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<SEC-DOCUMENT>0001317861-07-000134.txt : 20070522
<SEC-HEADER>0001317861-07-000134.hdr.sgml : 20070522
<ACCEPTANCE-DATETIME>20070522084557
ACCESSION NUMBER:		0001317861-07-000134
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070521
FILED AS OF DATE:		20070522
DATE AS OF CHANGE:		20070522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			StealthGas Inc.
		CENTRAL INDEX KEY:			0001328919
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51559
		FILM NUMBER:		07869769

	BUSINESS ADDRESS:	
		STREET 1:		331 KIFISSIAS AVENUE
		STREET 2:		ERITHREA 14561
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		30 210 625 2849

	MAIL ADDRESS:	
		STREET 1:		331 KIFISSIAS AVENUE
		STREET 2:		ERITHREA 14561
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>gass6k052107.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>STEALTHGAS ANNOUNCES VESSEL ACQUISITION</TITLE>
<META NAME="author" CONTENT="PC16">
<META NAME="date" CONTENT="05/20/2007">
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<P style="line-height:20pt; margin:0pt; font-size:18pt" align=center><FONT FACE="Times New Roman" COLOR=#000000><B>FORM 6-K </B></FONT></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:20pt; margin:0pt; font-size:18pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P style="line-height:15.5pt; margin:0pt; font-size:13.5pt" align=center>Washington, D. C. 20549 </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center>Report of Foreign Private Issuer </P>
<P style="margin:0pt" align=center>Pursuant to Rule 13a-16 or 15d-16 of </P>
<P style="margin:0pt" align=center>the Securities Exchange Act of 1934 </P>
<P style="margin:0pt"><BR></P>
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<P style="margin:0pt" align=center>For the month of May 2007 </P>
<P style="margin:0pt"><BR></P>
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<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center>STEALTHGAS INC.</P>
<P style="margin:0pt" align=center>331 KIFISSIAS AVENUE</P>
<P style="margin:0pt" align=center>ERITHREA 14561</P>
<P style="margin:0pt" align=center>ATHENS, GREECE</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center>(011)(30)(210) 625 2849</P>
<P style="margin:0pt" align=center>(Address, including zip code, and telephone number,</P>
<P style="margin:0pt" align=center>including area code, of registrant's principal executive offices)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center>Indicate by check mark whether the registrant files or will file annual reports </P>
<P style="margin:0pt" align=center>under cover Form 20-F or Form 40-F. </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B>Form 20-F [X] Form 40-F [_] </B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Yes [_] No [X] </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><B>INFORMATION CONTAINED IN THIS FORM 6-K REPORT </B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Attached hereto as Exhibit 1 is a copy of the release issued by Stealthgas, Inc. on May 21 2007</P>
<P style="margin:0pt"><BR></P>
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<P style="margin:0pt">EXHIBIT 1 </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><img src="gass6k052107002.gif" alt="[gass6k052107002.gif]" align=middle height=107.133 width=196.4></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:Verdana; font-size:12pt" align=center><FONT FACE="Verdana"><B>STEALTHGAS INC. REPORTS FIRST QUARTER</B></FONT></P>
<P style="line-height:14pt; margin:0pt; font-family:Verdana; font-size:12pt" align=center><B>2007 RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.1875 PER COMMON SHARE</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial"><B>ATHENS, GREECE, </B></FONT></P>
<P style="line-height:13pt; margin:0pt; text-indent:108pt; font-family:Arial; font-size:11pt" align=justify><B>May 21, 2007</B>. &nbsp;STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial and operating results for the quarter ended March 31, 2007. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>First Quarter 2007 Results </B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>For the quarter ended March 31, 2007, net revenues amounted to $20.7 million and net income was $6.6 million an increase of $3.8 million or 22.5% and a decrease of $ 0.3 million or 4.3% respectively from net revenues of $16.9 million and net income of $6.9 million for the quarter ended March 31, 2006. Earnings per share, basic and diluted, calculated on 14,400,000 weighted average number of shares outstanding, were $0.46 for the quarter ended March 31, 2007 as compared to earnings per share of $0.50, basic and diluted, calculated on 14,000,000 weighted average number of shares outstanding for the first quarter of 2006. EBITDA for the first quarter of 2007 was $12.3 million, an increase of $2.1 million or 20.6%, from $10.2 million for the same period of 2006. &nbsp;A reconciliation of EBITDA to Net Income and to Net Cash provided by operating activities is set forth below. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>For the first quarter of 2007, the Company reported an unrealized, non-cash loss of $26,000 on two previously disclosed interest rate swap arrangements as compared to the first quarter 2006 where the company reported a non-cash gain of $0.6 million. Before this non-cash item, net income was $6.6 million, or $0.46 per share, basic and diluted for first quarter 2007 as compared to $6.4 million, or $0.45 per share, basic and diluted for the first quarter of 2006.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>An average of 28.7 vessels were owned and operated in the first quarter of 2007, earning an average time-charter-equivalent rate of approximately $7,549 per day as compared to 22.4 vessels and earning an average of $7,870 per day for the same period of 2006. &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>CEO Harry Vafias commented: &quot;We are very pleased to report further strengthening in our operational and financial performance in the first quarter 2007. This is mainly due to the continued increase in the daily earnings of our vessels reflecting the improvement in charter rates in our sector, as well as to the continued tight management of our operating costs, which enabled us to lower the break even costs for our vessels both from a net profit and cash flow standpoint in Q1 2007 compared to the last quarter of 2006.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>We have been very active in the first quarter of 2007 in terms of growing our fleet further, taking delivery of one new vessel, thus bringing our fleet in the water to 29 vessels. We will also be taking delivery of a further nine vessels over the coming months as we have previously announced, expanding our fleet to 38 vessels and further solidifying our market leadership position in the Handy Size LPG carrying sector. &nbsp;&nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Today we have 91% of our fleet days fixed for the remainder of 2007 and already we have 47% fixed on period employment for 2008, thus maintaining our stated policy of having a transparent and visible earnings stream. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>2007 has begun well for our company with an improvement in charter rates against those seen throughout most of 2006. I am also pleased to note that we will be paying our sixth consecutive dividend since we went public in October of 2005. We continue to fully deliver on the promises we made to our shareholders at the time of our IPO through the consistent implementation of our strategy.&#148;</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>

&nbsp;

</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>CFO Andrew Simmons commented: &#147;We continue to operate with a well structured balance sheet and with a relatively modest level of leverage considering the continued ongoing expansion of the Company. During the first part of this year we have received continued assistance from our two existing banks, namely Fortis Bank and DnB Nor Bank, and we are very pleased that we have recently secured the support of Scotia Capital Europe Plc, to further assist us in our acquisition of further tonnage during 2007&#148;.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Quarterly Dividend</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>At its latest meeting held today, the Company&#146;s Board of Directors declared a quarterly cash dividend of $0.1875 per common share, payable on June 12, 2007 to shareholders of record on June 4, 2007.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>This is the sixth consecutive quarterly dividend since the company went public in October 2005 and since then STEALTHGAS has declared quarterly dividends aggregating $1.125 per common share. