     Depreciation, depletion and amortization of the cost of proved oil and gas properties are calculated using the unit-of-production method.  The reserve base used to calculate depletion, depreciation or amortization is the sum of proved developed reserves and proved undeveloped reserves for leasehold acquisition costs and the cost to acquire proved properties.  The reserve base includes only proved developed reserves for lease and well equipment costs, which include development costs and successful exploration drilling costs.  Estimated future dismantlement, restoration and abandonment costs, net of salvage values, are taken into account.   </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Repurchase of limited partners interests</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">     The quantities of estimated proved oil and gas reserves are a significant component of the calculation of amounts offered for partnership interests acquired pursuant to our repurchase commitment. Revisions in such estimates may alter the amount of our future annual commitments.  Holding all other factors constant, if reserves were revised upward or downward, repurchase offer amounts would increase or decrease respectively.</P>
<P ALIGN="JUSTIFY"></P>
</I><B><U><P ALIGN="JUSTIFY">Consolidated Statements of Cash Flows, Page F-5</P>
</U><P ALIGN="JUSTIFY"></P>
<OL START=4>

</B><P ALIGN="JUSTIFY"><LI>Please explain why the amount reported in the line item dry hole and abandonment costs as a reconciling item from net income to operating cash flows is the same as the amount reported on your consolidated statements of operations as exploration expense.  Specifically address in your response Item II.F.8(b) at the <U>Division of Corporations Finance's: Frequently Requested Accounting and Financial Reporting Interpretations and Guidance</U>.</LI></P></OL>

<U><P ALIGN="JUSTIFY"></P>
</U><B><I><P ALIGN="JUSTIFY">Response:</B> The amount reported in the line item dry hole and abandonment costs is the same amount as exploration expense due to error.  Exploration cost in 2004 of $5,499,000 consisted of dry hole expenditures and certain geological, geophysical and seismic costs.  Pursuant to Item II.F.8 (b) of the Frequently Requested Accounting and Financial Reporting Interpretations and Guidance, approximately $843,000 should have been excluded from the dry hole and abandonment cost line item.  The effect of correcting this error would decrease Net Cash provided by operating activities from $26,995,000 to $26,152,000 and decrease Net Cash used in investing activities from $24,621,000 to $23,778,000.  </P>
</I><B><U><P ALIGN="JUSTIFY"></P>
</B></U><P ALIGN="JUSTIFY">Page 4 </P>
<B><U><P ALIGN="JUSTIFY"> </P>
<P ALIGN="JUSTIFY">Note 1. Description of Operations and Significant Accounting Policies, page F-8</P>
</U><I><P ALIGN="JUSTIFY"></P>
</I><U><P ALIGN="JUSTIFY">Consolidation and Presentation, Page F-8</P>
</B></U><P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">5.&#9;We understand from your disclosure at page F-14 that you are the managing general partner of certain affiliated Partnerships and that you are responsible for all Partnership activities, including the review and analysis of oil and gas properties for acquisition, the drilling of development wells and the production and sale of oil and gas from productive wells. We note further that you provide the administration, accounting and tax preparation work for the Partnerships and are liable for all debts and liabilities of the affiliated Partnerships, to the extent that the assets of a given limited Partnership are not sufficient to satisfy its obligations.  It appears from your policy disclosure that you use the proportionate consolidation method to report your interest in the Partnerships.  Please support your decision to apply the proportionate consolidation method despite your role as managing general partner.  Refer to EITF 00-.1</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">6.&#9;Please explain why you use the proportionate consolidation method to consolidate your subsidiaries.  Refer to EITF 00-1. </P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<B><I><P ALIGN="JUSTIFY">Response:</B> The Registrant uses the proportionate consolidation method to report its interest in the Partnerships and subsidiaries.  We support our decision by reference to EITF 00-1 Discussion point 4. which states &quot;The Task Force reached a consensus that a proportionate gross financial statement presentation is not appropriate for an investment in an unincorporated legal entity accounted for by the equity method of accounting unless the investor is either in the construction industry or an extractive industry where there is a longstanding practice of its use.&quot;  All of the Partnerships and the subsidiary that the Registrant reports under the proportionate consolidation method are in the business of oil and gas exploration and production which is an extractive industry for purposes of the Task Force consensus.  </P>
</I><P ALIGN="JUSTIFY"></P>
<B><U><P ALIGN="JUSTIFY">Property and Equipment, page F-9</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>

