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<SEC-DOCUMENT>0000950136-08-000392.txt : 20080130
<SEC-HEADER>0000950136-08-000392.hdr.sgml : 20080130
<ACCEPTANCE-DATETIME>20080130121245
ACCESSION NUMBER:		0000950136-08-000392
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080130
FILED AS OF DATE:		20080130
DATE AS OF CHANGE:		20080130

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:		08560326

	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>file1.htm
<DESCRIPTION>FORM 6-K
<TEXT>


<TITLE>
</TITLE>





<DIV STYLE=""></DIV><BR>
<DIV style="width: 100%; border-bottom: 3pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>UNITED STATES</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>SECURITIES AND EXCHANGE COMMISSION</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font style='font-size:10pt'>Washington, D.C. 20549</font></b></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>FORM 6-K</font></B></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 <br>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font style='font-size:10pt'>For the month of January 2008.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font style='font-size:10pt'>Commission File Number 000-51559</font></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>STEALTHGAS INC.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>(Translation of registrant&#146;s name into English)</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><font style='font-size:10pt'>331 Kifissias Avenue Erithrea 14561 Athens, Greece</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>(Address of principal executive office)</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. </font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="28%" style=' border-collapse:collapse;'>
    <tr>
      <td width="49%" valign=top style='padding:8.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Form 20-F&nbsp;&nbsp;</font><font face=Wingdings>x</font>&nbsp;&nbsp;</p></td>
      <td width="50%" valign=top style='padding:8.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Form 40-F&nbsp;&nbsp;</font><font face=Wingdings>o</font></p></td>
    </tr>
  </table>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T <br>
Rule 101(b)(1): </font><u><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font style='font-size:10pt'> </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T <br>
Rule 101(b)(7): </font><u><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font style='font-size:10pt'> </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Indicate by check mark whether the registrant by furnishing the information contained in the Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </font></p>
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      <td width="26%" valign=top style='padding:8.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="37%" valign=top style='padding:8.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Yes&nbsp;&nbsp;</font><font face=Wingdings>o</font>&nbsp;&nbsp;</p></td>
      <td width="37%" valign=top style='padding:8.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>No&nbsp;&nbsp;</font><font face=Wingdings>x</font></p></td>
    </tr>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with <br>
Rule 12g3-2(b): 82-</font><u><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font style='font-size:10pt'>. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'><b>This Report on Form 6-K is hereby incorporated by reference into (1) the Registration Statement on Form S-8 (Reg. No. 333-144240) of StealthGas Inc. filed with the Securities and Exchange Commission (&#147;SEC&#148;) on June 29, 2007 and the reoffer prospectus, dated June 29, 2007, contained therein, and (2) the Registration Statement on Form F-3 of StealthGas Inc. (Registration No. 333-143804), and in each case to be a part thereof from the date on which this Report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.</b></font></p>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 3pt solid black; font-size: 1pt">&nbsp;</DIV>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>1</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>EXHIBIT INDEX</font></B></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>99.1</font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Consolidated Financial Statements (Unaudited) for the Three and Nine Months Ended September 30, 2007 </font></p></td>
    </tr>
  </table>
</div>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>99.2</font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Management&#146;s Discussion and Analysis of Financial Conditions and Results of Operations</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>2</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>SIGNATURES</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Date: January 30, 2008</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;&nbsp;</font></p>
<div align=center>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td colspan="2" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font STYLE='FONT-SIZE:10PT'>STEALTHGAS INC.</font></p></td>
    </tr>
    <tr>
      <td width="49%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'> </p></td>
      <td width="7%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="4%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>By:&nbsp;</font></p></td>
      <td width="40%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font><br>
          <font style='font-size:10pt'>/s/ Andrew J. Simmons</font></p></td>
    </tr>
    <tr>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Name:&nbsp;</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Andrew J. Simmons</font></p></td>
    </tr>
    <tr>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Title:</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Chief Financial Officer</font></p></td>
    </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>3</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>file2.htm
<DESCRIPTION>CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><b><font style='font-size:10pt'>Exhibit 99.1</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Unaudited Condensed Consolidated Financial Statements</font></b></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>Index to unaudited condensed consolidated financial statements</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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      <td width="93%" valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>Page</font></b></p></td>
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      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Unaudited Condensed Consolidated Balance Sheets &#150;December 31, 2006 and September 30, 2007 </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2</font></p></td>
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      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Unaudited Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2006 and 2007</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3</font></p></td>
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      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2006 and 2007 </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4</font></p></td>
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      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Unaudited Condensed Consolidated Statement of Changes in Stockholders&#146; Equity for the nine months ended September 30, 2007</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5</font></p></td>
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      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Notes to the Unaudited Condensed Consolidated Financial Statements</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>1</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Unaudited Condensed Consolidated Balance Sheets</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>December 31, 2006 and September 30, 2007 (Expressed in United States Dollars, except share data)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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    <tr>
      <td width="64%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="6%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="12%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>December 31,</font></b></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="12%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>September 30,</font></b></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>Note</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>2006</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>2007</font></b></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Assets</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Current assets</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Cash and cash equivalents</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11,146,871</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>67,476,979</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Trade receivables</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,096,645</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,550,385</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Claim receivable</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>289,922</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>32,479</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Inventories</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>746,874</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>956,811</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Advances and prepayments</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>270,370</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>196,434</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Fair value of above market acquired time charter</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23,718</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Restricted cash</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,317,338</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,601,021</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total current assets </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>17,891,738</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>74,814,109</font></b></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Non current assets</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Advances for vessel acquisitions</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,483,750</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,055,000</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Vessels, net</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>297,950,257</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>392,904,608</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Restricted cash</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>200,000</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Deferred finance charges, net of accumulated</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>amortization of $87,424 and $145,457</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>279,576</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>367,338</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Fair value of derivatives</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>368,119</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>61,522</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Total non current assets</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>302,081,702</font></strong></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>397,588,468</font></strong></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total assets</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>319,973,440</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>472,402,577</font></b></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Liabilities and Stockholders&#146; Equity</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Current liabilities</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Payable to related party</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,198,456</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,121,694</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Trade accounts payable</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,049,456</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,405,704</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Other accrued liabilities</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>8</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,681,488</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,453,788</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Customer deposits</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>660,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>643,500</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Deferred income</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>10</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,889,998</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,761,224</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Current portion of long-term debt</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,149,600</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>15,505,064</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total current liabilities</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>28,628,998</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>26,890,974</font></b></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Non current liabilities</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Fair value of derivatives</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>404,021</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,522,687</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Customer deposits</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,323,272</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,324,157</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Fair value of below market acquired time charter</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,016,281</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,759,201</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Long-term debt</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>124,798,640</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>137,526,791</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total non current liabilities</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>127,542,214</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>144,132,836</font></b></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total liabilities</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>156,171,212</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>171,023,810</font></b></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Commitments and contingencies</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>22</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>&#151;</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>&#151;</font></b></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Stockholders&#146; equity</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Capital stock </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td width="64%" valign=bottom ><p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>100,000,000 common shares authorized 14,400,000 and 22,060,105 shares issued and outstanding with a par value of $0.01 per share</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="6%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="12%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>144,000</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="12%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>220,601</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Additional paid-in capital</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>15</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>150,607,621</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>281,307,088</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Retained earnings</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12,826,845</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>19,602,240</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Accumulated other comprehensive income</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>223,762</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>248,838</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total stockholders&#146; equity</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>163,802,228</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>301,378,767</font></b></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total liabilities and stockholders&#146; equity</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>319,973,440</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>472,402,577</font></b></p></td>
    </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>2</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:11pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Unaudited Condensed Consolidated Statements of Income</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars, except share data) </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="3" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Three Months Ended</font></b><br>
          <b><font style='font-size:8pt'>September 30,</font></b><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="3" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Nine Months Ended</font></b><br>
          <b><font style='font-size:8pt'>September 30,</font></b><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Note</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>2006</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>2007</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>2006</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>2007</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Revenues</font></b></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Voyage revenues </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>18,682,207</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23,241,691</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>52,835,170</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>63,865,847</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Expenses</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Voyage expenses</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>19</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,898,450</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,564,081</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,564,964</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,797,673</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Vessels&#146; operating expenses</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>19</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,963,545</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6,610,468</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,030,209</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>17,449,230</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Dry-docking costs</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,265,014</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>116,793</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,697,940</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>116,793</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Management fees</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>844,928</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,102,860</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,243,713</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,943,710</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>General and administrative expenses </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>383,049</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,900,331</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,993,652</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,596,361</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Depreciation</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,515,518</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,468,629</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,450,529</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11,932,622</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total expenses </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12,870,504</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>15,763,162</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>33,981,007</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>39,836,389</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Income from operations</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5,811,703</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>7,478,529</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>18,854,163</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>24,029,458</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Other income and (expenses)</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Interest and finance costs</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2,374,728</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2,538,701</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(5,466,118</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(7,408,536</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Change in fair value of derivatives</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,482,343</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,751,915</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(163,887</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,450,339</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Interest income</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>157,130</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>831,801</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>508,766</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,203,329</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Foreign exchange loss</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(17,582</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(19,528</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(58,391</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(62,247</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Other expenses, net</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(3,717,523</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(3,478,343</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(5,179,630</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(7,717,793</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Net income</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2,094,180</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>4,000,186</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13,674,533</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>16,311,665</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Basic Earnings per Share</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.15</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.19</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.97</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.99</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Basic Weighted Average Number of Shares, Outstanding</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,239,130</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>20,574,635</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,080,586</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,480,829</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Diluted Earnings per Share</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.15</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.19</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.97</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.99</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Diluted Weighted Average Number of Shares, Outstanding</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,239,130</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>20,633,070</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,080,586</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,500,522</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>3</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Unaudited Condensed Consolidated Statements of Cash Flows </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars) </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="3" valign=bottom style=' border-bottom:solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Nine Months Ended September 30,</font></b><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>2006</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>2007</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Cash flows from operating activities</font></b></p></td>
