<SEC-DOCUMENT>0000887396-12-000003.txt : 20120405
<SEC-HEADER>0000887396-12-000003.hdr.sgml : 20120405
<ACCEPTANCE-DATETIME>20120405155513
ACCESSION NUMBER:		0000887396-12-000003
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120405
FILED AS OF DATE:		20120405
DATE AS OF CHANGE:		20120405
EFFECTIVENESS DATE:		20120405

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMPIRE PETROLEUM CORP
		CENTRAL INDEX KEY:			0000887396
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				731238709
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16653
		FILM NUMBER:		12745640

	BUSINESS ADDRESS:	
		STREET 1:		4444 E 66TH STREET
		STREET 2:		LOWER ANNEX
		CITY:			TULSA
		STATE:			OK
		ZIP:			74136-4207
		BUSINESS PHONE:		918-488-8068

	MAIL ADDRESS:	
		STREET 1:		4444 E 66TH STREET
		STREET 2:		LOWER ANNEX
		CITY:			TULSA
		STATE:			OK
		ZIP:			74136-4207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICOMM RESOURCES CORP
		DATE OF NAME CHANGE:	19951115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICOMM CORP
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>def14a.htm
<DESCRIPTION>PROXY STATEMENT FOR ANNUAL MEETING DATED MAY 31, 2012
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 13.5pt"><B>SCHEDULE
14A INFORMATION<BR>
</B></FONT>Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">[X] Filed by Registrant.<BR>
[&nbsp; &nbsp;] Filed by Party other than the Registrant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:<BR>
[X] Preliminary Proxy Statement<BR>
[&nbsp;&nbsp; ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))<BR>
[&nbsp;&nbsp; ] Definitive Proxy Statement<BR>
[&nbsp; &nbsp;] Definitive Additional Materials<BR>
[&nbsp;&nbsp;&nbsp;] Soliciting Material Pursuant to &sect;240.14a -11(c) or &sect;240.14a -12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Empire Petroleum
Corporation<BR>
</B></FONT>(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not Applicable<BR>
</B>(Name of Person(s) Filing Proxy Statement if other than Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (check the appropriate box):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">[X]</TD>
    <TD STYLE="width: 96%; text-autospace: none">No fee required.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">[&nbsp;&nbsp; ]</TD>
    <TD STYLE="text-autospace: none">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-left: 12.8pt; text-autospace: none; text-indent: -12.8pt">1) Title of each class of securities to which transaction applies: ___________________________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-left: 12.8pt; text-autospace: none; text-indent: -12.8pt">2) Aggregate number of securities to which transaction applies: ___________________________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 17.3pt; text-autospace: none; text-indent: -17.3pt">3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-left: 12.8pt; text-autospace: none; text-indent: -12.8pt">&nbsp;&nbsp;&nbsp;&nbsp; ___________________________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">4) Proposed maximum aggregate value of transaction:</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-left: 12.8pt; text-autospace: none; text-indent: -12.8pt">&nbsp;&nbsp;&nbsp;&nbsp; ___________________________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5) Total Fee Paid:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.8pt; text-indent: -13.5pt">&#9; ___________________________________________________________________</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">[&nbsp; &nbsp;]</TD>
    <TD STYLE="text-autospace: none">Fee paid previously with preliminary materials.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">[&nbsp; &nbsp;]</TD>
    <TD STYLE="text-autospace: none">Check box if any part of the Fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-left: 12.8pt; text-autospace: none; text-indent: -12.8pt">1) Amount Previously Paid: ___________________________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="padding-left: 12.8pt; text-autospace: none; text-indent: -12.8pt">2) Form, Schedule or Registration Statement Number: ___________________________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3) Filing Party:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.8pt; text-indent: -12.8pt">___________________________________________________________________</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4) Date Filed:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.8pt; text-indent: -12.8pt">___________________________________________________________________</P></TD></TR>
</TABLE>
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<P STYLE="font: 9pt Arial; margin: 0; text-align: center; color: Red"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>EMPIRE PETROLEUM CORPORATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>6506 S. Lewis, Suite 112</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Tulsa, Oklahoma 74136-1020</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>To Be Held May 31, 2012</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">To Our Stockholders:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Univers; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; line-height: 98%">NOTICE
IS HEREBY GIVEN that the Annual Meeting of Stockholders of Empire Petroleum Corporation, a Delaware corporation (the &quot;Company&quot;),
will be held at </FONT>the Tulsa Marriott Southern Hills (Pecan Room), 1902 E. 71<SUP>st</SUP> Street, in Tulsa, Oklahoma<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; line-height: 98%">,
on Thursday, May 31, 2012, at 10:00 a.m., local time, for the following purposes:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="line-height: 98%">1.&#9;To
elect four members to the Board of Directors to serve until the next annual meeting of stockholders and until their successors
are duly elected and qualified;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="line-height: 98%">2.&#9;To
approve an increase in the number of authorized shares of Common Stock</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="line-height: 98%">&#9;of
the Company from 100,000,000 to 150,000,000;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="line-height: 98%">3.&#9;To
ratify the appointment of HoganTaylor LLP as the Company's independent registered public accounting firm for 2011; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="line-height: 98%">4.&#9;To
transact any other business that may properly come before the meeting or any adjournment thereof.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="line-height: 98%">The
Board of Directors has fixed the close of business on April 29, 2012, as the record date for the meeting, and only stockholders
of record at such time will be entitled to notice of and to vote at the meeting or any adjournment thereof. A list of the stockholders
entitled to vote at the meeting will be open to the examination of any stockholder, for any purpose germane to the meeting, during
ordinary business hours for a period of 10 days prior to the date of the meeting at the offices of the Company and at the time
and place of the meeting.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 4in"><FONT STYLE="line-height: 98%">By
Order of the Board of Directors,</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 286pt"><FONT STYLE="line-height: 98%">/s/
Albert E. Whitehead</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 4in">Albert E. Whitehead</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 4in"><FONT STYLE="line-height: 98%">Chairman
and Chief Executive Officer</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">Tulsa, Oklahoma</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">April 5, 2012</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>YOUR VOTE IS IMPORTANT.
WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, YOU ARE URGED TO VOTE BY MAIL SO THAT YOUR SHARES MAY BE VOTED IN ACCORDANCE WITH
YOUR WISHES. IF YOU DO ATTEND THE MEETING, YOU MAY WITHDRAW YOUR PROXY AND VOTE IN PERSON.</B></P>