</B></U><P ALIGN="JUSTIFY">7.&#9;We note your disclosure that you amortized oil and gas production equipment over proved recoverable reserves.  Please explain how this complies with paragraph 35 of SFAS 19.</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<B><I><P ALIGN="JUSTIFY">Response:</B>  Registrant amortizes oil and gas production equipment over proved developed recoverable reserves, which is in accordance with paragraph 35 of SFAS 19.  Registrant will clarify the disclosure.</P>
<P ALIGN="JUSTIFY"></P>
</I><P ALIGN="JUSTIFY">Page 5</P>
<P ALIGN="JUSTIFY"></P>
<B><U><P ALIGN="JUSTIFY">Note 7. Contingent Liabilities, page F-14</P>
</B></U><P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">8.&#9;Please expand your disclosure to describe your accounting treatment of the guarantees of all debt and liabilities of the affiliated Partnerships.</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<B><I><P ALIGN="JUSTIFY">Response:</B> Note 7. Contingent Liabilities</P>
</I><P ALIGN="JUSTIFY"></P>
<I><P ALIGN="JUSTIFY">The Company, as managing general partner of the affiliated Partnerships, is responsible for all Partnership activities, including the review and analysis of oil and gas properties for acquisition, the drilling of development wells and the production and sale of oil and gas from productive wells. The Company also provides the administration, accounting and tax preparation work for the Partnerships, and is liable for all debts and liabilities of the affiliated Partnerships, to the extent that the assets of a given limited Partnership are not sufficient to satisfy its obligations. As of December 31, 2004, the affiliated Partnerships have established cash reserves in excess of their debts and liabilities and the Company believes these reserves will be sufficient to satisfy Partnership obligations.</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>