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Updated Fleet Profile and Fleet Deployment:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The table below describes our fleet development and deployment as of today: </P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=97.45></TD><TD width=52.05></TD><TD width=46.7></TD><TD width=40.75></TD><TD width=59></TD><TD width=73.9></TD><TD width=62.6></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=129.933><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><FONT FACE="Verdana"><B>Vessel</B></FONT></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=69.4><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Vessel Size (cbm)</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=62.267><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Vessel Type</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=54.333><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Year Built</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=78.667><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Delivered To GASS</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=98.533><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Employment Status</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=83.467><P style="line-height:11pt; margin:0pt; font-family:Verdana; font-size:9pt"><B>Charter Expiration</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=576.6 colspan=7><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt" align=justify><B>CURRENT FLEET</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Cathar (1)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">7,517</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Aug-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Marathon</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">6,572</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Chios</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">6,562</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Mar-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Amazon</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">6,526</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1992</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov -07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Flawless</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">6,300</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2007</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Feb-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Feb-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Monarch (2)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,018</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1997</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Nemesis (3) &nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,016</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Lyne (4)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,014</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1996</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Emperor (5)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,013</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Feb-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Birgit Kosan(6)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,012</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Catterick</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jan-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Sir Ivor (7)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2003</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Sincerity (8)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">4,123</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Spirit (9)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">4,112</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Zael </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">4,111</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2001</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Mar-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Courchevel </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">4,109</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Prophet (10)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,556</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1996</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Sep-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Shanghai (11)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,526</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1999</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Sep-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Czar</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,510</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Feb-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Legacy</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1998</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Fortune</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Feb-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Eternity (12)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1998</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Mar-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-10</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Artic</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,434</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1992</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Ice</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,434</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Apr-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Batangas</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,244</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-06</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Crystal</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,211</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Nov-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Spot</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">N/A</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Oracle</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,014</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1990</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Prodigy</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,014</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-05</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Dec-07</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Tiny</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1,320</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">S.R.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1991</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-04</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jan-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>FLEET TOTAL</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4 rowspan=2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>126,769</B></P>
<P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>Cbm</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt"><B>&nbsp;</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467 rowspan=2><P style="margin:0pt; font-family:Verdana; font-size:8pt"><B>&nbsp;</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>29 VESSELS</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=576.6 colspan=7><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>Additional Vessels (with expected delivery date)</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Haralambos (13)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">7,000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Kalogeros (14)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Icon (15)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">5,000</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1994</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Sikousis (16)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">2006</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Sophie</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,500</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1995</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Oct-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Sea Bird II (17)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,518</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1996</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-09</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Evoluzione</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,517</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1996</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jul-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Gas Renovatio (18)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,318</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1997</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Time Charter</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jan-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Chiltern (19)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">3,312</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">F.P.