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<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>EMPIRE PETROLEUM CORPORATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>6506 S. Lewis, Suite 112</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Tulsa, Oklahoma 74136-1020</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>FOR ANNUAL MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>To Be Held May 31, 2012</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SOLICITATION AND REVOCATION OF PROXIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Proxy Statement is
furnished in connection with the solicitation by the Board of Directors of Empire Petroleum Corporation, a Delaware corporation
(the &quot;Company&quot;), of proxies to be voted at the Annual Meeting of Stockholders of the Company to be held on May 31, 2012,
or at any adjournment thereof (the &quot;Annual Meeting&quot;), for the purposes set forth in the accompanying Notice of Annual
Meeting. This Proxy Statement and accompanying proxy are first being forwarded to stockholders on or about May 7, 2012.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the accompanying proxy
is properly executed and returned, the shares represented by the proxy will be voted as directed at the Annual Meeting. Stockholders
whose shares are registered in their own names may instruct the proxies how to vote by executing and returning the accompanying
proxy, and the shares represented by the proxy will be voted at the Annual Meeting. Stockholders holding their shares through a
broker, bank or other record holder should follow the instructions provided to them by such record holders in order to vote their
shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">If a stockholder indicates
in his or her proxy a choice with respect to any matter to be acted upon, that stockholder's shares will be voted in accordance
with such choice. If no choice is indicated on a proxy, the stockholder's shares will be voted &quot;FOR&quot; (a)&nbsp;the election
of all of the nominees for directors listed below, (b) the amendment to the Company's Certificate of Incorporation and (c)&nbsp;the
ratification of the appointment of the independent registered public accounting firm. A stockholder giving a proxy may revoke it
by giving written notice of revocation to the Chief Executive Officer of the Company at any time before it is voted, by executing
another valid proxy bearing a later date and delivering such proxy to the Chief Executive Officer of the Company prior to or at
the Annual Meeting or by attending the Annual Meeting and voting in person.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The expenses of this proxy
solicitation, including the cost of preparing and mailing this Proxy Statement and accompanying proxy will be borne by the Company.
Such expenses will also include the charges and expenses of banks, brokerage firms, and other custodians, nominees or fiduciaries
for forwarding solicitation material regarding the Annual Meeting to beneficial owners of the Company's common stock. Solicitation
of proxies may be made by mail, telephone, personal interviews or by other means by the Board of Directors or employees of the
Company who will not be additionally compensated therefor, but who may be reimbursed for their out-of-pocket expenses in connection
therewith.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#9;<B>STOCKHOLDERS ENTITLED TO VOTE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Stockholders of record at
the close of business on April 29, 2012 (the &quot;Record Date&quot;) will be entitled to vote at the Annual Meeting. As of the
Record Date, there were 85,564,235 shares of the Company's common stock issued and outstanding. The holders of common stock are
entitled to one vote per share. There is no cumulative voting with respect to the election of directors. The presence in person
or by proxy of the holders of a majority of the shares issued and outstanding at the Annual Meeting and entitled to vote will constitute
a quorum for the transaction of business. Votes withheld from nominees for directors, abstentions and broker non-votes will be
counted for purposes of determining whether a quorum has been reached. With regard to the election of directors, votes may be cast
in favor of or withheld from each nominee and votes that are withheld will have no effect on the vote. Abstentions, which may be
specified on all proposals except the election of directors, will have the effect of a negative vote. Brokers who hold shares in
street name have the discretionary authority to vote on certain &ldquo;routine&rdquo; items when they have not received instructions
from beneficial owners. For purposes of our 2012 annual meeting, brokers will be prohibited from exercising discretionary authority
with respect to the election of members to our Board of Directors and the increase in the number of authorized shares. If the organization
that holds your shares does not receive instructions from you on how to vote your shares on these matters, the organization that
holds your shares will inform us that it does not have the authority to vote on this matter with respect to your shares. This is
generally referred to as a &ldquo;broker non-vote.&rdquo; Broker non-votes will be considered as represented for purposes of determining
a quorum, but will not otherwise affect voting results, except that a broker non-vote with respect to the increase in the number
of authorized shares is effectively a vote against such proposal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Votes will be counted by
the inspector of election at the Annual Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&#9;PROPOSAL ONE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&#9;ELECTION OF DIRECTORS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Directors is
currently comprised of four directors. Members of the Company's Board of Directors are elected at annual meetings and serve until
the next annual meeting of stockholders and until their successors are duly elected and qualified. Because the Company's Board
is currently only comprised of four members, the Company does not currently have any committees. Since the Company does not have
a nominating committee, each of the current directors nominated the other candidates for reelection as director of the Company
by the stockholders at the Annual Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The nominees, Messrs. Kinard,
Whitehead, Hackett and Seth, currently serve as directors of the Company. The person named as proxy in the accompanying proxy,
who has been designated by the Board of Directors, intends to vote, unless otherwise instructed in such proxy, for the election
of Messrs.&nbsp;Kinard, Whitehead, Hackett and Seth. Should any of the nominees become unable for any reason to stand for election
as a director of the Company, it is intended that the person named in such proxy will vote for the election of such other person
as the Board of Directors may propose to replace such nominee. The Company knows of no reason why any of the nominees will be unavailable
or unable to serve.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The affirmative vote of
the holders of a plurality of the shares present in person or represented by proxy and entitled to vote at the Annual Meeting is
required for the election of directors. Accordingly, the four nominees for election as directors at the Annual Meeting who receive
the greatest number of votes cast for election by the holders of common stock shall be duly elected directors upon completion of
the vote tabulation at the Annual Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>The
Board of Directors recommends a vote &quot;FOR&quot; each of the following nominees for directors.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Nominees for Directors</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Albert E. Whitehead</I>, <I>age 81</I>. Mr.
Whitehead has been a member of the Company's Board of Directors since 1991 and served as Chairman of the Board and Chief Executive
Officer from March 1998 to May 2001, when John P. McGrain assumed such role. Mr. Whitehead again assumed the role of Chairman and
Chief Executive Officer on April 16, 2002 upon the resignation of Mr. McGrain. Until February 5, 2008, Mr. Whitehead also served
as the Non-Executive Chairman of Coastal Energy Company (formerly PetroWorld Corp.), a company that is traded on the London Stock
Exchange's Alternative Investment Market and the Toronto Stock Exchange in Canada. Mr. Whitehead served as the Chairman and Chief
Executive Officer of Seven Seas Petroleum Inc., a publicly held company, engaged in international oil and gas exploration from
February 1995 to May 1997. From April 1987 through January 1995, Mr. Whitehead served as Chairman and Chief Executive Officer of
Garnet Resources Corporation, a publicly held oil and gas exploration and development company. Mr. Whitehead&rsquo;s experience
in the oil and gas industry, along with his familiarity with the day-to-day operations of the Company, makes him well suited to
serve on the Company&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>John C. Kinard</I>, <I>age 78</I>. Mr. Kinard
has served as a Director of the Company since June 1998 and is currently a Partner in Silver Run Investments, LLC, an oil and gas
investment firm. Mr. Kinard serves as a Managing Partner of Remuda Resources LLC, a private oil and gas exploration company. From
1990 through December 1995, Mr. Kinard served as President of Glen Petroleum, Inc., a private oil and gas exploration company.
From 1990 through 2002, Mr. Kinard also served as the Chairman of Envirosolutions UK Ltd., a private industrial wastewater treatment
company. Mr. Kinard&rsquo;s longstanding relationship with the Company and his knowledge of the oil and gas industry make him well
equipped to serve on the Company&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Montague H. Hackett, Jr., age 79</I>. Montague
H. Hackett, Jr., a graduate of Princeton University and Harvard Law School, joined the Empire Board as a director in June 2006.
Over the years, Mr. Hackett has been associated with various natural resource companies both as a director and as an officer. In
the past five years, he has been Co-Chairman and a director of Victory Ventures LLC, a New York venture capital company and International
Energy Services, Inc., a Houston based oilfield service company, with operations in Russia and Kazakhstan. Given Mr. Hackett&rsquo;s
knowledge of the oil and gas industry and his general business knowledge, Mr. Hackett is a good fit as a member of the Company&rsquo;s
Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Kevin R. Seth, age 52</I>. Mr. Seth has served
as a Director of the Company since February 23, 2011, and is a partner of Edgewood Management LLC, a registered investment advisor,
based in New York City. Prior to joining Edgewood in 1995, Mr. Seth worked with Credit Suisse First Boston in London, New York
and Boston. Mr. Seth graduated from Montana State University with a B.S. Degree in Pre-Law and Economics and has served for the
past ten (10) years as either Vice-Chairman or Chairman of the University Investment Committee at Montana State University. Mr.
Seth&rsquo;s broad business experience will allow him to provide considerable insight into the business decisions the Company will
face and results in him being well suited to serve as a member of the Company&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CORPORATE GOVERNANCE AND BOARD MATTERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Overview</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Directors is
committed to sound and effective corporate governance practices and believes such practices are important to ensure that the Company
is managed for the long-term benefit of its stockholders. The Board of Directors has engaged in a process of periodically reviewing
and considering the Company's corporate governance practices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Communications to the Board of Directors</B></P>