</I><P ALIGN="JUSTIFY">9. &#9;Please describe to us in more detail how you account for your commitment to offer to purchase the limited partners interest in certain of the managed Partnerships at various annual intervals.  Quantify, for each period included in your financial statements, the amounts paid to the limited partners and the additional interests purchased.  In your response, clarify to us the meaning of your statement that &quot;based upon historical production rates and prices, management estimates that if all such offers were to be accepted, the maximum annual future purchase commitment would be approximately $500,000.&quot;  Provide the terms of the agreements to clearly explain the manner by which the contingent liability is determined and the length of time you will be subject to such liability.  </P>
<I><P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<B><P ALIGN="JUSTIFY">Response:</B> Note 7. Contingent Liabilities  The Registrant's statement it meant to summarize our expectation of future purchase commitments recognizing that a significant component of the price to be paid for Partnership interests is based on cash flow forecasts that are directly impacted by historical production rates and prices and is limited by historic cash flow related to the general partner's interest in the Partnerships. (See Schedule 3  Details of repurchase agreements.)</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Detail terms of repurchase agreements  see Schedule 3</P>
<P ALIGN="JUSTIFY">Analysis of units purchased and amounts paid  see Schedule 4</P>
</I><P ALIGN="JUSTIFY"></P>
<B><U><P ALIGN="JUSTIFY">Note 12. Restricted Cash and Cash Equivalents, Page F-17</P>
</B></U><P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">10.&#9;We understand that you report unclaimed royalty payments as restricted cash and cash equivalents with a corresponding accounts payable at December 31, 2004 and 2003.  Please explain to us in more detail how you account for royalty payments.  Please explain why these amounts remain outstanding on your balance sheet and the extent to which you have considered and whether or not escheatment laws apply.</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<P ALIGN="JUSTIFY">Page 6 </P>
<P ALIGN="JUSTIFY"></P>
<B><I><P ALIGN="JUSTIFY">Response: </B>The Registrant acts as operator of the majority of oil and gas properties in which the Registrant owns an interest.  In the normal course of business, the purchaser of oil and gas production remits the sales proceeds to the operator and the operator disburses such proceeds to the appropriate interest owners.  Sales proceeds are received by the Registrant monthly and disbursed monthly to interest owners in pay status.  Each month funds due to the owners not in  pay status are transferred to the Registrant's Suspense account and funds released from the Suspense account are disbursed to the appropriate interest owner along with the current month's proceeds.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Funds are in suspend status for various reasons such as, funds from new wells awaiting title opinions, funds related to interests that are subject to probate, title dispute or bankruptcy, funds held related to returned mail or funds that have not accumulated to our minimum disbursement amount of $25.00. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The Registrant reviews all suspended accounts annually and remits unclaimed funds to the appropriate states based on the escheatment laws and dormancy period of each state.</P>
</I><P ALIGN="JUSTIFY"></P>
<B><U><P ALIGN="JUSTIFY">Exhibits 31.1 and 31.2</P>
</B></U><P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">11.&#9;We note certifications you provide appear to be inconsistent with the requirements of Item 601(b)(31) of Regulation S-K.  As such, it appears you may need to revise the language of paragraphs 4, 4(a), 4(b), 4(c), 5, 5(a), 5(b) and 6 of the certifications.  This comment also applies to your Forms 10-Q for the quarterly periods ended March 31, 2005 and June 30, 2005.</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<B><I><P ALIGN="JUSTIFY">Response: </B>See revised certification language on Schedule 5.</P>
</I><P ALIGN="JUSTIFY"></P>
<B><U><P ALIGN="JUSTIFY">Recently Issued Accounting Pronouncements</P>
</U><P ALIGN="JUSTIFY"></P><DIR>
<DIR>

</B><P ALIGN="JUSTIFY">12.&#9;Please address the impact of the adoption of EITF Issue 04-5: Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights.</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<B><I><P ALIGN="JUSTIFY">Response: </B>The adoption of EITF Issue 04-5: Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity when the Limited Partners Have Certain Rights, will not impact the Financial Statements of the Registrant.  The Registrant's affiliated Partnerships are engaged in the exploration and production of oil and gas and accordingly, the Registrant accounts for these Partnerships using the proportionate consolidation method.</P>
<P ALIGN="JUSTIFY"></P>
</I><P ALIGN="JUSTIFY">Page 7</P>
<I><P ALIGN="JUSTIFY"></P>
</I><B><P ALIGN="JUSTIFY">Closing Comments:</P>
<P ALIGN="JUSTIFY"></P>
</B><P ALIGN="JUSTIFY">In connection with this response, we acknowledge that:</P>
<P ALIGN="JUSTIFY"></P>

<UL>
<P ALIGN="JUSTIFY"><LI>the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</LI></P></UL>

<P ALIGN="JUSTIFY"></P>

<UL>
<P ALIGN="JUSTIFY"><LI>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</LI></P></UL>

<P ALIGN="JUSTIFY"></P>

<UL>
<P ALIGN="JUSTIFY"><LI>the Company 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. </LI></P></UL>

<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Please do not hesitate to contact me at (203) 358-5702 if you have any questions.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Sincerely,</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Beverly A. Cummings</P>
<P ALIGN="JUSTIFY">Chief Financial Officer  </P>
<P ALIGN="JUSTIFY"></P></BODY>
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<TITLE>Schedule 1 to September 30, 2005 response letter</TITLE>
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<B><P>Schedule 1 to September 30, 2005 response letter</P>