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">1997</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Jun-07</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">Bareboat</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt">May-08</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>FLEET TOTAL</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=69.4 rowspan=2><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>164,434 cbm</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=62.267 rowspan=2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=54.333 rowspan=2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=78.667 rowspan=2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=98.533 rowspan=2>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=83.467 rowspan=2>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" width=129.933><P style="line-height:10pt; margin:0pt; font-family:Verdana; font-size:8pt"><B>38 VESSELS</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">F.P.: Fully-Pressurized</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">S.R.: Semi-Refrigerated</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(1) Gas Cathar is employed under a time charter until August 2007. Thereafter, she will be employed on a further twelve months time charter.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(2) Gas Monarch is currently employed under a bareboat charter until June 2007. Thereafter, she will be employed under a new bare boat charter for three years with a state owned gas carrier.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(3) Gas Nemesis is currently employed under a time charter until June 2007. Thereafter she will be employed on a further twelve months time charter.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(4) Lyne is employed under a bareboat charter until May 2009. Thereafter, at charterer&#146;s option, the bareboat charter can be extended for a further one year.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(5) Gas Emperor is currently employed under a time charter until June 2007 and thereafter, she will be employed on a further twelve months time charter.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(6) Birgit Kosan is currently employed under a bareboat charter until October 2007. Thereafter, she will be employed on a further four years bareboat charter.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(7) Sir Ivor is employed under a bareboat charter until May 2009. Thereafter, at charterer&#146;s option, the bareboat charter can be extended for a further one year. </FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(8) Gas Sincerity is currently employed under a time charter until July 2007 and thereafter she will be employed on a further twelve months time charter.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(9) Gas Spirit is currently employed under a time charter until June 2007 and thereafter she will be employed for a further twelve months time charter.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(10) Gas Prophet has for the three year duration of her bareboat charter been renamed the M.T. Ming Long.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(11) Gas Shanghai is currently employed under a time charter until September 2007. Thereafter she will be employed on a further twelve months time charter.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(12) Gas Eternity will, from the commencement of her three year bareboat charter in March 2007, be renamed the M.T Yu Tian 9.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(13) Gas Haralambos, upon delivery in October 2007 will be employed under a time charter for twenty four months with an oil major.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(14) Gas Kalogeros upon delivery in July 2007 will be employed under a time charter for ten months with an oil major.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(15) Gas Icon upon delivery in July 2007 will be employed under a time charter for twelve months with an oil major.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(16) Gas Sikousis upon delivery in July 2007 will be employed under a time charter for twenty-two months with an oil major.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(17) Sea Bird II upon delivery in May 2007 will be employed under a bareboat charter for twenty-four months with an international gas trader.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(18) Gas Renovatio upon delivery in May 2007 will be employed under a time charter for seven months with an international gas trader.</FONT></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:-18pt; font-family:Symbol; font-size:8pt" align=justify><FONT FACE="Symbol">&#183;</FONT></P>
<P style="line-height:10pt; margin:0pt; padding-left:36pt; font-family:Verdana; font-size:8pt" align=justify><FONT FACE="Verdana">(19) Chiltern upon delivery in June 2007 will be employed under a bareboat charter for eleven months to an international LPG ship owning company.</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial"><B>Fleet Data </B></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The following key indicators highlight the Company&#146;s operating performance during the quarters ended March 31, 2007 and March 31, 2006. </P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=213.4></TD><TD width=130.25></TD><TD width=106.9></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>FLEET DATA</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>Q1 2007</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>Q1 2006</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000>Average number of vessels (1)</FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>28.7</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>22.4</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Period end number of vessels in fleet</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>29.0</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>24.0</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total calendar days for fleet (2)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,579</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,019</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total voyage days for fleet (3)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,579</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,015</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Fleet utilization (4)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>100.0%</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>99.9%</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total time charter days for fleet (5)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,465</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,897</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=284.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total spot market days for fleet (6)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=173.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>114</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.533><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>118</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=214.45></TD><TD width=126.15></TD><TD width=107.85></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>AVERAGE DAILY RESULTS </B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>Q1 2007</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=right><B>Q1 2006</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000>Time Charter Equivalent &#150; TCE (7)</FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$7,549</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$7,870</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Vessel operating expenses (8)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,052</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,148</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Management fees</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>352</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>321</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">General and administrative expenses</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>317</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>296</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=285.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total operating expenses (9)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,369</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=143.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,444</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>1) <U>Average number of vessels</U> is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>2) <U>Total calendar days</U> are the total days the vessels were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>3) <U>Total voyage days</U> for fleet reflect the total days the vessels were in our possession for the relevant period net of off-hire days associated with major repairs, drydocks or special or intermediate surveys.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>4) <U>Fleet utilization</U> is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>5) <U>Total time charter days</U> for fleet are the number of voyage days the vessels in our fleet operated on time charters for the relevant period.