      <td width="4%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="12%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="12%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="1%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Net income for the period</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,674,533</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,311,665</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Items included in net income not affecting cash flows:</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Depreciation and amortization</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,487,780</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11,990,655</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Amortization of fair value of time charter</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,615,766</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(805,362</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Net (income) of vessel acquired from the Vafias Group</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(99,870</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Share based compensation</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>990,380</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Change in fair value of derivatives</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>163,887</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,450,339</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Changes in operating assets and liabilities:</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(Increase)/decrease in</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Trade receivables</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(592,513</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(453,740</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Claim receivable</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(128,373</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(12,450</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Inventories</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(568,752</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(209,937</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Advances and prepayments</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(91,908</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>73,936</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>Increase/(decrease) in</font></strong></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Payable to related party</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,209,924</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,076,762</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Trade accounts payable</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,978,136</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,356,248</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Other accrued liabilities</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,065,061</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,227,700</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Deferred income</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>764,308</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(128,774</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Net cash provided by operating activities </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>27,246,447 </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>28,258,498</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Cash flows from investing activities</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Insurance proceeds</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>269,893</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Advances for vessel acquisitions</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,700,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(Increase) in restricted cash account</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2,786,124</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(483,683</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Acquisition of vessels</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(78,278,904</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(104,186,223</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Net cash (used in) investing activities </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(81,065,028 </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(106,100,013</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Cash flows from financing activities</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Capital stock</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>76,601</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Additional paid-in capital</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,012,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Follow-on offering</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>129,600,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Underwriters&#146; over allotment option exercised</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>8,281,890</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Issuance costs</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(8,172,803</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Deemed dividends</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(287,500</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Dividends paid</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(7,950,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(9,536,270</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Deferred finance charges</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(110,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(145,795</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Overdraft facility</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(200,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Customer deposits</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,321,149</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,984,385</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Loan repayment</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(54,514,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(41,483,885</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Proceeds from short-term bridge facility</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>26,500,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Proceeds from long-term debt</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>100,430,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>27,067,500</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Net cash provided by financing activities </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>43,705,649 </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>134,171,623</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Net (decrease)/increase in cash and cash equivalents</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(10,112,932</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>56,330,108</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Cash and cash equivalents at beginning of period</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23,210,243</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11,146,871</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Cash and cash equivalents at end of period </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13,097,311 </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>67,476,979</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Supplemental Cash Flow Information:</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Cash paid during the period for interest</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,656,306</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,840,223</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Non cash items:</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Fair value of below market acquired time charter</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,982,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,572,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>4</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<hr noshade="noshade" align="center" width="100%" size="2">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Unaudited Condensed Consolidated Statement of Changes in Stockholders&#146; Equity</font></b><font style='font-size:10pt'> </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>For the nine months ended September 30, 2007</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars, except share data)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Comprehensive Income</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Capital stock Number of Shares </font></b><br>
          <b><font style='font-size:8pt'>(Note 14)</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Amount (Note 14)</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Additional Paid-in Capital<br>
(Note 15)</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Retained Earnings</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Accumulated Other Comprehensive Income</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Total</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Balance as of January 1, 2007</font></b></p></td>
      <td width="0%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="11%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="0%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="10%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,400,000</font></p></td>
      <td width="0%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="7%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>144,000</font></p></td>
      <td width="0%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="11%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>150,607,621</font></p></td>
      <td width="0%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="10%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12,826,845</font></p></td>
      <td width="0%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="12%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>223,762</font></p></td>
      <td width="0%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="10%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>163,802,228</font></p></td>
      <td width="0%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Follow-on public offering net of issuance cost</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,200,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>72,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>121,887,302</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>121,959,302</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Underwriters&#146; over-allotment option exercised net of issuance cost</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>460,105</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,601</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,821,785</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,826,386</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Share based compensation</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>990,380</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>990,380</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Dividends paid </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(9,536,270</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(9,536,270</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Net income for the period </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,311,665</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,311,665</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,311.665</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Other comprehensive income </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'> - Cash flow hedges: </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Swap contract </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23,701</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23,701</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23,701</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Reclassification adjustment </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,375</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,375</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,375</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Comprehensive income </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,336,741</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Balance, September 30, 2007 (unaudited)</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>22,060,105</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>220,601</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>281,307,088</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>19,602,240</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>248,838</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>301,378,767</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>5</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Basis of Presentation and General Information</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The accompanying unaudited condensed consolidated financial statements include the accounts of StealthGas Inc. and its wholly owned subsidiaries (collectively, the &#147;Company&#148;) which, as of September 30, 2007 owned a fleet of thirty-six liquefied petroleum gas (LPG) carriers providing worldwide marine transportation services under long, medium or short-term charters. StealthGas Inc. was formed under the laws of Marshall Islands on December 22, 2004.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Certain amounts in the 2006 consolidated balance sheet have been reclassified to conform with the presentation in the current period&#146;s unaudited interim condensed consolidated financial statements. The reclassifications had no impact on the results of operations of the Company.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>As of December 31, 2004, under the direction of Stealth Maritime Corporation S.A., the shareholders of the vessel owning companies contributed all of their issued and outstanding shares of common stock to StealthGas Inc. and StealthGas Inc. became the sole owner of all the outstanding shares of all the subsidiaries mentioned in note 1a. below. The transaction described above constitutes a reorganization of companies under common control, and has been accounted for in a manner similar to a pooling of interests, as each ship-owning company was, indirectly, wholly owned by and under the common control of the Vafias Group prior to the transfer of ownership of the companies to StealthGas Inc. Accordingly, the consolidated financial statements of the Company have been presented as if the ship-owning companies were consolidated subsidiaries of the Company as of the dates indicated and using the
combined historical carrying costs of the assets and the liabilities of the ship-owning companies listed in note 1a below.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The vessels noted in 1c. &#147;Vafias Group of LPG Carriers&#148; were acquired by affiliates of the Vafias Group from unrelated parties. The &#147;Vafias Group of LPG Carriers&#148; were acquired by the Company with a portion of the proceeds of the initial public offering (see Note 15). The Company and the Vafias Group of LPG Carriers are entities that are commonly controlled by the Vafias Group. Due to these relationships and the common control therein, the acquisition of the Vafias Group of LPG Carriers by the Company was accounted for as a combination of entities under common control in accordance with Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 141 &#147;Business Combinations&#148; and EITF 02-05 &#147;Definition of &#147;Common Control&#148; in relation to FASB Statement No. 141.&#148; Such accounting resulted in the retroactive restatement of the historical
financial statements of the Company as if the Vafias Group of LPG Carriers were consolidated subsidiaries of the Company for all periods presented.</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>(a)</font></b></i></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Ship-owning companies originally acquired by StealthGas Inc in 2004:</font></b></i></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="88%" style=' margin-left:25.9pt;border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>Name of Company</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Vessel Name</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Acquisition Date cbm</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td width="27%" valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>VCM Trading Ltd.</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="22%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Prophet</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="23%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>October 12, 2004</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="20%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,515.55</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>LPGONE Ltd.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Tiny</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>October 29, 2004</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,319.96</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Geneve Butane Inc</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Courchevel</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>November 24, 2004</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,102.00</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Matrix Gas Trading Ltd.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Shanghai</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>December 7, 2004</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,525.92</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On October 19, 2006, &#147;Gas Prophet&#148; was renamed to &#147;Ming Long&#148; for the duration of the three years bare boat charter party.</font></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>(b)</font></b></i></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Ship-owning companies acquired by StealthGas Inc. in 2005:</font></b></i></p></td>
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  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="88%" style=' margin-left:25.9pt;border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>Name of Company </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Vessel Name </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Acquisition Date cbm</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td width="27%" valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Pacific Gases Ltd.</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="22%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Emperor</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="22%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>February 2, 2005</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="20%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,009.07</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Semichlaus Exports Ltd.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Ice</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>April 7, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,434.08</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Ventspils Gases Ltd.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Arctic</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>April 7, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,434.08</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Industrial Materials Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Birgit Kosan</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>April 11, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,013.33</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Aracruz Trading Ltd.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Amazon</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>May 19, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6,562.41</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Basis of Presentation and General Information - Continued</font></b></p></td>
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</div>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>(b)</font></b></i></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Ship-owning companies acquired by StealthGas Inc. in 2005:</font></b></i></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="88%" style=' margin-left:25.9pt;border-collapse:collapse;'>
    <tr>
      <td width="29%" valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Soleil Trust Inc.</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="22%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Sincerity</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="22%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>November 14, 2005</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="18%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,128.98</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>East Propane Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Catterick</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>November 24, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,001.41</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Petchem Trading Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Spirit</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>December 16, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,112.18</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Malibu Gas Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Feisty Gas</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>December 16, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,111.24</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Northern Yield Shipping Ltd.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Legacy</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>October 27, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,128.98</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Triathlon Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Marathon</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>November 2, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6,572.20</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Iceland Ltd.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Crystal</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>November 11, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,211.04</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On April 3, 2006, the &#147;Feisty Gas&#148; was delivered to International Gases Inc., subsidiary of StealthGas Inc., and renamed to &#147;Gas Zael&#148;.</font></p>