</B><FONT SIZE=2><P>&nbsp;</P>
<P ALIGN="JUSTIFY">The estimated future net revenue (using current prices and costs as of those dates, exclusive of income taxes) and the present value of future net revenue (at a 10% discount for estimated timing of cash flow) for the Company's proved developed and proved undeveloped oil and gas reserves at the end of each of the five years ended December 31, 2004, are summarized as follows (figures rounded):</P>
</FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=3 WIDTH=774>
<TR><TD WIDTH="5%" VALIGN="TOP"><DIR>

<B><FONT SIZE=1><P> </DIR>
</B></FONT></TD>
<TD WIDTH="24%" VALIGN="TOP" COLSPAN=2>
<B><U><FONT SIZE=1><P>&#9;Proved Developed&#9;</B></U></FONT></TD>
<TD WIDTH="22%" VALIGN="TOP" COLSPAN=2>
<B><U><FONT SIZE=1><P>&#9;Proved Undeveloped&#9;</B></U></FONT></TD>
<TD WIDTH="23%" VALIGN="TOP" COLSPAN=2>
<B><U><FONT SIZE=1><P ALIGN="JUSTIFY">&#9;                                      Total&#9;</B></U></FONT></TD>
<TD WIDTH="25%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP">
<B><FONT SIZE=1><P> </P>
<P>&#9;As of&#9;</P>
<U><P>&#9;12-31&#9;</B></U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<B><FONT SIZE=1><P> </P>
<P>&#9;Future Net&#9;</P>
<U><P>&#9;Revenue&#9;</B></U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<B><FONT SIZE=1><P>&#9;PV 10 Value&#9;</P>
<P>&#9;Of Future&#9;</P>
<U><P>&#9;Net Revenue&#9;</B></U></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">
<B><FONT SIZE=1><P> </P>
<P>&#9;Future Net&#9;</P>
<U><P>&#9;Revenue&#9;</B></U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<B><FONT SIZE=1><P>&#9;Present Value&#9;</P>
<P>&#9;Of Future&#9;</P>
<U><P>&#9;Net Revenue&#9;</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<B><FONT SIZE=1><P> </P>
<P>&#9;Future Net&#9;</P>
<U><P>&#9;Revenue&#9;</B></U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=1><P>&#9;PV 10 Value&#9;</P>
<P>&#9;Of Future&#9;</P>
<U><P>&#9;Net Revenue&#9;</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">PV 10 Value</P>
<P ALIGN="CENTER">Of future</P>
<U><P ALIGN="CENTER">Income Taxes</B></U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">Standardized Measure of Discounted Future</P>
<U><P ALIGN="CENTER">Net Cash Flows(1)</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=5><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=5><P></P></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&#9;2000</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&#9;$&#9;199,376,000</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&#9;113,137,000</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&#9;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>&#9;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>&#9;</P>
<P>199,376,000</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P>&#9;113,137,000</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>33,127,000</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>80,010,000</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>&#9;2001</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>&#9;$&#9;41,086,000</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>&#9;24,653,000</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>&#9;957,000</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=12>
<FONT SIZE=1><P>&#9;629,000</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=12>
<FONT SIZE=1><P>&#9;42,043,000</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=12>
<FONT SIZE=1><P>&#9;25,282,000</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>4,316,000</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>20,966,000</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>&#9;2002</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>&#9;$&#9;97,600,000</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>&#9;56,855,000</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>&#9;</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=12>
<FONT SIZE=1><P>&#9;</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=12>
<FONT SIZE=1><P>&#9;97,600,000</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=12>
<FONT SIZE=1><P>&#9;56,855,000</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>14,079,000</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>42,776,000</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>&#9;2003</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>&#9;$&#9;141,194,000</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>&#9;85,695,000</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>&#9;22,891,000</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=12>
<FONT SIZE=1><P>&#9;17,401,000</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=12>
<FONT SIZE=1><P>&#9;164,085,000</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=12>
<FONT SIZE=1><P>&#9;103,096,000</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>29,844,000</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=12>
<FONT SIZE=1><P>73,252,000</FONT></TD>
</TR>
<TR><TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=13>
<FONT SIZE=1><P>&#9;2004</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=13>
<FONT SIZE=1><P>&#9;$&#9;177,916,000</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=13>
<FONT SIZE=1><P>&#9;107,116,000</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=13>
<FONT SIZE=1><P>&#9;33,484,000</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=1><P>&#9;26,796,000</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=1><P>&#9;211,400,000</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=13>
<FONT SIZE=1><P>&#9;133,912,000</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=13>
<FONT SIZE=1><P>39,501,000</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=13>
<FONT SIZE=1><P>94,411,000</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2>
<P ALIGN="JUSTIFY">(1) The PV 10 Value represents the discounted future net cash flows attributable to our proved oil and gas reserves before income tax, discounted at 10%.  Although it is a non-GAAP measure, we believe that the presentation of the PV 10 Value is relevant and useful to our investors because it presents the discounted future net cash flows attributable to our proved reserves prior to taking into account corporate future income taxes and our current tax structure.  We use this measure when assessing the potential return on investment related to our oil and gas properties.  The standardized measure of discounted future net cash flows represents the present value of future cash flows attributable to our proved oil and natural gas reserves after income tax, discounted at 10%.  </P>
<P ALIGN="JUSTIFY"></P></FONT></BODY>
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<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>3
<FILENAME>filename3.htm