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>6) <U>Total spot market charter days</U> for fleet are the number of voyage days the vessels in our fleet operated on spot market charters for the relevant period.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>7) <U>Time charter equivalent, or TCE</U>, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>8) <U>Vessel operating expenses</U>, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>9) <U>Total operating expenses, or TOE</U>, is a measurement of our total expenses associated with operating our vessels. TOE is the sum of vessel operating expenses and general and administrative expenses. Daily TOE is calculated by dividing TOE by fleet calendar days for the relevant time period.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>EBITDA Reconciliation </B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>EBITDA represents net earnings before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of EBITDA may not be comparable to that reported by other companies. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>EBITDA is included herein because it is a basis upon which we assess our liquidity position and because we believe that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness. &nbsp;The Company&#146;s definition of EBITDA may not be the same as that used by other companies in the shipping or other industries. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>EBITDA reconciliation for the quarters ended March 31, 2007 and March 31, 2006: </B></P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=261.35></TD><TD width=106.7></TD><TD width=78.45></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>(figures in US $)</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>Q1 2007</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>Q1 2006</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT COLOR=#000000><B>Net Cash Provided By (Used in) Operating Activities</B></FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right><B>$8,809,745</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$9,291,743</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net increase in current assets, excluding cash</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>66,478</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>525,266</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net (increase) in current liabilities, excluding short-term portion of long term debt.</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>1,355,759</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,561,271)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest income</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(262,044)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(186,060)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest and finance costs, net</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>2,392,209</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,357,294</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Amortization of finance fees&nbsp;</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(20,849)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(9,919)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Net income of vessel acquired from the Vafias Group</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>0</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>99,870</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Change in fair value of derivatives</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right>(25,945)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>642,960</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=348.467><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>EBITDA</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=142.267><P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=right><B>$12,315,353</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=104.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$10,159,883</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=177.15></TD><TD width=142.4></TD><TD width=126></TD></TR>
<TR><TD style="background-color:#0C0C0C; border:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF"><FONT COLOR=#FFFFFF><B>(figures in US $)</B></FONT></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>Q1 2007</B></P>
</TD><TD style="background-color:#0C0C0C; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt; color:#FFFFFF" align=center><B>Q1 2006</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT COLOR=#000000><B>Net Income</B></FONT></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$6,622,453</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$6,958,693</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus net interest expense</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,392,209</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,357,294</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Less Interest income</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(262,044)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(186,060)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus depreciation </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,661,831</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,807,660</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Plus Amortization of fair value</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(99,096)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(777,704)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=236.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>EBITDA</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=189.867><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$12,315,353</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=168><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$10,159,883</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Conference Call and Webcast:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>As previously announced, on Tuesday, May 22, 2007 at 9:00 A.M. EDT, the company's management will host a conference call to discuss the results and the company's operations and outlook. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Conference Call details</B>:</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1866 819 7111(US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0) 1452 542 301 (Standard International Dial In). Please quote &quot;STEALTHGAS&quot;. </P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR>
In case of any problems with the above numbers, please dial 1866 223 0615 (US Toll Free Dial In), 800 694 1503 (UK Toll Free Dial In) or +44 (0) 1452 584 513 (Standard International Dial In). Please quote &quot;STEALTHGAS&quot;.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;<BR>
A telephonic replay of the conference call will be available until May 29, 2007 by dialing 1866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 1452 550 000 (Standard International Dial In). Access Code: 2201616# </P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR>
<B>Slides and audio webcast:</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>There will also be a live-and then archived-webcast of the conference call, through the internet through the STEALTHGAS INC. website (www.stealthgas.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>STEALTHGAS INC.</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>Consolidated Statements of Income</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>For the quarters ended March 31, 2006 and March 31, 2007</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Expressed in United States Dollars)</B></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=11.8></TD><TD width=1.5></TD><TD width=55.1></TD><TD width=80.4></TD><TD width=61.85></TD><TD width=28.7></TD><TD width=86.75></TD><TD width=11.8></TD><TD width=90></TD></TR>
<TR><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=75.467 colspan=2>&nbsp;</TD><TD valign=bottom width=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=251.4 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>For the Quarter Ended</B></P>
</TD></TR>
<TR><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=75.467 colspan=2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=107.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=38.267><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>March 31, 2006</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt" align=center>&nbsp;</P>
</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>March 31,</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>&nbsp;2007</B></P>
</TD></TR>