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  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>(c)</font></b></i></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Vafias&#146; Group of LPG carriers:</font></b></i></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="88%" style=' margin-left:25.9pt;border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>Name of Company </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Vessel Name </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Acquisition Date cbm</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td width="29%" valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gaz De Brazil Inc.</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="21%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Prodigy</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="22%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>October 15, 2004</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="18%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,014.59</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Independent Trader Ltd.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Oracle</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>April 26, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,014.59</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Continent Gas Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Chios</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>May 20, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6,562.09</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Empire Spirit Ltd.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Sweet Dream</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>May 31, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,018.35</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Jungle Investment Limited</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Cathar</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>July 27, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,517.18</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>East Technologies Ltd.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Crystal</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>July 28, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,211.04</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Quicksilver Shipping Limited</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Legacy</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>August 26, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,128.98</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Triathlon Gas Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Marathon</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>October 3, 2005</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6,572.20</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gass Success Ltd.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Eternity</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>February 13, 2006</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,528.21</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>During the fourth quarter of 2005 and the first quarter of 2006, the above ship-owning companies were acquired by the Company with share purchase agreements except for the vessels Gas Crystal, Gas Legacy, Gas Marathon and Gas Eternity which were sold as assets to the newly formed subsidiaries of the Company, called Iceland Ltd., Northern Yield Shipping Ltd., Triathlon Inc and Balkan Profit Ltd.</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>(d)</font></b></i></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Ship-owning companies acquired by StealthGas Inc. in 2006:</font></b></i></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="87%" style=' margin-left:25.9pt;border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>Name of Company </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Vessel Name </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Acquisition Date cbm</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td width="30%" valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Balkan Holding Inc.</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="22%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Czar</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="21%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>February 14, 2006 </font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="18%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,509.65</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Transgalaxy Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Fortune</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>February 24, 2006</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,512.78</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>International Gases Inc</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Zael</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>April 03, 2006</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,111.24</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Balkan Profit Ltd</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Eternity</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>March 09, 2006</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,528.21</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Oxfordgas Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Lyne</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>May 19, 2006</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,013.90</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Energetic Peninsula Limited</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Sir Ivor</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>May 26, 2006</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,000.00</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Ocean Blue Limited</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Nemesis</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>June 15, 2006</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,016.05</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Baroness Holdings Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Batangas</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>June 30, 2006</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,244.04</font></p></td>
    </tr>
  </table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>2</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Basis of Presentation and General Information - Continued</font></b></p></td>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>(e)</font></b></i></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><b><font style='font-size:10pt'>Ship-owning companies acquired by StealthGas Inc. in 2007:</font></b></i></p></td>
    </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="87%" style=' margin-left:25.9pt;border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>Name of Company </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Vessel Name </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Acquisition Date cbm</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
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      <td width="30%" valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Evolution Crude Inc.</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="22%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Flawless</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="21%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>February 1, 2007 </font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="18%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6,300.00</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Aura Gas Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Sea Bird</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>May 18, 2007</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,518.00</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>European Energy Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Renovatio</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>May 29, 2007 </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,312.50</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Fighter Gas Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Icon</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>June 27, 2007 </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,000.00</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Luckyboy Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Chiltern</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>June 28, 2007 </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,312.00</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Italia Trades Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Evoluzione</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>July 23, 2007</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,517.00</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Studio City Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Kalogeros</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>July 27, 2007</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,000.00</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gastech Inc.</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Sikousis</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>August 03, 2007</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,500.00</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The Company&#146;s vessels are managed by Stealth Maritime Corporation S.A. - Liberia (the &#147;Manager&#148;), a related party. The Manager is a company incorporated in Liberia and registered in Greece on May 17, 1999 under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by the article 4 of law 2234/94. (See Note 3).</font></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2. </font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Significant Accounting Policies</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Principles of Consolidation: </font></b></i><font style='font-size:10pt'>The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#147;US GAAP&#148;) and include the accounts of the StealthGas Inc. and its wholly owned subsidiaries referred to in notes 1(a), 1(b), 1(c), 1(d) and 1(e) above. Inter-company balances and transactions have been eliminated upon consolidation. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Interim Financial Information (Unaudited</font></b></i><b><font style='font-size:10pt'>): </font></b><font style='font-size:10pt'>The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with US GAAP for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete annual financial statements. However, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of financial position, operating results and cash flows have been included in the interim financial statements. Interim results are not necessarily indicative of results for a full year. Reference is made to the December 31, 2006 consolidated financial statements of StealthGas Inc. contained in its Annual Report on Form 20-F for the year ended December 31, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Use of Estimates: </font></b></i><font style='font-size:10pt'>The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Other Comprehensive Income: </font></b></i><font style='font-size:10pt'>The Company follows the provisions of SFAS No. 130 &#147;Statement of Comprehensive Income&#148; which requires separate presentation of certain transactions, such as unrealized</font><font color="#008000"><b><font style='font-size:10pt'> </font></b></font><font style='font-size:10pt'>gains and losses from effective portion of cash flow hedges, which are recorded directly as components of stockholders&#146; equity. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Foreign Currency Translation: </font></b></i><font style='font-size:10pt'>The functional currency of the Company and each of its subsidiaries is the U.S. Dollar because the Company&#146;s vessels operate in international shipping markets, which utilize the U.S. Dollar as the functional currency. The accounting books of the Company are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to reflect the current exchange rates. Resulting gains or losses are separately reflected in the accompanying consolidated statements of income.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>3</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Significant Accounting Policies - Continued</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Cash and Cash Equivalents: </font></b></i><font style='font-size:10pt'>The Company considers highly liquid investments such as time deposits and certificates of deposit with original maturity of three months or less to be cash equivalents.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Restricted Cash: </font></b></i><font style='font-size:10pt'>Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Trade Receivables: </font></b></i><font style='font-size:10pt'>The amount shown as trade receivables includes estimated recoveries from charterers for hire, freight and demurrage billings, net of allowance for doubtful accounts. During 2006 and for the nine-month period ended September 30, 2007, all potentially un-collectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts is required at December 31, 2006 and September 30, 2007. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Claims Receivable: </font></b></i><font style='font-size:10pt'>Claims receivable are recorded on the accrual basis and represent the claimable expenses, net of deductibles, incurred through each balance sheet date, which are expected to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Trade Accounts Payable: </font></b></i><font style='font-size:10pt'>The amount shown as trade accounts payable at the balance sheet date includes payables to suppliers of port services, bunkers, and other goods and services payable by the Company.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Segmented Reporting:</font></b></i><font style='font-size:10pt'> The Company has determined that it operates in one reportable segment, the sea transportation of liquefied gas.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Inventories: </font></b></i><font style='font-size:10pt'>Inventories consist of bunkers (for vessels under voyage charter) and lubricants. The cost is determined by the first-in, first-out method. The Company considers victualling and stores as being consumed when purchased and, therefore, such costs are expensed when incurred.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Vessels Acquisitions: </font></b></i><font style='font-size:10pt'>Vessels are stated at cost, which consists of the contract price less discounts and any material expenses incurred upon acquisition (initial repairs, improvements, acquisition and expenditures made to prepare the vessel for its initial voyage). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels, and otherwise are charged to expenses as incurred.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The Company records all identified tangible and intangible assets associated with the acquisition of a vessel or liabilities at fair value. Where vessels are acquired with existing time charters, the Company allocates the purchase price to the time charters based on the present value (using an interest rate which reflects the risks associated with the acquired charters) of the difference between (i) the contractual amounts to be paid pursuant to the charter terms and (ii) management&#146;s estimate of the fair market charter rate, measured over a period equal to the remaining term of the charter. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to voyage revenues over the remaining term of the charter.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Impairment of Long-lived Assets: </font></b></i><font style='font-size:10pt'>The Company follows SFAS No.144 &#147;Accounting for the Impairment or Disposal of Long-lived Assets&#148;. The standard requires that long-lived assets and certain identifiable intangible assets held and used or disposed of by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss for an asset held for use should be recognized when the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated
recoverable amount for each of the Company&#146;s vessels.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>4</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Significant Accounting Policies - Continued</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The Company had no impairment losses in any of the periods presented.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Vessels&#146; Depreciation: </font></b></i><font style='font-size:10pt'>The cost of each of the Company&#146;s vessels is depreciated on a straight-line basis over the vessels&#146; remaining economic useful life, after considering the estimated residual value. Management estimates the useful life of each of the Company&#146;s vessels to be 30 years from the date of their construction. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Accounting for Special Survey and Dry-docking Costs:</font></b></i><font style='font-size:10pt'> Special survey and dry-docking costs and all non-capitalizable repair and maintenance expenses are expensed in the period incurred. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Deferred Finance Charges:</font></b></i><font style='font-size:10pt'> Fees incurred for obtaining new loans or refinancing existing ones are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing is made.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Pension and Retirement Benefit Obligations - Crew: </font></b></i><font style='font-size:10pt'>The ship-owning companies included in the consolidation employ the crew on board under short-term contracts (usually up to seven months) and accordingly, they are not liable for any pension or any post-retirement benefits.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Accounting for Revenue and Expenses:</font></b></i><font style='font-size:10pt'> Revenue and expenses resulting from each voyage or time charter are accounted for on an accrual basis. Time charter and bareboat revenues are recognized over the term of the charter as services are provided. Time charter and bareboat revenues received in advance are recorded as liabilities (deferred income) until charter services are rendered. Under a voyage charter, the revenues and associated voyage costs are recognized on a pro-rata basis over the duration of the voyage. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Voyage costs comprise commissions, bunkers and port expenses. The impact of this method of recognizing voyage costs on a pro-rata basis is not materially different from a method of recognizing such costs as incurred.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The operating results of voyages in progress at a reporting date are estimated and recognized pro-rata on a per day basis. Probable losses on voyages are provided for in full at the time such losses can be estimated.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and miscellaneous expenses. Vessel operating expenses are accounted for on an accrual basis.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Leasing: </font></b></i><font style='font-size:10pt'>Leases are classified as capital leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Earnings per Share: </font></b></i><font style='font-size:10pt'>Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Income Taxes:</font></b></i><font style='font-size:10pt'> The Company is not liable for any income tax on its net income derived from shipping operations because the countries in which the subsidiaries ship-owning companies are incorporated do not levy tax on income, but rather a tonnage tax on the vessel. (Note 20)</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-right:3%; margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>5</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Significant Accounting Policies - Continued</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Derivatives:</font></b></i><font style='font-size:10pt'> The SFAS No. 133, &#147;Accounting for Derivative Instruments and Hedging Activities&#148; as amended, establishes accounting and reporting standards requiring that every derivative instrument (including certain derivative instruments embedded in other contracts) be recorded in the balance sheet as either an asset or liability measured at its fair value, with changes in the derivatives&#146; fair value recognized currently in earnings unless specific hedge accounting criteria are met. Changes in the estimated fair value of those instruments are recognized in the consolidated statement of income.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>During 2006 and 2007, the Company engaged in two interest rate swap agreements in order to hedge the exposure of interest rate fluctuations associated with the cash flows on a portion of the Company&#146;s variable rate borrowings (Notes 13, 14). These swap agreements are designated and qualify as cash flow hedges. Their fair value is included in financial instruments in the accompanying consolidated balance sheets at December 31, 2006 and September 30, 2007 with changes in the effective portion of the instruments&#146; fair value recorded in accumulated other comprehensive income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in the consolidated statements of income. If the hedged items are forecasted transactions that later are not expected to or will not occur, then the derivative financial instrument no longer qualifies
as a cash flow hedge. As a result, fair value changes that were previously recorded in accumulated other comprehensive income are immediately recognized in earnings. In all other instances, when a derivative financial instrument ceases to be designated or to qualify as an effective cash flow hedge but if it is still possible the hedged forecasted transaction may occur, hedge accounting ceases from that date and the instrument is prospectively marked to market through earnings, but previously recorded changes in fair value remain in accumulated other comprehensive income until the hedged item affects earnings or until it becomes probable that the hedged forecasted transaction will not occur. It is the Company&#146;s intention to hold these swap agreements to maturity.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><b><font style='font-size:10pt'>Share-based Compensation:</font></b></i><font style='font-size:10pt'> Share based payments to employees and directors, including grants of employee and directors unvested restricted shares are recognized in the consolidated statement of income based on their fair values and are amortized over the service period in accordance with SFAS No.&nbsp;123(R) &#147;Share-Based Payment&#148; (Note 16).</font></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>3.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Transactions with Related Party</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The Manager provides the vessels with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 per vessel operating under a voyage or time charter or $125 per vessel operating under a bareboat charter and a brokerage commission of 1.25% on freight, hire and demurrage per vessel. During 2006 the daily management fee rate was adjusted quarterly based on the United States Dollar/Euro exchange rate as published by Bloomberg LP two days prior to the end of the prior calendar quarter. For 2007 the daily management fee, after an amendment on January 1, 2007 of the Management Agreement, is fixed at $440 per vessel operating under a voyage or time charter or $125 per vessel operating under a bareboat charter (an average of $395 or $127 for the nine month period ended September 30,
2006, respectively). For the quarter and for the nine month period ended September 30, 2007, total brokerage commissions of 1.25% amounted to $272,984 and $783,064, respectively (for 2006 $228,259 and $637,847, respectively), and were included in voyage expenses. For the quarter and for the nine month period ended September 30, 2007, the management fees were $1,102,860 and $2,943,710, respectively (for 2006 $844,928 and $2,243,713, respectively).</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-right:3%; margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>6</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>3.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Transactions with Related Party - Continued</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The Manager also acts as a sales and purchase broker of the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. As of December 31, 2006 and September 30, 2007 the amounts of $785,550 and $697,590, respectively, were capitalized to the cost of the vessels.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The Manager has subcontracted the technical management of the vessels to three unaffiliated ship-management companies, V.Ships Limited (&#147;V.Ships&#148;), Tesma Singapore Pte Ltd (&#147;Tesma&#148;) and Swan Shipping Corporation (Manila). These companies provide technical management to the Company&#146;s vessels for a fixed annual fee per vessel. Such fees for the quarter and for the nine month period ended September 30, 2007 amounted to $259,447 and $747,247, respectively (for 2006 $358,674 and $1,067,003, respectively) and are included in the total management fees of $1,102,860 and $2,943,710 respectively (for 2006 $844,928 and $2,243,713, respectively).</font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The current account balance with the Manager at December 31, 2006 and at September 30, 2007 was a liability of $2,198,456 and $1,121,694, respectively. The liability represents revenues collected less payments made by the Manager on behalf of the ship-owning companies.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The Company occupies office space that is owned by an affiliated company of the Vafias Group with which it has a three-year cancelable agreement for the provided office facilities. Rental expense for the quarter and for the nine month period ended September 30, 2007 amounted to $8,506 and $24,565 respectively (for 2006 $7,567 and $22,085, respectively).</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On May 16, 2007, the Company entered into a 60 day unsecured bridge facility with its affiliate Brave Maritime Corporation Inc. in the amount of $35,000,000 at a margin of 0.80% over three month Libor. The facility is extendable at the Company&#146;s option for a further 60 day at the expiry of the facility. By July 20, 2007, the Company drew down $26,500,000 under this facility to part finance the acquisition of three vessels, named &#147;Gas Renovatio&#148;, &#147;Chiltern&#148; and &#147;Gas Evoluzione&#148;. On July 24, 2007, the Company repaid the amount of $26,500,000 plus accrued interest of $144,418 outstanding under the Brave Maritime Corporation Bridge Facility, where upon the facility was also immediately cancelled, and the availability under it has therefore ceased.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On July 27, 2007 and August 3, 2007, the Company acquired the vessels &#147;Gas Kalogeros&#148; and &#147;Gas Sikousis&#148; from its affiliate Brave Maritime Corporation Inc. at a total price of $34,500,000. The acquisition price paid for these two vessels when acquired by the Company was 97% of two independent sale and purchase brokers&#146; valuations of the market price of those vessels at the time of their acquisition. Previously, on January 1, 2007 and March 1, 2007, Brave Maritime Corporation Inc had entered into separate memoranda of agreement to acquire the above vessels from an unaffiliated entity at a total price of $32,500,000. The above vessels were delivered to Brave Maritime Corporation on April 4, 2007 and March 29, 2007, respectively.</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>4.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Inventories </font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=center>