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<TITLE>Schedule 2 to September 30, 2005 response letter</TITLE>
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<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#000000" CELLPADDING=2 WIDTH=664>
<TR><TD WIDTH="48%" VALIGN="TOP" COLSPAN=2 HEIGHT=19>
<B><FONT FACE="Arial"><P>Schedule 2 to September 30, 2005 response letter</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=2><P>Item 6. SELECTED FINANCIAL DATA</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 HEIGHT=49>
<FONT SIZE=2><P>The following table summarizes certain selected financial data to highlight significant trends in the Company's financial condition and results of operations for the periods indicated. The selected financial data should be read in conjunction with the Financial Statements and related notes included elsewhere in this Report.</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P> </B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<B><U><FONT SIZE=1><P ALIGN="CENTER">2004</B></U></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<B><U><FONT SIZE=1><P ALIGN="CENTER">2003</B></U></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<B><U><FONT SIZE=1><P ALIGN="CENTER">2002</B></U></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<B><U><FONT SIZE=1><P ALIGN="CENTER">2001</B></U></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<B><U><FONT SIZE=1><P ALIGN="CENTER">2000</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P>Revenues</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$62,428,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">46,719,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">34,186,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">42,408,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">39,182,000</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>Income from operations</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$10,223,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8,047,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,168,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,968,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,148,000</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P>Net income</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$7,275,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">5,702,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">1,757,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">5,413,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">5,365,000</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>Income per common share</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$2.04 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1.56</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.47</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1.39</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1.26</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=1><P>Diluted net income per common share</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=1><P ALIGN="RIGHT">$1.70 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=1><P ALIGN="RIGHT">1.31</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=1><P ALIGN="RIGHT">0.4</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=1><P ALIGN="RIGHT">1.18</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=13>
<FONT SIZE=1><P ALIGN="RIGHT">1.08</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=23>
<FONT SIZE=1><P>Net cash provided by operations</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=23>
<FONT SIZE=1><P ALIGN="RIGHT">$26,995,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=23>
<FONT SIZE=1><P ALIGN="RIGHT">19,622,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=23>
<FONT SIZE=1><P ALIGN="RIGHT">9,644,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=23>
<FONT SIZE=1><P ALIGN="RIGHT">12,313,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=23>
<FONT SIZE=1><P ALIGN="RIGHT">11,498,000</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>Net cash provided by (used in) investing activities</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">($24,621,000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">      (19,734,000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">      (14,410,000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">        (8,007,000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">      (11,108,000)</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=1><P>Net cash provided by (used in) financing activities</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=1><P ALIGN="RIGHT">$211,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=1><P ALIGN="RIGHT">          2,117,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=1><P ALIGN="RIGHT">          6,567,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=1><P ALIGN="RIGHT">        (4,905,000)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=18>
<FONT SIZE=1><P ALIGN="RIGHT">        (1,477,000)</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=23>
<FONT SIZE=1><P>Total assets</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=23>
<FONT SIZE=1><P ALIGN="RIGHT">$69,926,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=23>
<FONT SIZE=1><P ALIGN="RIGHT">58,255,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=23>
<FONT SIZE=1><P ALIGN="RIGHT">44,887,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=23>
<FONT SIZE=1><P ALIGN="RIGHT">35,816,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=23>
<FONT SIZE=1><P ALIGN="RIGHT">35,094,000</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>Long-term obligations</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$30,290,000 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">26,925,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">23,734,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">16,958,000</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">18,213,000</FONT></TD>
</TR>
<TR><TD WIDTH="35%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P>Cash dividends</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER">None</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER">None</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER">None</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER">None</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=1><P ALIGN="CENTER">None</FONT></TD>
</TR>
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<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>4
<FILENAME>filename4.htm
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<TITLE>Schedule 3 to September 30, 2005 response letter</TITLE>
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<B><FONT FACE="Arial">
<P>Schedule 3 to September 30, 2005 response letter</P>