<P STYLE="font: 10pt Univers; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">A stockholder may send a
written communication to the Board of Directors or any individual member or members of the Board by addressing the communication
to Empire Petroleum Corporation, 6506 S. Lewis, Suite 112, Tulsa, Oklahoma 74136-1020. All communications so received will be forwarded
to the members of the Board of Directors or specified Board members.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Board Meetings</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">During fiscal 2011, the
Board of Directors did not hold any meetings. All of the directors attended 100% of the meetings of the Board of Directors. In
addition, the Board of Directors took action six times during fiscal 2011 by unanimous written consent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Directors are expected to
attend the Annual Meeting of Stockholders, and it is the practice of the Company to introduce each director at the Annual Meeting.
There was no annual meeting of the Company's stockholders in the fiscal year 2011.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company's Board of Directors
does not have any standing committees (such as audit, nominating or compensation committees).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><B>Code of Ethics</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company has adopted
a Code of Ethics that applies to all of the Company's directors and employees, including the Company's principal executive officer,
principal financial officer and principal accounting officer or persons performing similar functions. The Company undertakes to
provide any person without charge, upon request, a copy of the Code of Ethics. Requests may be directed to Empire Petroleum Corporation,
6506 S. Lewis, Suite 112, Tulsa, Oklahoma 74136-1020, or by calling (918) 488-8068.</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><B>Identification of the Audit
Committee; Audit Committee Financial Expert.</B></P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2011,
the Company had not established any committees (including an audit committee) because of the small size of its Board of Directors.
As such, the Company does not have an audit committee or an audit committee financial expert serving on such committee. As of December
31, 2011, the entire Board of Directors (Messrs. Whitehead, Kinard, Hackett and Seth) essentially serve as the Company's audit
committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Process for Director Nominations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">As stated above, the Board
of Directors does not have any committees. As such, each of the current directors, Messrs. Whitehead, Kinard, Hackett and Seth,
participates in the consideration of director nominees. In connection with the upcoming Annual Meeting, Mr. Kinard nominated Mr.
Whitehead, Mr. Hackett and Mr. Seth as candidates for reelection as directors of the Company, Mr. Whitehead nominated Mr. Kinard,
Mr. Hackett and Mr. Seth as candidates for reelection as directors of the Company, Mr. Hackett nominated Mr. Whitehead, Mr. Kinard
and Mr. Seth as candidates for reelection as directors of the Company and Mr. Seth nominated Mr. Whitehead, Mr. Kinard and Mr.
Hackett as candidates for reelection as directors of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board does not have
a charter regarding the director nomination process. The Company has determined that Mr. Kinard, Mr. Hackett and Mr. Seth are &quot;independent&quot;
within the meaning of Rule 4200(a)(15) of the NASDAQ listing standards. Mr. Whitehead is not considered &quot;independent&quot;
within the meaning of Rule 4200(a)(15) of the NASDAQ listing standards.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Univers; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Board of Directors will consider candidates for director nominees that are recommended by stockholders of the Company in accordance
with the procedures set forth below. Any such nominations should be submitted to the Board of Directors in care of the Chief Executive
Officer</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">to Empire Petroleum Corporation, 6506 S. Lewis Ave., Suite
112, Tulsa, Oklahoma 74136-1020 and accompany it with the following information: </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<UL TYPE="DISC" STYLE="margin-top: 0in">