  <table border="0" cellspacing=0 cellpadding=0 width="70%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>December 31, 2006</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>September 30, 2007</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Bunkers</font></p></td>
      <td width="3%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="23%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>240,692</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="21%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>286,443</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Lubricants</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>506,182</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>670,368</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>Total</font></strong></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>746,874</font></strong></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>956,811</font></strong></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-right:3%; margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>7</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Advances for Vessel Acquisitions</font></b></p></td>
    </tr>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The amounts shown in the accompanying consolidated balance sheets as of December 31, 2006 and September 30, 2007 amounting to $3,483,750 and $4,055,000, respectively, represent advance payments to sellers for two vessels under construction and two second-hand LPG carriers. The two vessels under construction, named &#147;Gas Flawless&#148; (formerly &#147;Sunny Dream&#148;, a 6,300 cbm LPG carrier), which was delivered to the Company on February 1, 2007, and the &#147;Gas Haralambos&#148; (formerly &#147;Happy Dream&#148;, a 7,000 cbm LPG carrier) which subsequently delivered on October 30,&nbsp;2007, have a total purchase price of $46,125,000. The second-hand LPG carriers, named &#147;Gas Sophie&#148; (formerly &#147;Virgo Gas&#148;) and &#147;Gas Premiership&#148; (formerly &#147;Premiership&#148;), with expected delivery in October&nbsp;2007 and February 2008, respectively, have a total
purchase price of $26,500,000.</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>6.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Vessels, net</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Vessel cost</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Accumulated Depreciation</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Net Book Value</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Balance, December 31, 2006</font></b></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="10%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>316,884,973</font></b></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="10%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(18,934,716</font></b></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
      <td width="10%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>297,950,257</font></b></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Acquisitions</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>106,886,973</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>106,886,973</font></strong></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Depreciation for the period</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(11,932,622</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>(11,932,622</font></strong></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>)</font></strong></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Balance, September 30, 2007</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>423,771,946</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(30,867,338</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>392,904,608</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-right:3%; margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>8</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>6. </font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Vessels, net - Continued</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Vessels cost are analyzed as follows: </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Vessel</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Purchase price</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Brokerage</font></b><br>
          <b><font style='font-size:8pt'>fee</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Pre-delivery expenses</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Interest income earned on 10% deposit</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Fair value of acquired Time charter (Note 8)</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Total acquisition cost</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td width="2%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="16%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Ming Long</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>8,316,000</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>84,000</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>86,549</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>8,486,549</font></b></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Tiny</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,225,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12,250</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>73,238</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1,310,488</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Courchevel</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,652,500</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>97,500</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>56,677</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9,806,677</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Shanghai</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,801,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>99,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>55,554</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9,955,554</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Emperor</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11,385,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>115,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>30,753</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(826</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11,529,927</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Ice</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,500,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>95,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>22,102</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2,515</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9,614,587</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Arctic</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,500,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>95,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>32,281</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2,590</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9,624,691</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>8</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Birgit Kosan</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12,500,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>125,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>10,860</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(4,472</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12,631,388</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Amazon</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,250,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>92,500</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>129,070</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(4,919</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9,466,651</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>10</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Prodigy</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>5,775,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>57,750</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>118,458</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,150,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>8,101,208</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Chios</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11,000,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>110,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>45,418</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,537</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11,153,881</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Legacy</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12,500,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>125,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>74,495</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(8,606</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12,690,889</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Cathar</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>19,557,135</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>196,950</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,703</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(5,496</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>19,763,292</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Marathon</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,400,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>144,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,692</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(10,370</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14,541,322</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>15</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Crystal</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>8,500,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>85,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>40,533</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(6,028</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>8,619,505</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Sincerity</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,949,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>151,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,676</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3,451</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(265,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14,848,225</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>17</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Catterick</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12,592,800</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>127,500</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>38,819</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(950</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(421,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12,337,169</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>18</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Monarch</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,000,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>140,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,700</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(8,831</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14,145,869</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>19</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Oracle</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,850,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>48,500</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>36,423</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(495</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>700,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>5,634,428</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>20</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Spirit</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>15,345,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>155,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,420</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,131</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>406,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>15,914,289</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>21</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Zael </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,830,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>150,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>41,828</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,095</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>491,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>15,511,733</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>22</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Czar</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,731,700</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>98,300</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>36,400</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(826</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>479,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>10,344,574</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Eternity</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>12,625,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>126,250</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>21,588</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12,772,838</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>24</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Fortune</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,500,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>95,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(9,249</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(258</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9,585,493</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>25</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Sir Ivor</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>15,700,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>157,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>15,065</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3,541</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>479,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>16,347,524</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>26</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Lyne</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11,000,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>110,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11,002</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,567</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>483,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11,602,435</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>27</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Nemesis</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>10,365,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>105,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>27,934</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2,439</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>201,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>10,696,495</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>28</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Batangas</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,400,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>94,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>15,073</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1,783</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>340,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9,847,290</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>29</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Flawless</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>22,575,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>225,750</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>134,850</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(4,212</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>22,931,388</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>30</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Sea Bird II</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,184,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>91,840</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,013</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(3,740</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>409,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9,688,113</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>31</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Renovatio</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,750,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>97,500</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,583</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(2,031</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>310,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>10,170,052</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>32</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Icon</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,000,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>90,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>84,552</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(9,685</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9,164,867</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>33</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Chiltern</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,750,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>97,500</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>17,845</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(6,500</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>300,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>10,158,845</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>34</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Evoluzione</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,500,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>95,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>11,832</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(9,632</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9,597,200</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>35</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Haralambos</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>121,790</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>121,790</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>36</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Sophie</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,697</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1,697</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>37</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Kalogeros</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>18,400,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>411,000 </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>18,811,000</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>38</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Sikousis</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,100,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>142,000 </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>16,242,000</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>39</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Premiership</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>23</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total acquisition cost</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>412,009,135</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>3,789,090</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1,468,247</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(109,526</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>6,615,000</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>423,771,946</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>9</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>7.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Deferred Finance Charges</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Gross deferred finance charges amounting to $512,795 at September 30, 2007 represent fees paid to the lenders for obtaining the related loans, net of amortization. For the quarter and for the nine month period ended September 30, 2007, the amortization of financing costs amounted to $19,775 and $58,033, respectively (for 2006 $17,964 and $37,251, respectively) and is included in Interest and finance costs in the accompanying consolidated statements of income.</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>8.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Accrued Liabilities</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td width="16%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>December 31, 2006</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td width="16%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>September 30, 2007</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Interest on long-term debt</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,544,473</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>859,242</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Administrating expenses</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,049,836</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>967,940</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Vessels&#146; operating and voyage expenses</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,087,179</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,626,606</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>4,681,488</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>3,453,788</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>9.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Fair value of acquired time charter </font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The fair value of the time charters acquired at below / (above) fair market charter rates on the date of vessels&#146; acquisition is summarized below. These amounts are amortized on a straight-line basis to the end of the charter period. For the quarter and for the nine month period ended September 30, 2007, the amounts of $515,701 and $805,362, respectively, are included in voyage revenues (for 2006 $389,729 and $1,615,766 respectively).</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Vessel</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>End of Time Charter</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Fair value of acquired time Charter</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Total accumulated amortization as at December 31, 2006</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Amortization for nine months period ended September 30, 2007</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Unamortized balance as at September 30, 2007</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td colspan="3" valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Fair value of acquired time charter - Asset</font></b><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Catterick</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="14%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>January 2007</font></p></td>
      <td width="1%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="10%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(421,000</font></p></td>