<P>&nbsp;</P>
</B><U><P ALIGN="CENTER">Detail terms of partnership repurchase agreements</P>
</U><P ALIGN="CENTER"></P>
<B><P ALIGN="JUSTIFY">&#9;</P>
</B></FONT><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">At annual intervals commencing on the first day of the second fiscal year following the year in which a Partnership's Capital Contributions have been fully expended, and continuing for a 10-year period, each Unit Holder will have the option, subject to the terms and conditions described below, to require the Managing General Partner to purchase at the &quot;Purchase Price&quot; (as described below) all of his interest in the Partnership in which he is a Unit Holder provided that the option may not be exercised after the date of any notice that will effect a dissolution or termination of such Partnership. A Unit Holder may exercise his option only with respect to all of his interest in a Partnership. Any such exercise shall be effective by tendering properly endorsed Depositary Unit Certificates to the Managing General Partner. Signature guarantees are not required. Subject to the conditions in the Partnership Agreement, the Managing General Partner will
 have the obligation to purchase the Units presented.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The Purchase Price to be paid for the Units will be computed by determining the prorate share for each Unit of the Partnership's interest in the discounted present value of Proved Reserves attributable to the Partnership's oil and gas properties, determined as the sum of the following:</P>
<P ALIGN="JUSTIFY"></P>
<OL TYPE="a">

<OL TYPE="a">

<P ALIGN="JUSTIFY"><LI>cash on hand of the Partnership;</LI></P>
<P ALIGN="JUSTIFY"><LI>prepaid expenses of the Partnership;</LI></P>
<P ALIGN="JUSTIFY"><LI>the Partnership's interest in accounts receivable, less a reasonable reserve for doubtful accounts; and</LI></P>
<P ALIGN="JUSTIFY"><LI>the book value of all assets of the Partnership other than those described above;</LI></P></OL>
</OL>