<LI STYLE="text-align: justify; margin: 0; font-family: Arial, Helvetica, Sans-Serif">Appropriate biographical information, a statement
as to the qualifications of the nominee and any other information relating to such nominee that is required to be disclosed pursuant
to Regulation 14A under the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), including such person&rsquo;s
written consent to being named in the proxy statement as a nominee and to serving as a director if elected; and</LI>

</UL>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<UL TYPE="DISC" STYLE="margin-top: 0in">

<LI STYLE="text-align: justify; margin: 0; font-family: Arial, Helvetica, Sans-Serif">The name(s) and address(es) of the stockholder(s)
making the nomination and the number of shares of the Company's common stock which are owned beneficially and of record by such
stockholder(s).</LI>

</UL>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The written recommendation
should be submitted in the time frame described under the caption &quot;Stockholder Proposals&quot; below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">In evaluating potential
director candidates, the Board will take into consideration such factors that it deems appropriate for the needs of the Board of
Directors. Generally, the Board will evaluate new potential director candidates by reviewing their biographical information and
qualifications and checking the candidates' references. In connection therewith, the Board will consider diversity in professional
background, experience, expertise, perspective, age, gender and ethnicity with respect to Board composition as a whole. With respect
to diversity, particular emphasis is placed on identifying candidates whose experiences, qualities and skills complement and augment
those of other Board members with respect to the Board of Directors as a group. Those candidates determined to be of interest will
be subject to interview by the Board. Using the information obtained and input from the interview, the Board will evaluate whether
a prospective candidate is qualified to serve as a director and whether the Board of Directors will nominate the prospective candidate
or elect such candidate to fill a vacancy on the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Compensation of Directors</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company does not
have a compensation committee and does not have any formal procedure for compensating the members of its Board of Directors.
From time to time in the past, the Company has granted options to the members of its Board of Directors under its 1995 Stock
Option Plan and its 2006 Stock Incentive Plan as compensation for serving on the Board of Directors. During the fiscal year
ended December 31, 2011, the Company granted Kevin R. Seth 150,000 options to purchase shares of common stock under
the Company's 2006 Stock Incentive Plan. All directors are reimbursed by the Company for out-of-pocket expenses incurred by
them in connection with their service on the Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0"><B>Stockholder Communication with the Board of Directors
</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 0; text-align: justify; text-indent: 24.5pt">Stockholders who
wish to communicate with the Board of Directors may send correspondence to the attention of the Chief Executive Officer, Empire
Petroleum Corporation, 6506 S. Lewis, Suite 112, Tulsa, Oklahoma 74136-1020. Stockholder communications must include confirmation
that the sender is a stockholder of the Company. All such communications will be reviewed by the Company&rsquo;s Chief Executive
Officer in order to maintain a record of the communication, to assure director privacy and to determine whether the communication
relates to matters that are appropriate for review by our Board of Directors or by any individual director. Communications will
not be forwarded to Board of Directors members if they do not relate to the Company&rsquo;s business, contain material that is
not appropriate for review by the Board of Directors based upon the established practice and procedure of the Board of Directors,
or contain other improper or immaterial information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>PROPOSAL TWO</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AMENDMENT TO CERTIFICATE OF INCORPORATION
TO INCREASE THE SHARES OF THE COMPANY&rsquo;S AUTHORIZED COMMON STOCK</B></P>