      <td width="1%" valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td width="11%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>397,282</font></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="11%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>23,718</font></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="11%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'><b>Total</b></font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(421,000</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>397,282</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>23,718</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>&#151; </font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td colspan="3" valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Fair value of acquired time charter - Liability</font></b><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-top:solid white .5pt; '><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-top:solid white .5pt; '><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-top:solid white .5pt; '><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-top:solid white .5pt; '><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Sir Ivor</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>April 2009</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>479,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(98,406</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(122,671</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'><b>257,923</b></font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Lyne</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>April 2009</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>483,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(101,732</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(122,888</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'><b>258,380</b></font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Batangas</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>June 2008</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>340,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(85,581</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(126,977</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'><b>127,442</b></font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Sea Bird II</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>May 2009</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>409,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(75,533</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'><b>333,467</b></font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Renovatio</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>January 2008</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>310,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(155,629</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'><b>154,371</b></font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Chiltern</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>March 2008</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>300,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151; </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(101,805</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'><b>198,195</b></font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Kalogeros</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>May 2008</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>411,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(95,753</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'><b>315,247</b></font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gas Sikousis</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>May 2008</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>142,000</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(27,824</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'><b>114,176</b></font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2,874,000</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(285,719</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(829,080</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1,759,201</font></b></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2,453,000</font></b></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>111,563</font></b></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>(805,362</font></b></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>)</font></b></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>1,759,201</font></b></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>10</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>10.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Deferred Income</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The amounts shown in the accompanying consolidated balance sheets amounted to $2,889,998 and $2,761,224 represent time charter revenues received in advance as of December 31, 2006 and as of September 30, 2007, respectively. </font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>11.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Customer Deposits</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>These amounts represent deposits received from charterers as guarantees and comprised as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>(a) On September 26, 2006 an amount of $1,320,000 was received from the bareboat charterer of LPG carrier &#147;Ming Long&#148; which is equal to one-year hire. This amount plus any interest earned ($70,534 up to September 30, 2007) will be returned to the charterer at the end of the three years bareboat charter. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>(b) On December 6, 2006 an amount of $643,500, net of commission of $16,500, was received from the charterer of LPG carrier &#147;Gas Oracle&#148; which is equal to three-months hire. This amount will be returned to the charterer at the end of the one years charter or when an acceptable letter of guarantee is presented to the Company.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>(c) On January 30, 2007 an amount of $367,500 was received from the bareboat charterer of LPG carrier &#147;Gas Eternity&#148; which is equal to three-months hire. This amount followed by a subsequent receipt of an eight-months hire on April 12, 2007 amounted to $1,102,500 plus any interest earned ($13,645 up to September 30, 2007) will be returned to the charterer at the end of the three years bareboat charter.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>(d) On June 8, 2007 an amount of $449,978 was received from the bareboat charterer of LPG carrier &#147;Gas Monarch&#148; which is equal to three-months hire. This amount will be returned to the charterer at the end of the three years bareboat charter.</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Long-term Debt </font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The total long-term debt of the Company is analyzed as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>December 31, 2006</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>September 30, 2007</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Current portion of long-term debt</font></p></td>
      <td width="1%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="13%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,149,600</font></p></td>
      <td width="1%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="14%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>15,505,064</font></p></td>
      <td width="1%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Long-term debt</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>124,798,640</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>137,526,791</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total Long-term debt </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>140,948,240</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>153,031,855</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:10pt'>(a) </font></b><font style='font-size:10pt'>In March 2005, the Company entered into a $54,000,000 loan agreement with Fortis Bank (the &#147;Fortis Loan&#148;). The term loan was fully drawn down on May 17, 2005 and was repayable in 32 equal consecutive quarterly installments from June 2005 through May 2013, of $1,356,750 plus a balloon payment of $7,003,500 payable together with the last installment. The term loan charged interest at LIBOR plus 0.90% and was secured by a first priority mortgage over the nine vessels involved plus the assignment of the vessels&#146; insurances, earnings and the vessels&#146; operating and retention accounts.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On June 10, 2005, on August 19, 2005, on November 19, 2005 and on February 19, 2006 the amounts of $3,580,500, $1,356,750, $1,356,750 and $1,356,750 respectively, were repaid, leaving an outstanding balance of $46,349,250. The</font><b><font style='font-size:10pt'> </font></b><font style='font-size:10pt'>outstanding balance was repaid from the refinancing as described below on May 31, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Bank loan interest expense for the nine-month period ended September 30, 2006 amounted to $688,749, and is included in Interest and finance costs in the accompanying consolidated statements of income.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>11</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Long-term Debt &#150; Continued</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>In May 2006, the Company entered into a $79,850,000 loan agreement with Fortis Bank Athens Branch (the &#147;Fortis-Athens Loan&#148;). The term loan was fully drawn down in four tranches. The three tranches of $11,000,000, $15,700,000 and $6,800,750 were drawn down on May 19,<sup> </sup>2006, May 26,<sup> </sup>2006, June 12,<sup> </sup>2006, respectively in order to finance the acquisition of three LPG vessels, and the forth tranche of $46,349,250 was drawn down on May 31, 2006 in order to refinance the &#147;Fortis Loan&#148; described above. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The term loan is repayable from August 2006 through June 2016 in forty quarterly installments. The total facility loan will be repaid in four quarterly installments of $2,200,000 each, eight quarterly installments of $1,640,000 each, and twenty-eight quarterly installments of $1,560,000 each plus a balloon payment of $14,250,000 payable together with the last installment. The term loan charges interest at LIBOR plus 0.75% and is secured by a first priority mortgage over the twelve vessels involved plus the assignment of the vessels&#146; insurances, earnings and the vessels&#146; operating and retention accounts.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The term loan contains financial covenants requiring the Company to ensure that the aggregate market value of the mortgaged vessels at all times exceed 130% of the amount outstanding under the term loan, to maintain minimum cash balance equivalent to 6 months interest in a pledged account with the Bank at all times, the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of total market value adjusted assets, the Interest Coverage Ratio of the Company to be at all times greater than to 2.5:1 and that at least 15% of the Company is to always be owned by members of the Vafias family. There are also restrictions on the payment of dividends.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>At September 30, 2007, the Company was in compliance with all covenants under the term loan and the amount outstanding of $69,410,000 bore an average interest rate (including the margin) of 6.14%. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Bank loan interest expense for the quarter and for the nine month period ended September 30, 2007 amounted to $1,111,611 and $3,373,128, respectively (for 2006 $1,221,036 and $1,895,275, respectively) and is included in Interest and finance costs in the accompanying consolidated statements of income.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:10pt'>(b) </font></b><font style='font-size:10pt'>In December 2005, the Company entered into a $50,000,000 loan agreement with DnB NOR bank (the &#147;DnB Loan&#148;). The term loan was fully drawn down in two tranches, an amount of $28,000,000 was drawn down on December 7,<sup> </sup>2005, and an amount of $22,000,000 was drawn down on December 8, 2005 and was repayable from June 2006 through December 2015. In March 2006, the Company increased its facility by an additional $14,000,000 for a total of $64,000,000 by DnB NOR bank. The new term loan was fully drawn down in March 9, 2006. Also, in January 2007, the Company increased its facility by an additional $20,317,500 for a total of $84,317,500 by DnB NOR bank. The new term loan was fully drawn down on January 30, 2007 and the new total loan is repayable from March 2007 through March 2016.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The total facility loan will be repaid in two semi-annual installments of $4,608,000 each, four semi-annual installments of $3,862,125 each, and fourteen semi-annual installments of $3,094,125 each plus a balloon payment of $16,335,250 payable together with the last installment. The term loan charges interest at LIBOR plus 0.70% and is secured by a first priority mortgage over the vessels involved plus the assignment of the vessels&#146; insurances, earnings and the vessels&#146; operating and retention accounts, and the guarantee of StealthGas Inc. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The term loan contains financial covenants requiring the Company to ensure that the aggregate market value of the mortgaged vessels at all times exceeds 125% of the amount outstanding under the term loan, the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of total market value adjusted assets, the Interest Coverage Ratio of the Company to be at all times equal or greater than to 2.5:1, and that at least 15% of the Company is to always be owned by members of the Vafias family. There are also restrictions on the payment of dividends and the Company should maintain minimum cash balance equivalent to 6 months interest in a pledged account with the Bank.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>12</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Long-term Debt &#150; Continued</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>At September 30, 2007, the Company was in compliance with all covenants under the term loan and the amount outstanding was $71,239,375 and bore an average interest rate (including the margin) of 6.11%. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Bank loan interest expense for the quarter and for the nine month period ended September 30, 2007 amounted to $1,147,466 and $3,374,886, respectively (for 2006 $959,674 and $2,578,747, respectively) and is included in interest and finance costs in the accompanying consolidated statements of income.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:10pt'>(c)</font></b><font style='font-size:10pt'> In June 2006, the Company entered into a $6,580,000 loan agreement with DnB NOR bank to finance the acquisition of one LPG vessel. The term loan was fully drawn down on June 29, 2006 and is repayable in two semi-annual installments of $473,760 each, four semi-annual installments of $315,840 each, and fourteen semi-annual installments of $236,880 each plus a balloon payment of $1,052,800 payable together with the last installment. The term loan charges interest at LIBOR plus 0.75% and is secured by a first priority mortgage over the vessel involved plus the assignment of the vessel&#146;s insurances, earnings and the vessel&#146;s operating and retention account, and the guarantee of StealthGas Inc.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The term loan contains financial covenants requiring the Company to ensure that the aggregate market value of the mortgaged vessel at all times exceeds 125% of the amount outstanding under the term loan the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of total market value adjusted assets, the Interest Coverage Ratio of the Company to be at all times greater than to 2.5:1, and that at least 15% of the Company is to always be owned by members of the Vafias family. There are also restrictions on the payment of dividends and the Company should maintain minimum cash balance equivalent to 6 months interest in a pledged account with the Bank.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>At September 30, 2007, the Company was in compliance with all covenants under the term loan and the amount outstanding was $5,632,480 and bore an average interest rate (including the margin) of 6.07%. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Bank loan interest expense for the quarter and for the nine month period ended September 30, 2007 amounted to $87,444 and $273,356, respectively (for 2006 $2,336 and $109,029, respectively) and is included in interest and finance costs in the accompanying consolidated statements of income.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><b><font style='font-size:10pt'>(d)</font></b><font style='font-size:10pt'> On June 21, 2007, the Company entered into a $46,875,000 facility agreement with the Scotiabank (Ireland) Limited, as lender, Scotiabank Europe plc, as security trustee, and The Bank of Nova Scotia, as swap bank (the &#147;Scotiabank Facility&#148;). The Scotiabank Facility will be fully drawn down no later than eight months from the date of commitment letter signed in two tranches in order to finance the acquisition of four vessels by the Company&#146;s wholly owned subsidiaries. The first tranche amounts to $12,375,000 and will be repayable in one installment of $462,891 nine months after the drawdown following fifteen semi-annual installments of $617,188 each plus a balloon payment of $2,654,289 payable together with the last installment. The second tranche amounts to $34,500,000 and will be repayable, with the first installment commencing six
months after the drawdown, in twenty semi-annual installments of $1,060,000 each, plus a balloon payment of $13,300,000 payable together with the last installment. The term loan will charge interest at LIBOR plus 0.70% and will be secured by first priority mortgages over the vessels &#147;Gas Icon&#148; (formerly &#147;Dorado Gas&#148;), &#147;Gas Sophie&#148; (formerly &#147;Virgo Gas&#148;), &#147;Gas Kalogeros&#148; and &#147;Gas Sikousis&#148; plus a first priority mortgage over the vessel &#147;Gas Zael&#148;, already owned by the Company. Plus the assignment of the vessels&#146; insurances, earnings and the vessels&#146; operating and retention account, and the corporate guarantee of StealthGas Inc.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>13</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>12.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Long-term Debt &#150; Continued</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The term loan contains financial covenants requiring the Company to ensure that the aggregate market value of the mortgaged vessel at all times exceeds 125% of the amount outstanding under the term loan the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of total market value adjusted assets, the Interest Coverage Ratio of the Company defined as EBITDA to interest expense to be at all times greater than to 2.5:1, and that at least 15% of the Company is to always be owned by members of the Vafias family. There are also restrictions on the payment of dividends and the Company should maintain minimum cash balance of $200,000 per mortgaged vessel in an earnings account with the Bank.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On June 21, 2007, the Company drew down $6,750,000 to part finance the acquisition of the &#147;Gas Icon&#148;.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>At September 30, 2007, the Company was in compliance with all covenants under the term loan and the outstanding amount of $6,750,000 bore an average interest rate (including the margin) of 6.09%. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Accrued bank loan interest expense for the quarter and for the nine month period ended September 30, 2007 amounted to $105,193 and $116,627 and is included in interest and finance costs in the accompanying consolidated statements of income.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The annual principal payments to be made, for the three loans, after September 30, 2007 are as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=center>
  <table border="0" cellspacing=0 cellpadding=0 width="70%" style=' border-collapse:collapse;'>
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      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>September 30,</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Amount</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
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    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2008</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="17%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>15,505,064</font></p></td>
      <td width="1%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2009</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,741,225</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2010 </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,575,305</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2011</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,575,305</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2012</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,575,305</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
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    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Thereafter</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>82,059,651</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total </font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>153,031,855</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