<TR><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=75.467 colspan=2>&nbsp;</TD><TD valign=bottom width=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Unaudited)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Unaudited)</B></P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" valign=bottom width=91.2 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Revenues</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=107.2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=82.467>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=38.267>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=17.733 colspan=2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=180.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Voyage revenues</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=38.267><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$16,937,918</P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$20,744,106</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=73.467>&nbsp;</TD><TD valign=bottom width=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=91.2 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Expenses</B></P>
</TD><TD valign=bottom width=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=180.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Voyage expenses</P>
</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,047,825</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>1,275,448</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=263.133 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Vessels' operating expenses</P>
</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>4,337,206</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>5,292,794</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=180.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Management fees</P>
</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>647,799</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>907,960</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=301.4 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">General and administrative expenses</P>
</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>597,181</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>817,675</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=180.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Depreciation</P>
</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>2,807,660</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>3,661,831</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=198.4 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total expenses</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=38.267><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>9,437,671</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>11,955,708</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="margin:0pt; font-family:Arial; font-size:11pt"><B>&nbsp;</B></P>
</TD><TD valign=bottom width=73.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=107.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=38.267><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=115.667><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=198.4 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Income from operations</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=38.267><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$7,500,247</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$8,788,398</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=73.467>&nbsp;</TD><TD valign=bottom width=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=280.867 colspan=5><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Other income and (expense)</B></P>
</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=263.133 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest and finance costs</P>
</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(1,357,294)</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(2,392,209)</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=263.133 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Change in fair value of derivatives</P>
</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>642,960</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(25,945)</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=180.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Interest income</P>
</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>186,060</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>262,044)</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=180.667 colspan=2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Foreign exchange loss</P>
</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(13,280)</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>(9,835)</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=198.4 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Other expenses, net</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=38.267><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>(541,554)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>(2,165,945)</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=73.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=107.2><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=38.267><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=115.667><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=198.4 colspan=4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Net income</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=82.467><P style="margin:0pt; font-family:Arial; font-size:11pt" align=center>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=38.267><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$6,958,693</B></P>
</TD><TD valign=bottom width=15.733><P style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right><B>$6,622,453</B></P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=73.467>&nbsp;</TD><TD valign=bottom width=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=319.133 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Earnings per share, basic and diluted</B></P>
</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$0.50</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>$0.46</P>
</TD></TR>
<TR><TD valign=bottom width=17.733 colspan=2>&nbsp;</TD><TD valign=bottom width=73.467>&nbsp;</TD><TD valign=bottom width=107.2>&nbsp;</TD><TD valign=bottom width=82.467>&nbsp;</TD><TD valign=bottom width=38.267>&nbsp;</TD><TD valign=bottom width=115.667>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=bottom width=319.133 colspan=6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Weighted average number of shares, basic and diluted</B></P>
</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=115.667><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>14,000,000</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=right>14,400,000</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>STEALTHGAS INC<BR>
Consolidated Balance Sheets</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>As of December 31, 2006 and March 31, 2007</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Expressed in United States Dollars)</B></P>
<P style="margin:0pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=13.65></TD><TD width=158.95></TD><TD width=65.9></TD><TD width=29.55></TD><TD width=33.9></TD><TD width=75.85></TD><TD width=13.6></TD><TD width=72></TD></TR>
<TR><TD style="border-top:0.5pt solid #000000" valign=bottom width=18.2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=211.933>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=87.867>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=39.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=45.2>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=center><B>December 31,</B></P>
</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=18.133>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=center><B>March 31,</B></P>
</TD></TR>
<TR><TD valign=bottom width=18.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=211.933><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=87.867><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=39.4><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=45.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=center><B>2006</B></P>
</TD><TD valign=bottom width=18.133><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=center><B>2007</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=211.933>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=87.867>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=45.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Audited)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.133>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Unaudited)</B></P>
</TD></TR>
<TR><TD valign=bottom width=230.133 colspan=2><P style="margin:0pt; font-family:Arial"><B>Assets</B></P>
</TD><TD valign=bottom width=87.867>&nbsp;</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=318 colspan=3><P style="margin:0pt; font-family:Arial"><B>Current assets</B></P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=339.2 colspan=3><P style="margin:0pt; font-family:Arial">Cash and cash equivalents</P>