<P STYLE="font: 10pt Univers; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">At the Annual Meeting, the
stockholders are being asked to approve an amendment to the Company's Certificate of Incorporation, as amended (the &quot;Certificate
of Incorporation&quot;), to increase the authorized stock of the Company from One Hundred Million (100,000,000) shares to One Hundred
Fifty Million (150,000,000) shares (the &quot;Amendment&quot;). The Amendment was adopted, subject to stockholder approval, by
the Board of Directors pursuant to a Unanimous Consent to Action in Lieu of a Special Meeting of the Board of Directors dated March
12, 2012.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with the proposed
Amendment, Article V of the Certificate of Incorporation would be amended to read in its entirety as follows:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"><U>&quot;Capitalization</U>. The Corporation
shall have the authority to issue 150,000,000 (one hundred fifty million) shares of stock each having a par value of one-tenth
of one cent ($0.001). All stock of the Corporation shall be of the same class and shall have the same rights and preferences. Fully
paid stock of this Corporation shall not be liable for further call or assessment. The Board of Directors shall have the authority
by resolution to grant rights or subscriptions for common stock and for such consideration as the Board of Directors may fix and
determine, without action by the stockholders, provided such consideration be as allowed by the laws of the State of Delaware.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">At any time prior to the
effectiveness of the filing of the Amendment with the Secretary of State of Delaware, notwithstanding the prior authorization of
such amendment by the stockholders of the Company, the Board of Directors may abandon the Amendment without any further action
by the stockholders. The Amendment must be approved by at least a majority of the holders of the outstanding shares of common stock
of the Company.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 45.8pt">As of April 5, 2012, there
were approximately: (i) 85,564,235&nbsp;shares issued and outstanding, (ii) 200,000 shares reserved for future issuance pursuant
to outstanding options granted under the Company's 1995 Stock Option Plan, and (iii) 1,045,000 shares reserved for future issuance
pursuant to outstanding options granted under the Company's 2006 Stock Incentive Plan. If this proposal is approved, taking into
account the number of shares reserved for issuance, the Board will have the authority to issue approximately 63,190,765 shares
of common stock without further stockholder approval, except as may be required for a particular transaction by applicable law,
regulatory agencies or the rules of any securities exchange on which the Company's securities may then be listed.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The additional authorized
shares of common stock may be used for such corporate purposes as may be determined by the Board from time to time to be necessary
or desirable. These purposes may include, without limitation: raising capital through the sale of common stock; effecting a stock
split or issuing a stock dividend; acquiring other businesses in exchange for shares of common stock; and attracting and retaining
employees by the issuance of additional securities under the 2006 Stock Incentive Plan. At the present time, the Company has no
commitments, agreements or undertakings to issue any such additional shares. The Board believes that the authorized number of shares
of common stock should be increased to provide the Board with the ability to issue additional shares of common stock for the potential
corporate purposes described above, without having to incur the delay and expense incident to holding a special meeting of the
stockholders to approve an increase in the authorized shares of common stock at that time.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The authorization of the
additional shares by this proposal would not have any immediate dilutive effect on the proportionate voting power or other rights
of existing stockholders, but, to the extent that the additional authorized shares are issued in the future, they may decrease
existing stockholders' percentage equity ownership and, depending on the price at which they are issued, could be dilutive to existing
stockholders and have a negative effect on the market price of the Company&rsquo;s common stock. Under the Company&rsquo;s Certificate
of Incorporation, stockholders do not have preemptive rights with respect to the issuance of shares of common stock, which means
that current stockholders do not have a prior right to purchase shares in any new issue of common stock in order to maintain their
proportionate ownership of common stock.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The increase in the number
of authorized shares of common stock could have an anti-takeover effect, although this is not the intent of the Board. For example,
if the Board issues additional shares in the future, such issuance could dilute the stock ownership and voting power of, or increase
the cost to, a person seeking to obtain control of the Company, thereby deterring or rendering more difficult a merger, tender
offer, proxy contest or other extraordinary transaction. To the extent that it impedes any such attempts, the proposed Amendment
may serve to perpetuate the Board and the Company&rsquo;s management. The proposed Amendment is not being proposed in response
to any known effort or threat to acquire control of the Company and is not part of a plan by management to adopt a series of amendments
to the Certificate of Incorporation and the Company&rsquo;s bylaws having an anti-takeover effect.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>The
Board of Directors recommends that stockholders vote<I>&nbsp;</I>FOR the Amendment to the Certificate of Incorporation.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><B>PROPOSAL THREE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><B>RATIFICATION OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 24.5pt; background-color: white">&#9;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Ratification
of the appointment of HoganTaylor LLP as our independent registered public accounting firm is not required by our Bylaws or other
applicable legal requirements. However, our Board of Directors is submitting the selection of HoganTaylor LLP to the stockholders
for ratification as a matter of good corporate practice. If the stockholders fail to ratify the selection, the Board of Directors
will reconsider whether or not to retain that firm. Even if the selection is ratified, the Board of Directors at its discretion
may direct the appointment of a different independent registered public accounting firm at any time during the year if it determines
that such a change would be in our best interests and in the best interests of our stockholders.</P>