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</div>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Interest Rate Swap Agreement </font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On March 31, 2005, the Company entered into an agreement to enter into an interest rate swap in regard to the &#147;Fortis Loan&#148;. The initial amount of the swap was $22,549,000 amortizing to $4,764,250 over its nine-year life commencing May 30, 2007. If the United States dollar three month LIBOR is less than 7.5%, the fixed rate is 4.55%. If the United States dollar three month LIBOR is equal to or higher than 7.5%, then the fixed rate will be the United States dollar three month LIBOR. As of September 30, 2007, the fair value of the instrument was $39,022 (asset) ($198,273 asset as of December 31, 2006).</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On January 23, 2006, the Company entered into an agreement to enter into an interest rate swap in regard to the &#147;DnB Loan&#148;. The initial amount of the swap was $22,500,000 amortizing to $4,410,000 over its ten-year life commencing March 9, 2006. If the United States dollar six month LIBOR is less than or equal to 5.75%, the fixed rate is 4.52%. If the United States dollar six month LIBOR is higher than 5.75%, then the fixed rate would be the United States dollar six month LIBOR less 1.23%. As of September 30, 2007, the fair value of the instrument was $22,500 (asset) ($169,846 asset as of December 31, 2006). </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>14</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>13.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Interest Rate Swap Agreement - Continued</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On May 22, 2006, the Company entered into an agreement to enter into an interest rate swap in regard to the &#147;DnB Loan&#148; in order to hedge the Company&#146;s variable interest rate exposure. The amount of the swap will be $25,000,000 over its five-year life commencing September 11, 2006. The rate is fixed throughout the period at 5.42%.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On December 7, 2006, the Company put in place the required documentation to allow the fair value of this swap arrangement to be recorded as a component of other comprehensive income. Prior to this date such documentation was not in place. As such, until December 6, 2006, the fair value of the instrument was recorded entirely in the balance sheet, in the amount of $649,455 (liability) with changes in its fair value currently recognized in the consolidated statement of income.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Thereafter, the fair value of the instrument as of September 30, 2007 was $644,972 (liability) ($404,021 liability as of December 31, 2006). For the quarter ended September 30, 2007, the above financial instrument did not qualify as an effective cash flow hedge and as a result the change in its fair value of $612,800 was immediately recognized in the consolidated statement of income with the ineffective portion of the change in the fair value of the instrument amounted to $13,143 was also recognized in the consolidated statement of income as of September 30, 2007. The Company considers that it is possible a hedged forecasted transaction will occur in the future.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On June 27, 2007, the Company entered into an agreement to enter into an interest rate swap in regard to the &#147;DnB Loan&#148; in order to hedge the Company&#146;s variable interest rate exposure. The amount of the swap will be $25,000,000 over its five-year life commencing September 11, 2007. The rate is fixed throughout the period at 5.58%. On August 6, 2007, the Company put in place the required documentation to allow the fair value of this swap arrangement to be recorded as a component of other comprehensive income. As such, until August 6, 2007, the fair value of the instrument was recorded entirely in the balance sheet, in the amount of $529,567 (liability) with changes in its fair value currently recognized in the consolidated statement of income.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Thereafter, the fair value of the instrument as of September 30, 2007 was $877,715 (liability), and the change in its fair value since August 6, 2007 of $348,148 was recorded entirely as a component of other comprehensive income with the ineffective portion of the change in the fair value of the instrument amounted to $14,518 was immediately recognized in the consolidated statement of income as of September 30, 2007. </font></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Common Stock</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The total authorized common stock of the Company is 100,000,000 shares. On August 26, 2005, the Company effected a 60,000-for-one stock split. All share and per share data give retroactive effect to the stock split. On October 5, 2005 the Company completed its initial public offering. It issued eight million additional shares bringing the total number of shares outstanding to fourteen million. The holders of the shares are entitled to one vote on all matters submitted to a vote of stockholders and to receive all dividends, if any.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On August 3, 2006, Nike Investments Corporation agreed to purchase 400,000 newly issued shares of common stock from the Company at a price of $12.54 per share, representing the average of the closing prices of the common stock over the five trading days ended August 1, 2006. Mr.&nbsp;Thanassis J. Martinos, a director of STEALTHGAS INC., is the President and principal owner of Nike Investments Corporation. The transaction took place on August 7, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>15</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc. </font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>14.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Common Stock - Continued</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On July 18, 2007, the Company completed a follow-on public offering of 7,200,000 shares at a price of $18.00 per share. The gross proceeds from the offering amounted to $129,600,000, the net proceeds after the underwriters&#146; discounts and commissions and other related expensed amounted to $121,959,302. The Company also granted the underwriters a 30 day option to purchase up to an additional 1,080,000 shares of common stock to cover any over allotments.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On August 1, 2007 the underwriters partially exercised the over-allotment option, purchasing from the Company 460,105 shares of the Company&#146;s common stock. The gross proceeds from the sale of these shares amounted to $8,281,890, the net proceeds after the underwriters&#146; discounts and commissions amounted to $7,826,386.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>As of September 30, 2007, the Company had 22,060,105 shares of common stock outstanding.</font></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>15.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Additional Paid-in Capital</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The amounts shown in the accompanying consolidated balance sheets, as additional paid-in capital, represent payments made by the stockholders for the acquisitions of the Company&#146;s vessels, or investments in the Company&#146;s common stock.</font></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>16.</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Equity Compensation Plan</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The Company&#146;s board of directors has adopted an Equity Compensation Plan (&#147;the Plan&#148;), under which the Company&#146;s employees, directors or other persons or entities providing significant services to us or our subsidiaries are eligible to receive stock-based awards including restricted stock, restricted stock units, unrestricted stock, bonus stock, performance stock and stock appreciation rights. The Plan is administered by the Compensation Committee of the Company&#146;s board of directors and the aggregate number of shares of common stock reserved under this plan cannot exceed 10% of the number of shares of our common stock issued and outstanding at the time any award is granted. The Company&#146;s board of directors may terminate the Plan at any time. The Plan expires ten years from the date of adoption. As of September 30, 2007 a total of 112,000 restricted shares had been
granted under this Plan.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On August&nbsp;14, 2007, the Company granted 112,000 of restricted shares to the Company&#146;s CEO and non-executive members of Board of Directors of the Company. The restricted shares will be vested over 3&nbsp;years from the grant date, (54,000 restricted shares on October 1, 2007, 29,000 restricted shares on October 1, 2008 and 29,000 restricted shares on October 1, 2009) and are conditional upon the option holder&#146;s continued service as an employee of the Company, or as a director until the applicable vesting date. Until the forfeiture of any restricted shares, the grantee has the right to vote such restricted shares, to receive and retain all regular cash dividends paid on such restricted shares and to exercise all other rights provided that the Company will retain custody of all distributions other than regular cash dividends made or declared with respect to the restricted shares. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The Company pays dividends on all restricted shares regardless of whether it has vested and there is no obligation of the employee to return the dividend when employment ceases. As of September 30, 2007 the Company paid dividends on all restricted shares, amounted to $21,000. As restricted share grantees retained dividends on awards that are expected vest, such dividends were charged to retained earnings.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The Company estimates the forfeitures of restricted shares to be immaterial. The Company will, however, re-evaluate the reasonableness of its assumption at each reporting period. </font></p>
<p style=' margin-bottom:0pt; margin-top:5pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>16</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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      <td width="12%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>16.</font></b></p></td>
      <td width="87%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Equity Compensation Plan - Continued</font></b></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>SFAS No.&nbsp;123(R) describes two generally accepted methods of accounting for restricted share awards with a graded vesting schedule for financial reporting purposes: 1)&nbsp;the &#147;accelerated method&#148;, which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award and 2)&nbsp;the &#147;straight-line method&#148; which treats such awards as a single award and results in recognition of the cost rateably over the entire vesting period. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Management has selected the accelerated method under SFAS No.&nbsp;123(R) with respect to the restricted shares because it considers that this method to be the more conservative in terms of accounting for such stock based compensation. The stock based compensation expense for the restricted unvested shares for the period from inception (August 14, 2007) to September 30, 2007 amounted to $990,380, and is included in the consolidated statement of income under the caption &#147;General and administrative expenses&#148;.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>A summary of the activity for restricted shares awards is as follows: </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Number of shares</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Weighted Average</font></b><br>
          <b><font style='font-size:8pt'>Fair Value</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Non vested, August 14, 2007</font></p></td>
      <td width="1%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="13%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td width="1%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="12%" valign=bottom style='border-top: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td width="3%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
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    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Granted</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>112,000</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>17.10</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
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    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Vested</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
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      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Forfeited</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Non vested, September 30, 2007</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>112,000</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>17.10</font></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
  </table>
</div>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="26%" style=' border-collapse:collapse;'>
    <tr>
      <td width="21%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>17.</font></b></p></td>
      <td width="78%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Earnings per share</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares are considered contingently returnable until the restrictions lapse and will not be included in the basic net income per share calculation until the shares are vested.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Diluted earnings per share gives effect to all potentially dilutive securities. Our unvested restricted shares were potentially dilutive securities during the three and nine month periods ended September 30, 2007. The difference between basic and diluted weighted-average number of shares outstanding was the dilutive effect of the unvested restricted shares computed as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="3" valign=bottom style=' border-bottom:solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Quarter Ended September 30,</font></b><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="4" valign=bottom style=' border-bottom:solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Nine Months Ended September 30,</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Net income </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,094,180</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>4,000,186</font></p></td>
      <td colspan="2" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,674,533</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,311,665</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Basic Weighted average shares - outstanding</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,239,130</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>20,574,635</font></p></td>
      <td colspan="2" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,080,586</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,480,829</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Effect on dilutive securities:</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td colspan="2" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'> Unvested restricted shares</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>58,435</font></p></td>
      <td colspan="2" valign=bottom style=' border-bottom:solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>19,693</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Diluted Weighted average shares outstanding </font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,239,130</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>20,633,070</font></p></td>
      <td colspan="2" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>14,080,586</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>16,500,522</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Basic earnings per share</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.15</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.19</font></p></td>
      <td colspan="2" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.97</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.99</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Diluted earnings per share</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.15</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.19</font></p></td>
      <td colspan="2" valign=bottom style=' border-bottom:solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.97</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>0.99</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td width="280" ></td>
      <td width="17" ></td>
      <td width="66" ></td>
      <td width="17" ></td>
      <td width="66" ></td>
      <td width="10" ></td>
      <td width="6" ></td>
      <td width="66" ></td>
      <td width="17" ></td>
      <td width="74" ></td>
      <td width="8" ></td>
    </tr>
</table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>17</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="22%" style=' border-collapse:collapse;'>
    <tr>
      <td width="24%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>18.</font></b></p></td>
      <td width="75%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Dividends Paid</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On February 23, 2007 the Company&#146;s Board of Directors declared a cash dividend of $0.1875 per common share, payable on March 12, 2007 to stockholders of record on March 5, 2007. The total amount of $2,700,000 was paid on March 8, 2007.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On May 21, 2007 the Company&#146;s Board of Directors declared a cash dividend of $0.1875 per common share, payable on June 12, 2007 to stockholders of record on June 4, 2007. The total amount of $2,700,000 was paid on June 8, 2007.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>On August 14, 2007 the Company&#146;s Board of Directors declared a cash dividend of $0.1875 per common share, payable on August 30, 2007 to stockholders of record on August 24, 2007. The total amount of $4,157,270 was paid on August 28, 2007.</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="53%" style=' border-collapse:collapse;'>
    <tr>
      <td width="10%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>19.</font></b></p></td>
      <td width="89%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Voyage Expenses and Vessel Operating Expenses</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The amounts in the accompanying consolidated statements of income are analyzed as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Voyage Expenses</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="3" valign=bottom style=' border-bottom:solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Quarter Ended </font></b><br>
          <b><font style='font-size:8pt'>September 30,</font></b><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="3" valign=bottom style=' border-bottom:solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Nine Months Ended</font></b><br>
          <b><font style='font-size:8pt'>September 30,</font></b><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="9%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:8pt'>2006</font></strong></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td width="9%" valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:8pt'>2007</font></strong></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td width="9%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:8pt'>2006</font></strong></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td width="9%" valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:8pt'>2007</font></strong></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Port expenses</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>307,034</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>457,073</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>882,721</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>959,281</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Bunkers</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>999,769</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>478,117</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,015,251</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>941,516</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Commissions charged by third parties</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>333,256</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>356,774</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>988,266</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,012,449</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Commissions charged by related party</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>228,260</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>272,984</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>637,847</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>783,064</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Other voyage expenses</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>30,131</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(867</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>)</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>40,879</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>101,363</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>1,898,450</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>1,564,081</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>4,564,964</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>3,797,673</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>Vessels&#146; Operating Expenses</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="3" valign=bottom style=' border-bottom:solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Quarter Ended</font></b><br>
          <b><font style='font-size:8pt'> September 30,</font></b><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="3" valign=bottom style=' border-bottom:solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Nine Months Ended <br>
September 30,</font></b><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="9%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:8pt'>2006</font></strong></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td width="9%" valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:solid black .5pt;border-right:none; '><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:8pt'>2007</font></strong></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td width="9%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:8pt'>2006</font></strong></p></td>
      <td width="1%" valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td width="10%" valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:8pt'>2007</font></strong></p></td>
      <td width="2%" valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Crew wages and related costs</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,696,296</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,538,399</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>7,752,090</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>9,460,474</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Insurance</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>400,414</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>446,248</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,209,486</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,193,656</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Repairs and maintenance</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>559,776</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>970,060</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,436,173</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,375,506</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Spares and consumable stores</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>839,002</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,170,062</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,475,027</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>3,010,878</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Miscellaneous expenses</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>468,057</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>485,699</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,157,434</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,408,716</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Total</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>4,963,545</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>6,610,468</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>14,030,209</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>&nbsp;</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><strong><font style='font-size:10pt'>17,449,230</font></strong></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
  </table>
</div>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="21%" style=' border-collapse:collapse;'>
    <tr>
      <td width="26%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>20.</font></b></p></td>
      <td width="73%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Income Taxes</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Under the laws of the countries of the companies&#146; incorporation and/or vessels&#146; registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which have been included in Vessel operating expenses in the accompanying consolidated statements of income.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Pursuant to the Internal Revenue Code of the United States (the &#147;Code&#148;), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the Company operating the ships meets certain requirements. Among other things, in order to qualify for this exemption, the Company operating the ships must be incorporated in a country, which grants an equivalent exemption from income taxes to U.S. corporations. All the Company&#146;s ship-operating subsidiaries satisfy these initial criteria. In addition, these companies must be more than 50% owned by individuals who are residents, as defined, in the country of incorporation or another foreign country that grants an equivalent exemption to U.S. corporations. These companies also currently satisfy the more than 50% beneficial ownership requirement.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-right:3%; margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>18</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="32%" style=' border-collapse:collapse;'>
    <tr>
      <td width="17%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>20.</font></b></p></td>
      <td width="83%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Income Taxes - Continued</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>In addition, the management of the Company believes that by virtue of a special rule applicable to situations where the ship-operating companies are beneficially owned by a publicly traded company like the Company, the more than 50% beneficial ownership requirement can also be satisfied based on the trading volume and the anticipated widely-held ownership of the Company&#146;s shares, but no assurance can be given that this will remain so in the future, since continued compliance with this rule is subject to factors outside the Company&#146;s control.</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="28%" style=' border-collapse:collapse;'>
    <tr>
      <td width="19%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>21.</font></b></p></td>