</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>$11,146,871</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>$9,881,513</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=299.8 colspan=2><P style="margin:0pt; font-family:Arial">Trade receivables</P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,096,645</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>686,926</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=299.8 colspan=2><P style="margin:0pt; font-family:Arial">Claim receivable</P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>289,922</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>31,478</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=299.8 colspan=2><P style="margin:0pt; font-family:Arial">Inventories</P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>746,874</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>598,983</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=339.2 colspan=3><P style="margin:0pt; font-family:Arial">Advances and prepayments</P>
</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>270,370</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>892,886</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=384.4 colspan=4><P style="margin:0pt; font-family:Arial">Fair value of above market acquired time charter</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>23,718</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=299.8 colspan=2><P style="margin:0pt; font-family:Arial">Restricted cash</P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>4,317,338</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>2,318,298</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=318 colspan=3><P style="margin:0pt; font-family:Arial"><B>Total current assets</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=39.4><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right><B>$17,891,738</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.133><P style="margin:0pt; font-family:Arial"><B><I>&nbsp;</I></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right><B>$14,410,084</B></P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=211.933>&nbsp;</TD><TD valign=bottom width=87.867>&nbsp;</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=318 colspan=3><P style="margin:0pt; font-family:Arial"><B>Non current assets</B></P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=339.2 colspan=3><P style="margin:0pt; font-family:Arial">Advances for vessels acquisitions</P>
</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>1,650,000</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=384.4 colspan=4><P style="margin:0pt; font-family:Arial">Advances for vessels under construction</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>3,483,750</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>2,355,000</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=299.8 colspan=2><P style="margin:0pt; font-family:Arial">Vessels, net</P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>297,950,257</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>317,242,941</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=339.2 colspan=3><P style="margin:0pt; font-family:Arial">Deferred finance charges</P>
</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>279,576</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>309,524</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=357.4 colspan=4><P style="margin:0pt; font-family:Arial"><B>Total non current assets</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right><B>$301,713,583</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right><B>$321,557,465</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=318 colspan=3><P style="margin:0pt; font-family:Arial"><B>Total assets</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.4><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=45.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right><B>$319,605,321</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right><B>$335,967,549</B></P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=211.933>&nbsp;</TD><TD valign=bottom width=87.867>&nbsp;</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=402.6 colspan=5><P style="margin:0pt; font-family:Arial"><B>Liabilities and Stockholders' Equity</B></P>
</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=318 colspan=3><P style="margin:0pt; font-family:Arial"><B>Current liabilities</B></P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=339.2 colspan=3><P style="margin:0pt; font-family:Arial">Payable to related party</P>
</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,198,456</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>2,971,415</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=339.2 colspan=3><P style="margin:0pt; font-family:Arial">Trade accounts payable</P>
</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,049,456</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>1,673,995</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=339.2 colspan=3><P style="margin:0pt; font-family:Arial">Other accrued liabilities</P>
</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>4,681,488</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>2,791,664</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=384.4 colspan=4><P style="margin:0pt; font-family:Arial">Customer deposits</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>660,000</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>643,500</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=384.4 colspan=4><P style="margin:0pt; font-family:Arial">Fair value of below market acquired time charter</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,016,281</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>893,467</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=299.8 colspan=2><P style="margin:0pt; font-family:Arial">Deferred income</P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>2,889,998</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>3,026,565</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=339.2 colspan=3><P style="margin:0pt; font-family:Arial">Current portion of long-term debt</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=45.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>16,149,600</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>15,633,850</P>
</TD></TR>
<TR><TD valign=bottom width=357.4 colspan=4><P style="margin:0pt; font-family:Arial"><B>Total current liabilities</B></P>
</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right><B>$29,645,279</B></P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right><B>$27,634,456</B></P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=211.933>&nbsp;</TD><TD valign=bottom width=87.867>&nbsp;</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=357.4 colspan=4><P style="margin:0pt; font-family:Arial"><B>Non current liabilities</B></P>
</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=299.8 colspan=2><P style="margin:0pt; font-family:Arial">Derivative liability</P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>35,902</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>202,868</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=299.8 colspan=2><P style="margin:0pt; font-family:Arial">Customer deposits</P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,323,272</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>1,722,674</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=299.8 colspan=2><P style="margin:0pt; font-family:Arial">Fair value of below market acquired time charter</P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>1,016,281</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=299.8 colspan=2><P style="margin:0pt; font-family:Arial">Long-term debt</P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>124,798,640</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.133>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>138,823,890</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=357.4 colspan=4><P style="margin:0pt; font-family:Arial"><B>Total non current liabilities</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right><B>$126,157,814</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right><B>$140,749,432</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=318 colspan=3><P style="margin:0pt; font-family:Arial"><B>Total liabilities</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=39.4><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=45.2><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right><B>$155,803,093</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.133><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right><B>$168,383,888</B></P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=211.933>&nbsp;</TD><TD valign=bottom width=87.867>&nbsp;</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=318 colspan=3><P style="margin:0pt; font-family:Arial"><B>Commitments and contingencies</B></P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=211.933>&nbsp;</TD><TD valign=bottom width=87.867>&nbsp;</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=318 colspan=3><P style="margin:0pt; font-family:Arial"><B>Stockholders' equity</B></P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=384.4 colspan=4><P style="margin:0pt; font-family:Arial">Capital stock 5,000,000 preferred shares authorized and</P>