<P STYLE="font: 10pt Univers; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The affirmative vote of
the holders of a majority of the shares present in person or by proxy at the Annual Meeting and entitled to vote is required for
the adoption of this proposal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company expects that
a representative of HoganTaylor LLP will be present at the Annual Meeting. The representative will be given the opportunity to
make a statement if he or she desires to do so and will be available to respond to appropriate questions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>OUR BOARD OF DIRECTORS
RECOMMENDS THAT STOCKHOLDERS VOTE &ldquo;FOR&rdquo; THE RATIFICATION OF THE APPOINTMENT OF HOGANTAYLOR LLP AS OUR INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2011.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AUDIT RELATED MATTERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Audit Committee Report</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Directors does
not have an audit committee. Instead, the full Board performs the equivalent functions of an audit committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Directors has
reviewed and discussed the audited financial statements of the Company for the fiscal year ended December&nbsp;31, 2011, with HoganTaylor
LLP, the Company&rsquo;s independent registered public accounting firm (the &ldquo;Auditors&rdquo;) the matters required to be
discussed by the statement on Auditing Standards No.&nbsp;61, as amended (AICPA, <I>Professional Standards</I>, Vol. 1 AU Section&nbsp;380),
as adopted by the Public Company Accounting Oversight Board in Rule 3200T. In addition, the Auditors have provided the Board of
Directors with the written disclosures and the letter required by the applicable requirements of the Public Company Accounting
Oversight Board regarding the Auditor&rsquo;s communications with the Board of Directors concerning independence, and the Board
of Directors has discussed the Auditors&rsquo; independence with the Auditors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Based on these reviews and
discussions, the Board of Directors approved the inclusion of the audited financial statements in the Company&rsquo;s Annual Report
on Form 10-K for the fiscal year ended December 31, 2011 for filing with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-decoration: underline">Board of Directors:</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-style: italic; text-align: justify">John C. Kinard</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-style: italic">Albert E. Whitehead</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-style: italic">Montague H. Hackett, Jr.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-style: italic">Kevin R. Seth</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Univers; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Univers,sans-serif; margin: 0; text-align: justify"><B>Independent Registered Public Accounting Firm Fees</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following is a summary
of the fees billed or to be billed to the Company by HoganTaylor LLP, the Company's independent registered public accounting firm,
for professional services rendered for the fiscal years ended December 31, 2011 and December 31, 2010:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold">Fee Category</TD>
    <TD NOWRAP STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">Fiscal 2011 Fees</TD>
    <TD NOWRAP STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; font-weight: bold; text-align: center">Fiscal 2010 Fees</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif">Audit Fees (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; text-align: center">$36,250</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; text-align: center">$35,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif">Audit - Related Fees (2)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; text-align: center">0</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif">Tax Fees</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; text-align: center">0</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif">All Other Fees (3)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; text-align: center">0</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif">Total Fees</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; text-align: center">$36,250</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Arial, Helvetica, Sans-Serif; text-align: center">$35,000</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(1) Audit Fees consist of aggregate fees billed
for professional services rendered for the audit of the Company's annual financial statements and review of the interim financial
statements included in quarterly reports or services that are normally provided by the independent registered public accounting
firm in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2011 and December
31, 2010, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(2) Audit-Related fees consist of aggregate
fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial
statements and are not reported under &quot;Audit Fees.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(3) All Other Fees consist of aggregate fees
billed for products and services provided by HoganTaylor LLP, other than those disclosed above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The entire Board of Directors
of the Company is responsible for the appointment, compensation and oversight of the work of the independent registered public
accounting firm and approves in advance any services to be performed by the independent registered public accounting firm, whether
audit-related or not. The entire Board of Directors reviews each proposed engagement to determine whether the provision of services
is compatible with maintaining the independence of the independent registered public accounting firm. All of the fees shown above
were pre-approved by the entire Board of Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&#9;SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table sets
forth information regarding the beneficial ownership of our Common Stock as of March 21, 2012 for:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">* each person who is known
to own beneficially more than 5% of our outstanding Common Stock;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">* each of our executive
officers and directors; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">* all executive officers
and directors as a group.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The percentage of beneficial
ownership for the following table is based on 85,564,235 shares of Common Stock outstanding as of March 21, 2012.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated
below, to the Company's knowledge, all persons and entities listed below have sole voting and investment power over their shares
of Common Stock.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Name and address of beneficial owner</TD>
    <TD NOWRAP STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">Amount and nature of beneficial ownership</TD>
    <TD NOWRAP STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">Percent of class (1)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Albert E. Whitehead</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">21,113,661 shares (2)</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">24.68%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Chairman of the Board and</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Chief Executive Officer</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">3214 E. 73rd Street</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Tulsa, OK&nbsp; 74136-5927</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">John C. Kinard</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">781,331 shares (3)</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">0.91%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Director</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">52 S. Roslyn Street</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Denver, CO&nbsp; 80230</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Montague H. Hackett, Jr.</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">14,759,416 shares (4)</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">17.17%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Director</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">550 Park Avenue</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">New York, NY&nbsp; 10065</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Kevin R. Seth</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">761,111 shares (5)</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">0.89%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">Director</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">c/o Edgewood Management LLC</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">350 Park Avenue</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">New York, NY&nbsp; 10022</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">George H. Plewes</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">5,160,238 (6)</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">6.03%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">P. O. Box HM 1431</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">HMFX Bermuda</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none">All current directors and executive officers as a group (4 persons)</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">37,470,519 shares (7)</TD>
    <TD NOWRAP STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">43.21%</TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(1) The percentage ownership for each person
is calculated in accordance with the rules of the SEC, which provide that any shares a person is deemed to beneficially own by
virtue of having a right to acquire shares upon the conversion of options or other rights are considered outstanding solely for
purposes of calculating such person's percentage ownership.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(2) This number includes: (i) 18,268,378 shares
directly owned by the Albert E. Whitehead Living Trust, of which Mr. Whitehead is the trustee; (ii) 30,000 shares owned by Mr.
Whitehead's grandchildren for which he acts as custodian; and (iii) 2,815,283 shares directly owned by the Lacy E. Whitehead Living
Trust, of which Ms. Whitehead, Mr. Whitehead's wife, is trustee. Mr. Whitehead disclaims any interest in the shares owned by the
Lacy E. Whitehead Living Trust and the shares owned by his grandchildren.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(3) This number includes: (i) 161,331 shares
directly owned by Mr. Kinard; (ii) 220,000 shares Mr. Kinard has the right to acquire pursuant to options granted to him under
the 1995 Stock Option Plan; (iii) 250,000 shares Mr. Kinard has the right to acquire pursuant to options granted to him under the
Company's 2006 Stock Incentive Plan; and (iv) 150,000 shares directly owned by Mr. Kinard's wife, of which Mr. Kinard disclaims
any interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(4) This number includes (i) 9,600,288 shares
directly owned by Mr. Hackett (ii) 400,000 shares Mr. Hackett has the right to acquire under the Company's 2006 Stock Incentive
Plan; (iii) 2,206,350 shares directly owned by the Trust F/B/O Melinda Hackett of which Mr. Hackett disclaims any interest; (iv)
1,945,635 shares directly owned by the Trust F/B/O Montague H. Hackett, III of which Mr. Hackett disclaims any interest; and (v)
607,143 shares directly owned by Mayme M. Hackett, Mr. Hackett's wife, of which Mr. Hackett disclaims any interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(5) This number includes (i) 253,968 shares
directly owned by Mr. Seth; (ii) 150,000 shares Mr. Seth has the right to acquire under the Company&rsquo;s 2006 Stock Incentive
Plan; and (iii) 357,143 shares held by Edgewood Management LLC Retirement plan F/B/O Kevin R. Seth.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(6) Information is as of December&nbsp;31, 2009
and is based on a Schedule 13G filed on January 22, 2010. Mr. Plewes reported sole voting and dispositive power over such shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(7) This number is based on the numbers listed
in footnotes 2 through 5 above.</P>