<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">less the Partnership's debts, expenses and obligations of all kinds (including accrued expenses and contingent liabilities) then allocable to such Partnership's interest in the foregoing assets.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;Cash distributions paid to the presenting Unit Holder since the valuation date of the Proved Reserves shall be deducted from the Purchase Price.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;In order to determine the discounted present value of the Proved Reserves attributable to the Partnership's oil and gas properties, the Partnership shall use the annual oil and gas reserve report prepared by the independent petroleum engineering firm retained by the Partnership for financial reporting</FONT><FONT FACE="Arial"> </FONT><FONT FACE="Arial" SIZE=2>purposes to establish the present value of such reserves as of December 31, 19XX and as of December 31 of each year thereafter.  The discounted present value of the Proved Reserves set forth in such reports will be determined by (i) estimating future gross revenues attributable to such Proved Reserves; (ii) deducting anticipated expenses (including operation costs incurred in producing and marketing such reserves and any gross production, excise, windfall profits or other taxes, other than federal income taxes, based on the oil and gas production from the oil and gas properties or sales thereof) from estimated future gross revenue
s; (iii) discounting estimated future net revenues to present value at a rate per annum equal to 1% above the Prime Rate on the applicable valuation date; and (iv) reducing the present value thus derived for Proved Reserves by an additional 33 1/3 % to take into account the uncertainties attendant to the production and sale of oil and gas reserves and other unforeseen contingencies.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;Within 120 days after the end of any fiscal year of the Partnership, the Managing General Partner will notify the Unit Holders of their right of presentment together with a statement showing the price to be paid for their respective interests determined as set forth above.</FONT> <FONT FACE="Arial" SIZE=2>Each of the Unit Holders will then have 30 days after the receipt of such Notice (which shall be deemed to be 5 days after the date of mailing of such Notice), to confirm to the Managing General Partner his intention to sell his Depositary Units to the Managing General Partner by tendering of a properly endorsed Depositary Unit Certificate. If the Unit Holder timely confirms his intention to sell, the sale of such Depositary Units will be consummated and the price paid in cash within 30 days after the receipt of such endorsed Depositary Unit Certificate; provided, however, that the obligation of the Managing General Partner to purchase Depositary Units tendered by the Unit Holders sha
ll be limited during any one year to an amount no greater than 10% of the total number of Depositary Units then outstanding. In addition, the Managing General Partner will be obligated to purchase Depositary Units tendered only to the extent of 150% of the cash received by the General Partners from such Partnership in the previous year, excluding cash allocated to Depositary Units previously presented and purchased by it. Moreover, the Managing General Partner will not be obligated to purchase any Depositary Units pursuant to such right if such purchase, when added to the total of all other sales or other dispositions of interests within the preceding 12 months, would result in a Partnership being considered to have terminated within the meaning of Section 708 of the Code, or would cause the Partnership to lose its status as a partnership or become a &quot;publicly-traded partnership&quot; for federal income tax purposes. If less than all of the Depositary Units tendered are purchased, the Depositary Units p
urchased will be selected by lot by the principal bank of such Partnership. The Unit Holders who were denied purchase in one year shall be entitled to priority in the following year.</P>
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY"></P></FONT></BODY>
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<SEQUENCE>5
<FILENAME>filename5.htm
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<TITLE>Schedule 4 to September 30, 2005 response letter</TITLE>
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<B><FONT FACE="Arial" SIZE=3><P>Schedule 4 to September 30, 2005 response letter</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=19><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=19>
<B><FONT FACE="Arial" SIZE=2><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P>Partnership</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">AA-1</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">AA-2</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">AA-3</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">AA-4</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">PAIT A-1</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">PAIT A-2</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">Repurchase Obligations</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P>Last Year Required to Repurchase Interests</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2003</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=31>
<B><FONT FACE="Arial" SIZE=1><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=31><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Repurchase Value per Unit</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2002</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $     30.97 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           32.96 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           24.81 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           15.82 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           32.05 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           44.51 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2003</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $     23.01 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           12.81 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           18.33 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           13.32 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           35.80 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=15>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           54.87 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2004</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $            -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           16.63 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           14.35 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           28.53 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           50.32 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2005</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $            -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           31.62 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           63.51 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         100.80 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Outstanding Units</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2002</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">      25,955 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            23,109 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            39,896 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            30,712 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            26,540 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            19,665 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2003</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">      25,555 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            22,209 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            38,556 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            29,462 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            25,680 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            18,015 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2004</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            32,301 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            27,462 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            23,250 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            15,390 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2005</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            27,162 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            23,200 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">            15,265 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Maximum Obligation - 10% of Outstanding Units</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2002</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">        2,596 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,311 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               3,990 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               3,071 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,654 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               1,967 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               16,588 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2003</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">        2,556 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,221 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               3,856 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,946 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,568 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               1,802 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               15,948 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2004</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               3,230 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,746 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,325 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               1,539 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 9,840 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2005</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,716 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,320 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               1,527 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 6,563 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP" COLSPAN=6 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Repurchase Obligation based on Repurchase Value of 10% of Outstanding Partnership Interest</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2002</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $  80,383 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         76,167 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         98,982 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         48,586 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         85,061 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         87,529 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         476,708 