</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=384.4 colspan=4><P style="margin:0pt; font-family:Arial">zero outstanding with par value of $0.01 per share</P>
</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=384.4 colspan=4><P style="margin:0pt; font-family:Arial">100,000,000 common shares authorized 14,400,000 shares</P>
</TD><TD valign=bottom width=101.133>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96>&nbsp;</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=384.4 colspan=4><P style="margin:0pt; font-family:Arial">&nbsp;Issued and outstanding with a par value of $0.01 per share</P>
</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>144,000</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>144,000</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=339.2 colspan=3><P style="margin:0pt; font-family:Arial">Additional paid-in capital</P>
</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>150,607,621</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>150,607,621</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=299.8 colspan=2><P style="margin:0pt; font-family:Arial">Retained earnings</P>
</TD><TD valign=bottom width=39.4>&nbsp;</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>12,826,845</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>16,749,299</P>
</TD></TR>
<TR><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=339.2 colspan=3><P style="margin:0pt; font-family:Arial">Accumulated other comprehensive income</P>
</TD><TD valign=bottom width=45.2>&nbsp;</TD><TD valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right>223,762</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right>82,741</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=357.4 colspan=4><P style="margin:0pt; font-family:Arial"><B>Total stockholders' equity</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=45.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right><B>$163,802,228</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.133><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right><B>$167,583,661</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=402.6 colspan=5><P style="margin:0pt; font-family:Arial"><B>Total liabilities and stockholders' equity</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=101.133><P style="margin:0pt; font-family:Arial" align=right><B>$319,605,321</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.133><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=96><P style="margin:0pt; font-family:Arial" align=right><B>$335,967,549</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><FONT FACE="Times New Roman">1</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:40.9pt; font-family:Arial; font-size:11pt" align=center><FONT FACE="Arial"><B>STEALTHGAS INC<BR>
Consolidated Statements of Cash Flows</B></FONT></P>
<P style="line-height:13pt; margin:0pt; padding-right:40.9pt; font-family:Arial; font-size:11pt" align=center><B>(Expressed in United States Dollars)</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=15.95></TD><TD width=35.9></TD><TD width=55.75></TD><TD width=66.8></TD><TD width=60.75></TD><TD width=40.8></TD><TD width=50.75></TD><TD width=87.45></TD><TD width=13.65></TD><TD width=80.05></TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=47.867>&nbsp;</TD><TD valign=bottom width=74.333>&nbsp;</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=241.533 colspan=3><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>For the Quarter Ended</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.267><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=47.867><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=74.333><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=89.067><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=81><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=116.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>March 31, 2006</B></P>
</TD><TD valign=bottom width=18.2><P style="margin:0pt; font-family:Arial" align=center>&nbsp;</P>
</TD><TD valign=bottom width=106.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>March 31,</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>&nbsp;2007</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=21.267>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=47.867>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=74.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=89.067>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=81>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=54.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Unaudited)</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=18.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.733><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>(Unaudited)</B></P>
</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Cash flows from operating activities</B></P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Net income for the year</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>$6,958,693</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>$6,622,453</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=47.867>&nbsp;</TD><TD valign=bottom width=74.333>&nbsp;</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Items included in net income not affecting</B></P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=143.467 colspan=3><P style="margin:0pt; font-family:Arial"><B>&nbsp;&nbsp;cash flows:</B></P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Depreciation and Amortization</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>2,817,579</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>3.682.680</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Amortization of fair value of time charter</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(777,704)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(99,096)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=414.333 colspan=6><P style="margin:0pt; font-family:Arial">Net (income) of vessel acquired from the Vafias Group</P>
</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(99,870)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Change in fair value of derivatives</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(642,960)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>25,945</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=47.867>&nbsp;</TD><TD valign=bottom width=74.333>&nbsp;</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Changes in operating assets and liabilities:</B></P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial"><B>(Increase)/Decrease in</B></P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Trade receivables</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(102,012)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>409,719</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Claim receivable</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(52,124)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(1,572)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Inventories</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(353,834)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>147,891</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Advances and prepayments</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(17,296)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(622,516)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial"><B>Increase/(Decrease) in</B></P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Payable to related party</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>187,501</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>772,959</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Trade accounts payable</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>503,639</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(375,461)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Other accrued liabilities</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>239,439</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(1,889,824)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Deferred income</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>630,692</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>136,567</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Net cash provided by operating activities</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=54.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=67.667>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right><B>$9,291,743</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right><B>$8,809,745</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=47.867>&nbsp;</TD><TD valign=bottom width=74.333>&nbsp;</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Cash flows from investing activities</B></P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Insurance proceeds</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>260,016</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Advances for vessels acquisitions</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(1,650,000)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Advances for vessels under construction</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Decrease in restricted cash account</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>535,478</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>1,999,040</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Acquisition of vessels</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(31,708,465)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(21,825,766)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=292.267 colspan=4><P style="margin:0pt; font-family:Arial">Cash paid for above market acquired time charter</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667><P style="margin:0pt; font-family:Arial">&nbsp;</P>