<P STYLE="font: 10pt Univers; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Univers; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EXECUTIVE
</B></FONT><B>COMPENSATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 45.8pt">During the last two completed fiscal years,
no executive officer received a salary or any other benefits as a part of executive compensation. The Company's only named executive
officer, Albert E. Whitehead, does not hold any stock options and has not received any other award under an equity incentive plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Univers; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>DIRECTOR
</B></FONT><B>COMPENSATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">In return for serving as
a member of the Board of Directors of the Company, Mr. Seth was granted in 2011 options to purchase 150,000 shares of the Company&rsquo;s
stock under the 2006 Stock Incentive Plan, at a strike price of $0.10 per share, which was the closing price on the date of the
grant. At the end of fiscal year 2011, all of such options remained outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Except for Mr. Seth, no Director received compensation
or any other benefits from the registrant during the last completed fiscal year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Director Compensation Table for 2011</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The following table sets forth a summary of the
compensation earned, paid or awarded to Kevin R. Seth, our only Director to receive any compensation for the year ended December&nbsp;31,
2011.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; font-weight: bold; text-align: center">Change in Pension Value</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; font-weight: bold; text-align: center">and Nonqualified</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; font-weight: bold; text-align: center">Fees Earned</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; font-weight: bold; text-align: center">Non-Equity</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; font-weight: bold; text-align: center">Deferred</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; font-weight: bold; text-align: center">or Paid</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; font-weight: bold; text-align: center">Stock</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; font-weight: bold; text-align: center">Option</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; font-weight: bold; text-align: center">Incentive Plan</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; font-weight: bold; text-align: center">Compensation</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; font-weight: bold; text-align: center">All Other</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-autospace: none; font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-autospace: none; font-size: 8pt; font-weight: bold; text-align: center">Name</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>in Cash </B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)(1)</B></P></TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Awards</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Awards</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)(1)</B></P></TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Compensation</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Earnings</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Compensation</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Total</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="text-autospace: none; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-autospace: none; font-size: 10pt">Kevin R. Seth</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: right">&mdash;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: right">&mdash;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: right">$11,295</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: right">&mdash;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: right">&mdash;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: right">&mdash;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt; text-align: right">$11,295</TD>
    <TD STYLE="text-autospace: none; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Univers; margin: 0; text-align: justify">(1) This amount represents the grant date fair value computed in
accordance with the ASC Topic 718, &ldquo;<I>Stock Compensation</I>,&rdquo; which excludes the effect of estimated forfeitures,
of options granted under our <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2006 Stock Incentive Plan</FONT>. The assumptions
used to value these awards are included in Note 5 to our financial statements contained in our Annual Report on Form 10-K for the
year ended December&nbsp;31, 2011. As of December&nbsp;31, 2011, Mr. Seth had <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">options
to purchase 150,000 shares of the Company&rsquo;s stock</FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B></P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 45.8pt">On February 1, 2011, the Albert E. Whitehead
Living Trust, under the terms of a convertible note, advanced $100,000 to the Company. Our Chief Executive Officer, Albert E. Whitehead,
is the trustee of the Albert E. Whitehead Living Trust. The note has a term of one (1) year and accrues interest at the rate of
four (4) percent per annum. During 2011, there was no principal or interest paid on the note. At December 31, 2011, $3,250 of interest
had accrued. The principal and interest owed under the note may be converted by the holder into Common Stock at the rate of $0.10
per share. The maturity date of the note has been extended to August 1, 2012.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 45.8pt">In August 2011, the Company issued 2,000,000
shares of its common stock to Albert E. Whitehead, its Chief Executive Officer, for a purchase price of $0.05 per share, which
resulted in a total investment of $100,000.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#9;<B>SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING
COMPLIANCE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 16(a) of the Exchange
Act requires the Company's directors, executive officers, and persons who beneficially own more than 10 percent of a registered
class of the Company's equity securities, to file with the SEC initial reports of ownership and reports of changes in ownership
of Common Stock and other equity securities of the Company. Officers, directors and greater than ten percent stockholders are required
by SEC regulation to furnish the Company with copies of all Section 16(a) forms they file. SEC regulations impose specific due
dates for such reports, and the Company is required to disclose in this Proxy Statement any failure to file by these dates during
and with respect to fiscal 2011.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Based solely on review of
the copies of such reports furnished to the Company and any written representations that no other reports were required during
the year ended December 31, 2011, to the Company's knowledge, all Section 16(a) filing requirements applicable to its officers,
directors and greater than 10% beneficial owners during the year ended December 31, 2011 were complied with on a timely basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>STOCKHOLDER PROPOSALS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Proposals of stockholders
intended to be presented at our 2013 Annual Meeting of Stockholders and included in our proxy statement and form of proxy relating
to the meeting, pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, must be received at our principal executive offices,
6505 S. Lewis, Suite 112, Tulsa, Oklahoma 74136-1020, on or before January 9, 2013, to be considered for inclusion in our proxy
statement and accompanying proxy for that meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">If a stockholder, who intends
to present a proposal at the Company&rsquo;s 2013 Annual Meeting of Stockholders and has not sought inclusion of the proposal in
the Company&rsquo;s proxy materials pursuant to Rule&nbsp;14a-8, fails to provide the Company with notice of such proposal by March&nbsp;23,
2013, then the persons named in the proxies solicited by the Company&rsquo;s Board of Directors for its 2013 Annual Meeting of
Stockholders may exercise discretionary voting power with respect to such proposal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>HOUSEHOLDING</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The proxy rules of the SEC
permit companies and intermediaries, such as brokers and banks, to satisfy delivery requirements for proxy statements with respect
to two or more stockholders sharing the same address by delivering a single proxy statement to those stockholders. This method
of delivery, often referred to as householding, should reduce the amount of duplicate information that stockholders receive and
lower printing and mailing costs for companies. The Company is not householding proxy materials for its stockholders of record
in connection with the Annual Meeting. However, the Company is aware that certain intermediaries will household proxy materials.
If you hold your shares of common stock through a broker or bank that has determined to household proxy materials:</P>