      <td width="80%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Financial Instruments</font></b></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The principal financial assets of the Company consist of cash, accounts receivable due from charterers, and fair value of derivatives. The principal financial liabilities of the Company consist of accounts payable due to suppliers, payable to related party, customer deposits, fair value of derivatives and the loan repayable to the bank. The recorded value of all of the Company&#146;s financial assets and liabilities approximate their fair value due to their short-term nature and the variable interest rate of the loan.</font></p>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="39%" style=' border-collapse:collapse;'>
    <tr>
      <td width="14%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>22.</font></b></p></td>
      <td width="85%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Commitments and Contingencies</font></b></p></td>
    </tr>
  </table>
</div>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any current legal proceedings or claims.</font></p></td>
    </tr>
  </table>
</div>
<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
    <tr>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>In January 2005, the Company entered into a three-year cancelable operating lease for its office facilities that terminates in January 2008. Rental expense for the quarter and for the nine month period ended September 30, 2007 was $8,506 and $24,565 (for 2006 $7,567 and $22,085, respectively). In October 2005, the Company entered into a three-year cancelable operating lease for an armored car that terminates in October 2008. Rental expense for the quarter and for the nine month period ended September 30, 2007 was $11,655 and $34,297, respectively (for 2006 $10,902 and $31,910, respectively). </font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:10%;text-align:left;'><font style='font-size:10pt'>Future rental commitments were payable as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=center>
  <table border="0" cellspacing=0 cellpadding=0 width="70%" style=' border-collapse:collapse;'>
    <tr>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><b><font style='font-size:8pt'>After September 30,</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Office</font></b><br>
          <b><font style='font-size:8pt'>Lease</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Car Rent</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Total</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2007</font></b></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6,890</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>6,203</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="8%" valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>13,093</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>2008</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#151;</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>33,750</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>33,750</font></p></td>
      <td valign=bottom style='border-bottom: solid white .5pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>6,890</font></b></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>39,953</font></b></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>46,843</font></b></p></td>
      <td valign=bottom style='border-bottom: double white 2.25pt;'><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>As described in Notes 5 and 6 above, during the nine months ended September 30, 2007 the Company entered into separate memoranda of agreement to acquire one vessel under construction and two second-hand vessels. As of September 30, 2007, the unpaid balance of the purchase price for these vessels was $50,050,000, net of $4,055,000 already advanced to the sellers.</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-right:3%; margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>19</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>StealthGas Inc.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>Notes to the condensed consolidated financial statements (unaudited)</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font style='font-size:10pt'>(Expressed in United States Dollars)</font></b></p>
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      <td width="21%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>23.</font></b></p></td>
      <td width="78%" valign=top style='padding:12.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Subsequent Events</font></b></p></td>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(a)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On October 15, 2007, the Company took delivery of the &#147;Gas Sophie&#148; (formerly &#147;Virgo Gas&#148;).</font></p></td>
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<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(b)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On October 30, 2007, the Company took delivery of the &#147;Gas Haralambos&#148; (formerly &#147;Happy Dream&#148;).</font></p></td>
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<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(c)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On November 8, 2007, the Company concluded a memorandum of agreement for the disposal of the vessel &#147;Gas Oracle&#148; to an unaffiliated third party for $6,000,000 with an expected delivery date in January 2008. The Company expects to realize a gain from the sale of the above vessel of approximately $1,040,000, which will be included in the Company&#146;s consolidated statement of income in the quarter in which the vessel will be delivered to her new owners.</font></p></td>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(d)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On November 8, 2007, the Company concluded a memorandum of agreement for the disposal of the vessel &#147;Gas Nemesis&#148; to an unaffiliated third party for $10,750,000 with an expected delivery date in January 2008. The Company expects to realize a gain from the sale of the above vessel of approximately $720,000, which will be included in the Company&#146;s consolidated statement of income in the quarter in which the vessel will be delivered to her new owners.</font></p></td>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(e)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On November 8, 2007, the Company concluded a memorandum of agreement for the disposal of the vessel &#147;Gas Renovatio&#148; to an unaffiliated third party for $10,525,000 with an expected delivery date in January 2008. The Company expects to realize a gain from the sale of the above vessel of approximately $290,000, which will be included in the Company&#146;s consolidated statement of income in the quarter in which the vessel will be delivered to her new owners.</font></p></td>
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<div align=left>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(f)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On November 13, 2007 the Company&#146;s Board of Directors declared a cash dividend of $0.1875 per common share, payable on November 30, 2007 to stockholders of record on November 23, 2007.</font></p></td>
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<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(g)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On November 19, 2007, the Company&#146;s Board of Directors announced that Mr.&nbsp;Lambros Babilis was elected to the Board of Directors and would also serve as Deputy Chairman of the Board.</font></p></td>
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  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(h)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On November 20, 2007, the Remuneration Committee of the Company approved under the Company&#146;s 2005 Equity Compensation Plan the granting of 100,000 restricted shares to the Company&#146;s CEO Mr.&nbsp;Harry Vafias vesting as follows, 50,000 on October 31, 2008, 25,000 on October 31, 2009 and 25,000 on October 31, 2010.</font></p></td>
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<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(i)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On November 20, 2007, the Company&#146;s Board of Directors approved under the Company&#146;s 2005 Equity Compensation Plan the granting of 6,000 restricted shares to the Company&#146;s Chairman of the Board Mr.&nbsp;Michael G. Jolliffe vesting as follows, 2,000 on October 31, 2008, 2,000 on October 31, 2009 and 2,000 on October 31, 2010.</font></p></td>
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<div align=left>
  <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(j)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On November 20, 2007, the Company&#146;s Board of Directors approved under the Company&#146;s 2005 Equity Compensation Plan the granting of 4,000 restricted shares to the Company&#146;s Chairman of the Audit Committee Mr.&nbsp;Markos Drakos vesting as follows, 1,333 on October 31, 2008, 1,333 on October 31, 2009 and 1,334 on October 31, 2010.</font></p></td>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(k)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On November 20 2007, the Company&#146;s Board of Directors approved under the Company&#146;s 2005 Equity Compensation Plan the granting of 2,000 restricted shares to the Company&#146;s non executive Board member Mr.&nbsp;Thanassis G. Martinos vesting as follows, 666 on October 31, 2008, 667 on October 31, 2009 and 668 on October 31, 2010.</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
<p style=' margin-right:3%; margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>20</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(l)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On December 6, 2007, the Company entered into memorandums of agreement to acquire, for an aggregate purchase price of $115 million, two new 47,000 deadweight M.R. type product tankers ex yard, which are scheduled to be delivered in January 2008 and February 2008, respectively</font></p></td>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><b><font style='font-size:11pt'>(m)</font></b></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>On January 8, 2008, the Company drew down $43,125,000 under its Scotiabank Facility to finance the purchase of the </font><i><font style='font-size:10pt'>Navig8 Fidelity</font></i><font style='font-size:10pt'>, which was subsequently delivered to the Company on January 9, 2008.</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:right;'><b><font style='font-size:10pt'>Exhibit 99.2</font></b></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>STEALTHGAS INC.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;'><b><font style='font-size:10pt'>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>FINANCIAL CONDITION AND RESULTS OF </font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font STYLE='FONT-SIZE:10PT'>OPERATIONS</font></B></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The following management&#146;s discussion and analysis should be read in conjunction with our interim unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this report and our management&#146;s discussion and analysis included in &#147;Item 5. Operating and Financial Review and Prospects&#148; and our audited consolidated financial statements for the period from October 12, 2004 (inception) through December&nbsp;31, 2004 and the years ended December 31, 2005 and December 31, 2006 and the notes thereto included in our Annual Report on Form 20-F for the year ended December 31, 2006, filed with the Securities and Exchange Commission, or SEC, on June 5, 2007.</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>Results of Operations </font></b></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><i><b><font style='font-size:10pt'>Three months ended September 30, 2007 compared to three months ended September 30, 2006.</font></b></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The average number of vessels in our fleet was 35.1 for the three months ended September 30, 2007 compared to 28.0 for the three months ended September 30, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>VOYAGE REVENUES &#150; Voyage revenues for the three months ended September 30, 2007 were $23.2 million compared to $18.7 million for the three months ended September 30, 2006, an increase of $4.5 million or 24.1%. The average daily TCE (Time Charter Equivalent) rate for the three months ended September 30, 2007 was $6,747, an increase of $72, or 1.1%, compared to an average daily TCE rate of $6,675 for the three months ended September&nbsp;30, 2006. Total voyage days for our fleet were 3,213 for the three months ended September 30, 2007 compared to 2,514 for the three months ended September 30, 2006. Of the total voyage days for the three months ended September 30, 2007, 1,940, or 60.4%, were time charter days, 1,012, or 31.5%, were bareboat charter days and 261, or 8.1%, were spot voyage days. This compares to 1,498, or 59.4%, time charter days, 644, or 25.6%, bareboat charter days and 372,
or 14.8%, spot charter days for the three months ended September 30, 2006. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Our fleet utilization was 99.4% for the three months ended September 30, 2007 compared to 97.6% for the three months ended September 30, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The growth in revenue reflects principally the increase in the average numbers of vessels in our fleet from 28.0 vessels in the three months ended September 30, 2006 to 35.1 vessels in the three months ended September 30, 2007. During the three months ended September 30, 2007, the </font><i><font style='font-size:10pt'>Gas Arctic</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Ice</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Birgit Kosan</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Marathon</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Prophet</font></i><font style='font-size:10pt'> now renamed the </font><i><font style='font-size:10pt'>M.T. Ming Long</font></i><font style='font-size:10pt'>, the </font><i><font
style='font-size:10pt'>Sir Ivor</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Lyne</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Batangas</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Eternity</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Sea Bird II</font></i><font style='font-size:10pt'> and the </font><i><font style='font-size:10pt'>Chiltern</font></i><font style='font-size:10pt'> were employed on bareboat charters. Bareboat charters are generally for lower monthly rates; however, under bareboat charters, we are not responsible for voyage or operating expenses or dry docking or special survey expenses. The prevailing charter rates in the handy size LPG sector for the three months ended September 30, 2007 were higher than the three months ended September 30, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>VOYAGE EXPENSES &#150; Voyage expenses were $1.6 million for the three months ended September 30, 2007 and were $1.9 million for the three months ended September 30, 2006, a decrease of $0.3 million, or 15.8%. Voyage expenses consisted of bunker charges in the amount of $0.5 million, port expenses of $0.5 million, commissions charged by third parties of $0.3 million, commissions charged by related parties of $0.3 million, as well as an insignificant amount of other voyage expenses. Compared to the three months ended September 30, 2006 where the same charges were $1.0 million, $0.3 million, $0.3 million, $0.2 million and $ 0.030 million, respectively. The decrease in voyage expenses is mainly attributable to the reduced number of days that vessels in the three months ended September 30, 2007 traded on the spot </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>market compared to the three months ended September 30, 2006. Under spot market voyage charters, we are responsible for all the above types of voyage expenses, whereas under time charters we are not responsible for bunker, port and canal expenses.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>VESSEL OPERATING EXPENSES &#150; Vessel operating expenses were $6.6 million for the three months ended September 30, 2007 and were $5.0 million for the three months ended September 30, 2006, an increase of $1.6 million, or 32.0%, due primarily to the increase in the average number of vessels in our fleet compared to the three months ended September 30, 2006. For the three months ended September 30, 2007, crew wages totaled $3.6 million compared to $2.7 million in the three months ended September 30, 2006. Other significant increases in this category were repairs and maintenance, which increased from $0.6 million for the three months ended September 30, 2006 to $1.0 million for the three months ended September 30, 2007, and spares and consumables that increased from $0.8 million in the three months ended September 30, 2006 to $1.2 million in the three months ended September 30, 2007. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>DRY DOCKING COSTS &#150; Dry docking costs in the three months ended September 30, 2007 were $0.1 million compared to $1.3 million in the three months ended September 30, 2006. These expenses were incurred in preparation for dry dockings due to occur in the three months ended December 31, 2007.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>MANAGEMENT FEES &#150; Management fees were $1.1 million for the three months ended September 30, 2007 and were $0.8 million for the three months ended September 30, 2006, an increase of $0.3 million, or 37.5%, reflecting the increase in the average number of vessels in our fleet and the increase, effective January 1, 2007, of the management fee for vessels under time and spot charter from an average of $382 per day per vessel to fixed $440 per day per vessel. For vessels under bareboat charter management fees are now fixed at $125 per day per vessel, whereas they averaged $123 for the three months ended September 30, 2006 due to exchange rate fluctuations between the Euro and the U.S. dollar.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>GENERAL AND ADMINISTRATIVE EXPENSES &#150; General and administrative expenses were $1.9 million for the three months ended September 30, 2007 and were $0.4 million for the three months ended September 30, 2006, an increase of $1.5 million, due primarily to a non-cash charge for share based compensation of $1.0 million during the three months ended September 30, 2007.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>DEPRECIATION &#150; Depreciation expenses for the 35.1 average number of vessels in our fleet for the three months ended September 30, 2007 were $4.5 million compared to $3.5 million for the 28.0 average number of vessels in our fleet for the three months ended September 30, 2006, an increase of $1.0 million or 28.6%.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>INTEREST AND FINANCE COSTS, NET &#150; Net interest and finance costs were $2.5 million for the three months ended September 30, 2007 and were $2.4 million for the three months ended September 30, 2006, an increase of $0.1 million, or 4.2%, resulting primarily from increased indebtedness incurred to fund vessel acquisitions. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>CHANGE IN FAIR VALUE OF DERIVATIVES &#150; For the three months ended September 30, 2007, we incurred a non-cash loss on derivatives of $1.8 million based on the estimated value of three interest rate swaps, two with DnB NOR Bank ASA and one with Fortis Bank, compared to a non-cash loss on derivatives of $1.5 million for the three months ended September 30, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>INTEREST INCOME &#150; Net interest income was $0.8 million for the three months ended September 30, 2007 compared to $0.2 million for the three months ended September 30, 2006, an increase of $0.6 million, reflecting the higher cash balances, on which we earned interest, in the three months ended September 30, 2007 compared to the three months ended September&nbsp;30, 2006 as a result, primarily, of our follow-on public offering completed early in the third quarter of 2007.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>FOREIGN EXCHANGE LOSS &#150; For the three months ended September 30, 2007 we incurred a foreign exchange loss of $0.020 million compared to a loss of $0.018 for the three months ended September 30, 2006. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>NET INCOME &#150; As a result of the above factors, net income was $4.0 million for the three months ended September 30, 2007 representing an increase of $1.9 million, or 90.5%, from net income of $2.1 million for the three months ended September 30, 2006. </font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><i><b><font style='font-size:10pt'>Nine months ended September 30, 2007 compared to nine months ended September 30, 2006.</font></b></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The average number of vessels in our fleet was 31.3 for the nine months ended September 30, 2007 compared to 25.2 for the nine months ended September 30, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>VOYAGE REVENUES &#150; Voyage revenues for the nine months ended September 30, 2007 were $63.9 million compared to $52.8 million for the nine months ended September 30, 2006, an increase of $11.1 million, or 21.0%. The average daily TCE rate for the nine months ended September 30, 2007 was $7,095, a decrease of $22, or 0.3%, compared to an average daily TCE rate of $7,117 for the nine months ended September 30, 2006. Total voyage days for our fleet were 8,467 for the nine months ended September 30, 2007 compared to 6,782 for the nine months ended September 30, 2006. Of the total voyage days for the nine months ended September 30, 2007, 5,359, or 63.2%, were time charter days, 2,573, or 30.3%, were bareboat charter days and 535, or 6.3%, were spot voyage days. This compares to 4,449, or 65.6%, time charter days, 1,479, or 21.8%, bare boat charter days and 854, or 12.6%, spot charter days for the
nine months ended September 30, 2006. Our fleet utilization was 99.2% for the nine months ended September 30, 2007 compared to 98.7% for the nine months ended September 30, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>The growth in revenue reflects principally the increase in the average number of vessels in our fleet from 25.2 vessels in the nine months ended September 30, 2006 to 31.3 vessels in the nine months ended September 30, 2007. During the nine months ended September 30, 2007, the </font><i><font style='font-size:10pt'>Gas Arctic</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Ice</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Birgit Kosan</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Marathon</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Prophet</font></i><font style='font-size:10pt'> now renamed the </font><i><font style='font-size:10pt'>M.T. Ming Long</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Sir
Ivor</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Lyne</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Batangas</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Eternity</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Sea Bird II</font></i><font style='font-size:10pt'> and the </font><i><font style='font-size:10pt'>Chiltern</font></i><font style='font-size:10pt'> were employed on bareboat charters, for at least a portion of the period. Bareboat charters are generally for lower monthly rates; however, under bareboat charters, we are not responsible for voyage or operating expenses. The prevailing charter rates in the handy size LPG sector for the nine months ended September 30, 2007 were marginally higher than the nine months ended September 30, 2006. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>VOYAGE EXPENSES &#150; Voyage expenses were $3.8 million for the nine months ended September 30, 2007 and were $4.6 million for the nine months ended September 30, 2006, a decrease of $0.8 million, or 17.4%. Voyage expenses consisted of bunker charges in the amount of $0.9 million, port expenses of $1.0 million, commissions charged by third parties of $1.0 million, commissions charged by related parties of $0.8 million and other voyage expenses of $0.1 million compared to the nine months ended September 30, 2006 where the same charges were $2.0 million, $0.9 million, $1.0 million, $0.6 million and $0.040 million, respectively. The decrease in voyage expenses is mainly attributable to the reduced number of days that vessels in the nine months ended September 30, 2007 traded on the spot market compared to the nine months ended September 30, 2006. Under spot market voyage charters, we are