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2003</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $  58,802 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         28,450 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         70,673 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         39,243 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         91,934 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         98,848 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=17>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         387,951 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2004</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $            -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         53,717 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         39,407 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         66,332 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         77,442 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         236,899 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2005</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $            -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         85,882 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       147,355 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       153,870 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         387,106 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>General Partner Cash Distribution </B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2002</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $  40,777 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         10,792 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           9,601 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           2,266 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           3,550 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         28,075 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2003</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $  65,244 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         96,930 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         38,405 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           5,664 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         89,275 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       105,280 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2004</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         46,940 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         19,257 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       110,887 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       136,244 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2005</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         78,264 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         98,112 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       112,298 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="64%" VALIGN="TOP" COLSPAN=5 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Repurchase Obligation based on 150% of General Partner Cash Distribution </B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2002</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $  61,166 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         16,188 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         14,402 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           3,398 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           5,325 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         42,112 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         142,591 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2003</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $  97,865 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       145,396 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         57,608 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           8,496 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       133,912 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       157,919 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         601,196 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2004</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $            -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         70,410 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         28,885 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       166,331 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       204,366 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         469,992 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2005</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $            -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       117,395 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       147,168 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       168,447 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         433,011 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Maximum Annual Repurchase Obligation</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2002</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $  61,166 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         16,188 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         14,402 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           3,398 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           5,325 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         42,112 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         142,591 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2003</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $  58,802 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         28,450 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         57,608 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           8,496 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         91,934 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         98,848 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         344,138 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2004</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $            -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         53,717 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         28,885 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         66,332 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         77,442 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         226,377 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2005</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $            -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         85,882 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       147,168 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       153,870 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         386,920 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Annual Repurchases - Units Purchased</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2003</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">           400 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                  900 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               1,340 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               1,250 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                  860 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               1,650 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                 6,400 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2004</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               6,255 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,001 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,430 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               2,625 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               13,311 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2005</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">               -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                      -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                  300 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                    50 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                  125 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">                    475 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT FACE="Arial" SIZE=1><P>Annual Repurchases - Amount Paid</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2003</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $     9,204 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         11,529 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         24,562 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         16,650 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         30,788 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         90,536 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         183,269 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2004</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $            -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       104,021 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         28,707 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         69,328 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $       132,090 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         334,146 </FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT">2005</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $            -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $                  -   </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           9,486 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           3,176 </FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $         12,600 </FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT FACE="Arial" SIZE=1><P ALIGN="RIGHT"> $           25,261 </FONT></TD>
</TR>
</TABLE>

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<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>6
<FILENAME>filename6.htm
<TEXT>
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<META NAME="Generator" CONTENT="Microsoft Word 97">
<TITLE>Schedule 5 to September 30, 2005 response letter</TITLE>
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<BODY>

<B><FONT FACE="Arial" SIZE=1><P>Schedule 5 to September 30, 2005 response letter</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<U><P ALIGN="CENTER">Revised Certification language</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">I, [identify the certifying individual], certify that:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">1. I have reviewed this [specify report] of [identify registrant];</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<P ALIGN="JUSTIFY">5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>

<P ALIGN="JUSTIFY">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY">Date: ...............</P>
<P ALIGN="JUSTIFY">_______________________</P>
<P ALIGN="JUSTIFY">[Signature]</P>
<P ALIGN="JUSTIFY">[Title]</P></FONT></BODY>
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