<P STYLE="font: 10pt Univers; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Univers; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Only one annual report and proxy statement will be delivered to
multiple stockholders sharing an address;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Univers; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">You may request a separate copy of the annual report and proxy statement
for the Annual Meeting and for future meetings by calling (918) 488-8068 or by writing to Empire Petroleum Corporation, 6506 S.
Lewis, Suite 112, Tulsa, Oklahoma 74136-1020, or by contacting your bank or broker to make a similar request; and</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Univers; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">You may request to discontinue householding by notifying your broker
or bank.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: center"><B>OTHER MATTERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Matters That May Come Before the Annual Meeting</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Directors knows
of no matters other than those described in this Proxy Statement which will be brought before the Annual Meeting for a vote of
the stockholders. If, however, any other matter requiring a vote of stockholders arises, the persons named in the accompanying
proxy will vote thereon in accordance with their best judgment. The enclosed proxy confers discretionary authority to take action
with respect to any additional matters that may come before the meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Annual Report on Form 10-K</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">Stockholders may obtain
a copy of the Company's Annual Report on Form 10-K for fiscal 2011 (without exhibits or documents incorporated by reference) without
charge by writing to the Empire Petroleum Corporation, 6505 S. Lewis, Suite 112, Tulsa, Oklahoma 74136-1020 or by calling (918)
488-8068.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 264pt">By Order of the Board of
Directors,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 264pt">/s/ Albert E. Whitehead&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3in; text-align: justify; text-indent: 44pt">Albert E. Whitehead</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3in; text-align: justify; text-indent: 44pt"><FONT STYLE="line-height: 98%">Chairman
and Chief Executive Officer</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 98%">Tulsa, Oklahoma</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="line-height: 98%">April 5, 2012</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="line-height: 98%">&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROXY FOR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>&#9;EMPIRE PETROLEUM CORPORATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>&#9;6506 S. Lewis,
Suite 112</B></P>







<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Tulsa, Oklahoma 74136-1020</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#9;<B>THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned hereby appoints
Albert E. Whitehead with full power of substitution, proxies of the undersigned, with all the powers that the undersigned would
possess if personally present to cast all votes that the undersigned would be entitled to vote at the Annual Meeting of Stockholders
of Empire Petroleum Corporation, a Delaware corporation (the &ldquo;Company&rdquo;) to be held on Thursday, May 31, 2012, at the
Tulsa Marriott Southern Hills (Pecan Room), 1902 E. 71st Street, in Tulsa, Oklahoma, at 10:00 a.m., local time, and any and all
adjournments or postponements thereof, with respect to the following matters described in the accompanying Proxy Statement and,
in his discretion, on other matters which come before the meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE
&quot;FOR&quot; EACH OF THE FOLLOWING NOMINEES FOR DIRECTORS.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">1. <B>ELECTION OF DIRECTORS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-decoration: underline; text-align: center">FOR ALL</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-decoration: underline; text-align: center">AGAINST ALL</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-decoration: underline; text-align: center">ABSTAIN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Univers; text-align: center"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Univers; text-align: center"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-family: Univers; text-align: center"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">Albert E. Whitehead</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">John C. Kinard</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">Montague H. Hackett, Jr.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: justify">Kevin R. Seth</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 150%"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 150%"><B>TO WITHHOLD
AUTHORITY ONLY FOR THOSE NOMINEE(S) WHOSE NAME I HAVE WRITTEN BELOW:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 150%">______________________________________________________________________________</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="line-height: 150%">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">2. Approve an amendment to the Company's Certificate
of Incorporation to increase the authorized stock of the Company from One Hundred Million (100,000,000) shares to One Hundred Fifty
Million (150,000,000).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">FOR</TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">AGAINST</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">ABSTAIN</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">3. Proposal to ratify the appointment of HoganTaylor
LLP as our independent registered public accounting firm.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">AGAINST</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: center">ABSTAIN</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In his discretion, the proxy is authorized to
vote upon any such other matter as may properly come before the Annual Meeting or any adjournments or postponements thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Please mark, sign, date and return the proxy
card promptly in the postage paid pre-addressed envelope enclosed.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Dated ________________________, 2012</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>_________________________________________________</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Stockholder's Signature</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">_________________________________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Please print name</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>_________________________________________________</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Stockholder's Signature (if jointly owned)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">_________________________________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Please print name</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="line-height: 98%">Signature should agree with name printed
herein. If shares are held in name of more than one person, then EACH joint owner should sign. Executors, administrators, trustees,
guardians and attorneys should indicate the capacity in which they sign. Attorneys should submit powers of attorney.</FONT></P>

<P STYLE="font: 10pt Univers; margin: 0; text-align: center">&nbsp;</P>


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