responsible for all the above types of voyage expenses, whereas under time charters we are not responsible for bunker, port and canal expenses.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>VESSEL OPERATING EXPENSES &#150; Vessel operating expenses were $17.5 million for the nine months ended September 30, 2007 and were $14.0 million for the nine months ended September 30, 2006, an increase of $3.5 million, or 25.0%, due primarily to the increase in the average number of vessels in our fleet compared to the nine months ended September 30, 2006. For the nine months ended September 30, 2007 crew wages totaled $9.5 million compared to $7.8 million for the nine months ended September 30, 2006. Other significant increases in this category were repairs and maintenance, which increased from $1.4 million to $2.4 million, and spares and consumable stores, which increased from $2.5 million to $3.0 million, for the nine months ended September 30, 2007. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>DRY DOCKING COSTS &#150; Dry docking costs in the nine months ended September 30, 2007 were $0.1 million compared to $1.7 million in the nine months ended September 30, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>MANAGEMENT FEES &#150; Management fees were $2.9 million for the nine months ended September 30, 2007 and were $2.2 million for the nine months ended September 30, 2006, an increase of $0.7 million, or 31.8%, reflecting the increase in the average number of vessels in our fleet and the increase effective January 1, 2007 of the management fee for vessels under time and spot charter from an average of $395 per day per vessel to $440 per day per vessel. Management fees for vessels under bareboat charter were at a fixed rate of $125 per day per vessel for the nine months ended September 30, 2007, compared to an average of $127 per day per vessel for the nine months ended September 30, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>GENERAL AND ADMINISTRATIVE EXPENSES &#150; General and administrative expenses were $3.6 million for the nine months ended September 30, 2007 and were $2.0 million for the nine months ended September 30, 2006, an increase of $1.6 million, or 80%, due primarily to a $1.0 million non-cash charge relating to stock-based compensation.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>DEPRECIATION &#150; Depreciation expenses for the 31.3 average number of vessels in our fleet for the nine months ended September 30, 2007 were $11.9 million compared to $9.5 million for the 25.3 average number of vessels in our fleet for the nine months ended September 30, 2006, an increase of $2.4 million or 25.3%.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>INTEREST  AND FINANCE COSTS, NET &#150; Net interest and finance costs were $7.4 million for the nine months ended September 30, 2007 and were $5.5 million for the nine months ended September 30, 2006, an increase of $1.9 million, or 34.5%, resulting primarily from increased indebtedness incurred to fund vessel acquisitions and higher prevailing U.S. Dollar interest rates.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>CHANGE IN FAIR VALUE OF DERIVATIVES &#150; For the nine months ended September 30, 2007, we incurred a non-cash loss on derivatives of $1.5 million based on the estimated value of two interest rate swaps with DnB NOR Bank ASA and one with Fortis Bank, compared to a non-cash loss of $0.2 million for the nine months ended September 30, 2006.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>INTEREST INCOME &#150; Net interest income was $1.2 million for the nine months ended September 30, 2007, compared to $0.5 million for the nine months ended September 30, 2006 due to our increased cash position, on which we earned interest, as a result, primarily, of our follow-on public offering completed early in the third quarter of 2007.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>FOREIGN EXCHANGE LOSS &#150; For the nine months ended September 30, 2007, we incurred a foreign exchange loss of $0.062 million compared to a loss of $0.058 for the nine months ended September 30, 2006. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>NET INCOME &#150; As a result of the above factors, net income was $16.4 million for the nine months ended September 30, 2007, representing an increase of $2.7 million, or 19.7%, from net income of $13.7 million for the nine months ended September 30, 2006. </font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>Liquidity and Capital Resources</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Since our inception, our principal source of funds has been equity provided by our affiliates, proceeds from our initial public offering, proceeds from our follow-on public offering concluded early in the third quarter of 2007, cash generated by our operations and bank borrowings. Our principal use of funds has been to acquire our vessels, to maintain the quality of our LPG vessels, to comply with international standards, laws and regulations and to fund working capital requirements. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>We funded the purchase price for the </font><i><font style='font-size:10pt'>Gas Sophie</font></i><font style='font-size:10pt'> and the </font><i><font style='font-size:10pt'>Gas Haralambos</font></i><font style='font-size:10pt'>, and we expect to fund the purchase price for one liquefied petroleum gas vessel, the </font><i><font style='font-size:10pt'>Gas Premiership</font></i><font style='font-size:10pt'>, scheduled for delivery in February 2008, the product tanker scheduled for delivery in February 2008 and the product tanker scheduled for delivery in April 2008, with cash generated by our operations and from part of the proceeds from our follow-on public offering, as well as indebtedness as described below. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Overall we will continue to rely upon operating cash flows and bank borrowings, as well as future financings, to fund any additional vessel acquisitions we make in the future. In addition to the $6.75 million outstanding under its revised term facility with the Bank of Nova Scotia (the &#147;Scotiabank Facility&#148;) as of September 30, 2007, which was incurred in connection with the acquisition the </font><i><font style='font-size:10pt'>Gas Icon </font></i><font style='font-size:10pt'>, we intend to drawdown a further $40.25 million available under the Scotiabank Facility, which was amended to allow us to fund a portion of the purchase price for the </font><i><font style='font-size:10pt'>Navig8 Fidelity</font></i><font style='font-size:10pt'>, a product carrier we have contracted to acquire with expected delivery in early January 2008. Following the delivery of our three
contracted vessels, 10 of our vessels, the </font><i><font style='font-size:10pt'>Gas Prodigy</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Chios</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Crystal</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Catterick</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Spirit</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Fortune</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Haralambos</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Seabird II</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Premiership</font></i><font style='font-size:10pt'> and the </font><i><font style='font-size:10pt'>Gas Zael</font></i><font style='font-size:10pt'>,
will be unencumbered. As a result,  we may incur additional indebtedness secured by certain or all of these 10 vessels. We expect to use these resources, together with cash from operations, to fund a portion of the purchase price for our contracted vessels, as well as for additional vessel acquisitions during the remainder of 2008. In addition, we may in the future finance additional growth through subsequent equity offerings.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>We believe that, unless there is a major and sustained downturn in market conditions, our internally generated cash flows and the borrowings under our new or existing credit facilities will be sufficient to fund the operations of our fleet, including working capital requirements. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Since the formation of the Company in October 2004 and our subsequent initial public offering in October 2005 we have continued to implement our strategy of growth by acquisition of LPG carriers, to become a market leader within the handysize (3,000 to 8,000 cbm) LPG carrier sector, using the resources outlined above.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>For a full description of our credit facilities please refer to the discussion under the heading &#147;&#151;Loan Agreements&#148; below.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Our dividend policy will also impact our future liquidity position. For a description of our dividend policy, see &#147;Item 8. Financial Information &#151; Dividend Policy&#148; of our Annual Report on Form 20-F for the year ended December 31, 2006, filed with the SEC on June 5, 2007. </font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>Loan Agreements</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>We currently have loan agreements with Fortis Bank, DnB NOR Bank ASA and Scotiabank. For a full description of our credit facility with Scotiabank, see Exhibit 99.2, &#147;Managements&#146; Discussion and Analysis of Financial Condition and Results of Operations(Loan Agreements&#148;, and for a full description of our credit facilities with Fortis Bank and DnB NOR Bank ASA see &#147;Item 5. Operating and Financial Review and Prospects &#151; Loan Agreements&#148; of our Annual Report on Form 20-F for the year ended December 31, 2006, filed with the SEC on June 5, 2007. In June 2007, our loan agreements with Fortis Bank and DnB NOR Bank ASA were amended to lower the minimum percentage of our outstanding capital stock that is required to be beneficially owned by members of the Vafias family from 30% to 15%. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>In addition to our loan agreements with Fortis Bank, DnB NOR Bank ASA and Scotiabank, in the third quarter of 2007 we repaid and cancelled our 60-day unsecured bridge facility with our affiliate Brave Maritime Corp.</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>Cash Flows</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>NET CASH PROVIDED BY OPERATING ACTIVITIES &#150; was $28.3 million for the nine months ended September 30, 2007 compared to $27.2 million for the nine months ended September 30, 2006, an increase of $1.1 million, or 4.0%. This represents the net amount of cash, after expenses, generated by the chartering activities of our vessels. Stealth Maritime, on our behalf, collects our chartering revenues and pays our expenses.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>NET CASH USED IN INVESTING ACTIVITIES &#150; was $106.1 million for the nine months ended September&nbsp;30, 2007 compared to $81.1 million for the nine months ended September 30, 2006, an increase of $25.0 million, or 30.8%. The primary reason for the increase was the acquisition of the </font><i><font style='font-size:10pt'>Gas </font></i></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><i><font style='font-size:10pt'>Flawless</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Renovatio</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Chiltern</font></i><font style='font-size:10pt'> , the </font><i><font style='font-size:10pt'>Gas Icon</font></i><font style='font-size:10pt'> , the </font><i><font style='font-size:10pt'>Gas Kalogeros</font></i><font style='font-size:10pt'> , the </font><i><font style='font-size:10pt'>Gas Evoluzione</font></i><font style='font-size:10pt'> and the </font><i><font style='font-size:10pt'>Gas Sikousis</font></i><font style='font-size:10pt'> during the nine months ended September 30, 2007. For the nine months ended September 30, 2006, the following vessels were acquired, the </font><i><font style='font-size:10pt'>Gas Nemesis</font></i><font style='font-size:10pt'>, the </font><i><font
style='font-size:10pt'>Lyne</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Sir Ivor</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Czar</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Fortune</font></i><font style='font-size:10pt'>, the </font><i><font style='font-size:10pt'>Gas Eternity</font></i><font style='font-size:10pt'> and the </font><i><font style='font-size:10pt'>Batangas</font></i><font style='font-size:10pt'>.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>NET CASH PROVIDED BY FINANCING ACTIVITIES &#150; was $134.2 million for the nine months ended September 30, 2007, reflecting primarily the proceeds of our public follow-on offering completed early in the third quarter of 2007, the drawdown of $27.1 million of long term debt less $ 41.5 million repaid, the payment of $ 9.5 million of dividends, the receipt of $2.0 million in customer deposits and the drawdown of $26.5 million under our short term bridging facility provided by Brave Maritime Corporation, which was subsequently repaid by part of the proceeds from our follow-on offering completed in the third quarter of 2007. This compares to $43.7 million provided by net cash from financing activities in the nine months ended September 30, 2006, reflecting primarily the drawdown of $ 100.4 million of long term debt less $ 54.5 million repaid and the payment of $8.0 million in dividends.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>Capitalization </font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>The table below sets forth our consolidated capitalization as of September 30, 2007:</font></p>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>on an actual basis; and</font></p></td>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="5%" valign=top style='padding:4.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font size=3><b>&#149;</b></font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>on an as adjusted basis to reflect (i) the grant of 112,000 restricted shares of our common stock to our officers and directors on November 20, 2007 and</font><b><font style='font-size:10pt'> </font></b><font style='font-size:10pt'>(ii) the drawdown of $43,125,000 under our Scotiabank Facility to finance the purchase of the </font><i><font style='font-size:10pt'>Navig8 Fidelity</font></i><font style='font-size:10pt'>.</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>As adjusted as described above, there have been no material changes to our capitalization since September 30,&nbsp;2007. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>This table should be read in conjunction with our consolidated financial statements and the notes thereto incorporated by reference in this prospectus supplement, including our consolidated financial statements included in our future filings with the SEC on Form 20-F and our future reports on Form 6-K furnished to the SEC in which we specifically indicate its incorporation by reference into this prospectus supplement, which future filings will contain updates of the information set forth in the below table.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="5" valign=bottom style=' border-bottom:solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>As of </font></b><br>
          <b><font style='font-size:8pt'>September 30, 2007</font></b><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
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    <tr>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;'><i><font style='font-size:8pt'>In U.S. dollars</font></i><i></i></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt; '><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Actual</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
      <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>As Adjusted</font></b></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td>
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    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Long-term secured debt obligations (including current portion)</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="1%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p></td>
      <td width="10%" valign=bottom style='border-top: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>153,031,855</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td width="1%" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p></td>
      <td width="10%" valign=bottom style='border-top: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>188,883,529</font></p></td>
      <td width="2%" valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Stockholders&#146; equity:</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Common stock, $0.01 par value per share, 100,000,000 shares authorized; 14,400,000 shares issued and outstanding actual and 22,172,105<sup>(1)</sup> shares issued and outstanding as adjusted</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>220,601</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><br>
          <br>
          <font style='font-size:10pt'>221,721</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Additional paid-in capital</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>281,307,088</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>281,305,968</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
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    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Retained earnings</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>19,602,240</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom ><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>19,602,240</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Accumulated other comprehensive income</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>248,838</font></p></td>
      <td valign=bottom style='border-bottom:solid white .5pt; '><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>248,838</font></p></td>
      <td valign=bottom style='border-bottom:solid white .5pt; '><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Total stockholders&#146; equity</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>301,378,767</font></p></td>
      <td valign=bottom style='border-bottom:solid white .5pt; '><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: solid black .5pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>301,378,767</font></p></td>
      <td valign=bottom style='border-bottom:solid white .5pt; '><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=bottom ><p style=' margin-left:25.95pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Total capitalization</font></p></td>
      <td valign=bottom ><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>454,410,622</font></p></td>
      <td valign=bottom style='border-bottom:double white 2.25pt; '><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$</font></p></td>
      <td valign=bottom style='border-bottom: double black 2.25pt;'><p style=' margin-left:0pt;margin-right:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>490,262,296</font></p></td>
      <td valign=bottom style='border-bottom:double white 2.25pt; '><p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
    </tr>
  </table>
</div>
<b><font style='font-size:10.5pt'>______________</font></b>
<div align=left>
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      <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1)</font></p></td>
      <td valign=top style='padding:6.0pt 0in 0in 0in;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Includes 112,000 restricted shares awarded on November 20, 2007.</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>Off Balance Sheet Arrangements</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>We do not have any off balance sheet arrangements.</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>Recent Developments</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>We took delivery of the </font><i><font style='font-size:10pt'>Gas Sophie</font></i><font style='font-size:10pt'> and the </font><i><font style='font-size:10pt'>Gas Haralambos</font></i><font style='font-size:10pt'> on October 15, 2007 and October 31, 2007, respectively.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On November 8, 2007, we concluded a memorandum of agreement for the disposal of the </font><i><font style='font-size:10pt'>Gas Oracle </font></i><font style='font-size:10pt'>to an unaffiliated third party for $6,000,000 with an expected delivery date in January 2008. We expect to realize a gain from the sale of the above vessel of approximately $1,040,000, which will be included in our consolidated statement of income in the quarter in which the vessel will be delivered to her new owners.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On November 8, 2007, we concluded a memorandum of agreement for the disposal of the </font><i><font style='font-size:10pt'>Gas Nemesis</font></i><font style='font-size:10pt'> to an unaffiliated third party for $10,750,000 with an expected delivery date in January 2008. We </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>expect to realize a gain from the sale of the above vessel of approximately $720,000, which will be included in our consolidated statement of income in the quarter in which the vessel will be delivered to her new owners.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On November 8, 2007, we concluded a memorandum of agreement for the disposal of the </font><i><font style='font-size:10pt'>Gas Renovatio</font></i><font style='font-size:10pt'> to an unaffiliated third party for $10,525,000 with an expected delivery date in January 2008. We expect to realize a gain from the sale of the above vessel of approximately $290,000, which will be included in our consolidated statement of income in the quarter in which the vessel will be delivered to her new owners.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On November 13, 2007, our Board of Directors declared a cash dividend of $0.1875 per share of common stock payable on November 30, 2007 to holders of record on November 23, 2007. The total amount of $3,969,753 was paid on November 30, 2007.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On November 19, 2007, our Board of Directors announced that Mr.&nbsp;Lambros Babilis had been elected to our Board of Directors and would also serve as Deputy Chairman of the Board.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On November 20, 2007, the Remuneration Committee of our Board of Directors approved the award of 100,000 restricted shares to our Chief Executive Officer Mr.&nbsp;Harry Vafias under our 2005 Equity Compensation Plan, as amended and restated on June 26, 2007. These restricted shares will vest as follows: 50,000 on October 31, 2008, 25,000 on October 31, 2009 and 25,000 on October 31, 2010.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On November 20, 2007, our Board of Directors approved the award of 6,000 restricted shares to the Chairman of our Board of Directors Mr.&nbsp;Michael G. Jolliffe under our 2005 Equity Compensation Plan, as amended and restated on June 26, 2007. These restricted shares will vest as follows: 2,000 on October 31, 2008, 2,000 on October 31, 2009 and 2000 on October 31, 2010.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On November 20, 2007, our Board of Directors approved the award of 4,000 restricted shares to non-executive director and Chairman of the Audit Committee, Mr.&nbsp;Markos Drakos under our 2005 Equity Compensation Plan, as amended and restated on June 26, 2007. These restricted shares will vest as follows: 1,333 on October 31, 2008, 1,333 on October 31, 2009 and 1,334 on October 31, 2010.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On November 20, 2007, our Board of Directors approved the award of 2,000 restricted shares to non-executive director Mr.&nbsp;Thanassis G. Martinos under our 2005 Equity Compensation Plan, as amended and restated on June 26, 2007. These restricted shares will vest as follows: 666 on October 31, 2008, 667 on October 31, 2009 and 668 on October 31, 2010.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On December 6, 2007, we entered into memorandums of agreement to acquire, for an aggregate purchase price of $115 million, two new 47,000 deadweight M.R. type product tankers ex yard, which are scheduled to be delivered in January 2008 and February 2008, respectively. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On January 9, 2008, we drew down $43,125,000 under our Scotiabank Facility to finance the purchase of the </font><i><font style='font-size:10pt'>Navig8 Fidelity</font></i><font style='font-size:10pt'>, which was subsequently delivered to us on January 9, 2008.</font></p>
<p style=' margin-bottom:0pt; margin-top:12pt;text-align:left;'><b><font style='font-size:10pt'>Forward-Looking Statements</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Matters discussed in this report 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 report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management&#146;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 beyond our control, StealthGas Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>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 dry-docking, changes in Stealth Gas Inc.&#146;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. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Risks and uncertainties are further described in reports filed by StealthGas Inc. with the SEC.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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