</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>479,000</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Net cash (used in) investing activities</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=54.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right><B>$(30,693,987)</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right><B>$(21,216,710)</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=47.867>&nbsp;</TD><TD valign=bottom width=74.333>&nbsp;</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Cash flows from financing activities</B></P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Deemed dividends</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(287,500)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Dividends paid</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(2,625,000)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(2,700,000)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Deferred finance charges</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(28,000)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(50,795)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Overdraft facility</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(200,000)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>--</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Customer deposits</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;--</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>382,902</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Loan repayment</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(1,356,750)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(6,808,000)</P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Proceeds from long-term debt</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>14,000,000</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>20,317,500</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Net cash provided by financing activities</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=54.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=67.667>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right><B>$9,502,750</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right><B>$11,141,607</B></P>
</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=47.867>&nbsp;</TD><TD valign=bottom width=74.333>&nbsp;</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=367.933 colspan=6><P style="margin:0pt; font-family:Arial">Net Increase (Decrease) in cash and cash equivalents</P>
</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>(11,899,494)</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>(1,265,358)</P>
</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial">Cash and cash equivalents at beginning of year</P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>23,210,243</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>11,146,871</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Cash and cash equivalents at end of period</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=54.4>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=67.667>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right><B>$11,310,749</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=18.2><P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right><B>$9,881,513</B></P>
</TD></TR>
<TR><TD valign=bottom width=313.533 colspan=5><P style="margin:0pt; font-family:Arial"><B>Supplemental Cash Flow Information:</B></P>
</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=211.267 colspan=3><P style="margin:0pt; font-family:Arial">Cash paid during the year for:</P>
</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD valign=bottom width=116.6>&nbsp;</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD valign=bottom width=106.733>&nbsp;</TD></TR>
<TR><TD valign=bottom width=21.267>&nbsp;</TD><TD valign=bottom width=122.2 colspan=2><P style="margin:0pt; font-family:Arial">Interest payments</P>
</TD><TD valign=bottom width=89.067>&nbsp;</TD><TD valign=bottom width=81>&nbsp;</TD><TD valign=bottom width=54.4>&nbsp;</TD><TD valign=bottom width=67.667>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=116.6><P style="margin:0pt; font-family:Arial" align=right>$1,220,506</P>
</TD><TD valign=bottom width=18.2>&nbsp;</TD><TD style="border-bottom:3pt double #000000" valign=bottom width=106.733><P style="margin:0pt; font-family:Arial" align=right>$2,961,870</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><FONT FACE="Times New Roman">2</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR>
<FONT FACE="Arial"><B>About STEALTHGAS INC. </B></FONT></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Headquartered in Athens, Greece, STEALTHGAS INC. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. STEALTHGAS INC. currently has a fleet of 29 LPG carriers with a total capacity of 126,769 cubic meters (cbm). In addition, the company has agreed to acquire two newbuilding LPG carriers expected to be delivered to STEALTHGAS INC. in July and October 2007 respectively. It has also entered into agreements to acquire seven additional second-hand LPG carriers with expected delivery between May and October 2007. Once these acquisitions are complete, STEALTHGAS INC&#146;s fleet will be composed of 38 LPG carriers with a total capacity of 164,434 cubic meters (cbm). STEALTHGAS&#146;s shares are listed on NASDAQ and trade under the symbol &#147;GASS&#148;.</P>
<P style="line-height:14pt; margin:0pt; font-family:Arial; font-size:12pt" align=center><B>&nbsp;</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Forward-Looking Statement </B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although STEALTHGAS INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are be
yond our control, STEALTHGAS INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in STEALTHGAS INC.'s operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Risks and uncertainties are further described in reports filed by STEALTHGAS INC. with the US Securities and Exchange Commission. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Visit our website at www.stealthgas.com</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Company Contact:</B></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Andrew J. Simmons</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Chief Financial Officer</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>STEALTHGAS INC.</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>011-30-210-6250-001<BR>
E-mail: simmons@stealthgas.com</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Investor Relations/Media:<BR>
</B>Nicolas Bornozis<BR>
Capital Link, Inc.(New York)<BR>
Tel. 212-661-7566<BR>
E-mail: nbornozis@capitallink.com</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><FONT FACE="Times New Roman"><B>SIGNATURES </B></FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Courier New"><FONT FACE="Courier New">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereto duly authorized.</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><FONT FACE="Times New Roman"><B><U>Stealthgas, Inc. </U></B></FONT></P>
<P style="margin:0pt" align=center>(Registrant) </P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Courier New"><FONT FACE="Courier New"><I>Dated: &nbsp;May 21, 2007 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT FACE="Times New Roman">By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Andrew J. Simmons &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="margin:0pt; font-family:Courier New"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-----------------------</I></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Courier New"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></P>
<P style="margin:0pt; text-indent:288pt"><FONT FACE="Times New Roman">Andrew J. Simmons</FONT></P>
<P style="margin:0pt; font-family:Courier New" align=center><FONT FACE="Courier New"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT><FONT FACE="Times New Roman">Chief Financial Officer</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt"><FONT FACE="Times New Roman">3</FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
