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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000101594-07-000143.txt : 20070627
<SEC-HEADER>0000101594-07-000143.hdr.sgml : 20070627
<ACCEPTANCE-DATETIME>20070627151346
ACCESSION NUMBER:		0000101594-07-000143
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070620
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070627
DATE AS OF CHANGE:		20070627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			US ENERGY CORP
		CENTRAL INDEX KEY:			0000101594
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				830205516
		STATE OF INCORPORATION:			WY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06814
		FILM NUMBER:		07943621

	BUSINESS ADDRESS:	
		STREET 1:		877 NORTH 8TH WEST
		STREET 2:		GLEN L LARSEN BLDG
		CITY:			RIVERTON
		STATE:			WY
		ZIP:			82501
		BUSINESS PHONE:		3078569271

	MAIL ADDRESS:	
		STREET 1:		877 NORTH 8TH WEST
		CITY:			RIVERTON
		STATE:			WY
		ZIP:			82501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WESTERN STATES MINING INC
		DATE OF NAME CHANGE:	19851229
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>useform8k.htm
<DESCRIPTION>USE 8-K 6-27-07 VOTE SUTTER LOAN BYLAWS
<TEXT>
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    <div>&#160;</div>
    <div>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Washington,
        D.C.&#160;&#160;20549</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>FORM
        8-K</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>CURRENT
        REPORT</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
        to Section 13 or 15(d) of the</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Securities
        Exchange Act of 1934</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Date
        of
        Report (date of earliest event reported): June 27, 2007 (June 20,
        2007)</font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="80%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: times new roman;"><strong>U.S.
                  ENERGY CORP.</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="80%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Exact
                  Name of Company as Specified in its
                  Charter)</font></div>
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      <div><br></div>
      <div>
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              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>83-0205516</strong></font></div>
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                  File No.)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(I.R.S.
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                  No.)</font></div>
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              <td valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Glen
                  L. Larsen Building</strong></font></div>
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              <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="32%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>877
                  North 8<font style="DISPLAY: inline; FONT-SIZE: 10pt;"><sup>th</sup></font>
                  West</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Riverton,
                  WY</strong></font></div>
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              <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>82501</strong></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Address
                  of principal executive offices)</font></div>
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              <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Zip
                  Code)</font></div>
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            </tr>
            <tr>
              <td valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td colspan="3" valign="top" width="81%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Registrant's
                  telephone number, including area code:&#160;&#160;<strong>(307)
                  856-9271</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="51%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Not
                  Applicable</font></div>
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            </tr>
            <tr>
              <td valign="top" width="51%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Former
                  Name, Former Address or Former Fiscal Year,,</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">If
                  Changed From Last Report)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2):</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;&#160;Written
        communications pursuant to Rule 425 under the Securities Act</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;&#160;Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;&#160;Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font>&#160;&#160;&#160;Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section
        1:&#160;&#160;Registrant&#8217;s Business and Operations</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        1.01.&#160;&#160;Entry into Material Definitive Agreements</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>-&#160;&#160;&#160;&#160;&#160;&#160;Modifications
        of Compensation Plans</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
        June
        22, 2007, the shareholders of U.S. Energy Corp. (the &#8220;company&#8221;) approved four
        amendments to existing compensation plans:</font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                  term of the 2001 Stock Compensation Plan (the &#8220;2001 SCP&#8221;) has been
                  extended 10 years, and now will expire at the annual shareholder
                  meeting
                  in 2018.&#160;&#160;In addition, the number of shares issuable each
                  quarter under the 2001 SCP has been increased, from 2,500 shares
                  for each
                  of the five executive officers, to 5,000 shares, each quarter,
                  for each of
                  the five executive officers.&#160;&#160;The executives will continue to be
                  unable to sell previously received and to-be-received shares while
                  in
                  company service; and the company will continue to pay the income
                  taxes
                  which each executive&#160;&#160;will owe upon each receipt of his
                  shares.&#160;&#160;The increased number of shares will be issued beginning
                  with the third quarter 2007.&#160;&#160;Voting on this matter
                  was:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="80%">

            <tr>
              <td align="left" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Votes
                  For</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Votes
                  Against</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Abstain</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amendment
                  of 2001 Stock Compensation Plan</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">6,252,152</font></div>
              </td>
              <td align="left" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="11%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1,170,157</font></div>
              </td>
              <td align="left" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">163,317</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                  2001 Incentive Stock Option Plan was amended to increase the number
                  of
                  shares issuable on exercise of options, from the current 20% of
                  outstanding shares, up to 25% of outstanding shares.&#160;&#160;Voting on
                  this matter was:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="80%">

            <tr>
              <td align="left" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Votes
                  For</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Votes
                  Against</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Abstain</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amendment
                  of 2001 Incentive Stock Option Plan</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">6,353,405</font></div>
              </td>
              <td align="left" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="11%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1,089,542</font></div>
              </td>
              <td align="left" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">142,679</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                  Forfeitable Stock Compensation Plan was amended to allow release
                  of the
                  forfeitable shares to employees and directors prior to termination
                  of
                  service.&#160;&#160;In addition, (i) this plan was amended to provide that
                  the company will pay the income taxes which will be owed by the
                  recipients
                  when the forfeitable shares are released; and (ii) the shareholders
                  ratified the company&#8217;s prior reimbursement of taxes already paid by the
                  company on behalf of a retired officer (Daniel P. Svilar), and
                  on behalf
                  of the estate of a former officer and director (John L. Larsen),
                  when the
                  forfeitable shares issued in those persons&#8217; names were released to Mr.
                  Svilar, and to the Estate of John L. Larsen.&#160;&#160;The officers of
                  the company who hold forfeitable shares will execute lockup agreements
                  by
                  which each will agree not to sell the shares, after release to
                  them, while
                  in company service.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="80%">

            <tr>
              <td align="left" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Votes
                  For</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Votes
                  Against</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Abstain</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amendment
                  of Forfeitable Stock Compensation Plan</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">6,174,604</font></div>
              </td>
              <td align="left" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="11%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1,267,798</font></div>
              </td>
              <td align="left" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">143,224</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(d)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                  1998 Incentive Stock Option Plan (the &#8220;1998 ISOP,&#8221; which expires in
                  September 2008) was amended to allow the company to pay the income
                  taxes
                  which would be owed by the officers and directors in service, and
                  by a
                  retired officer (Mr. Svilar) and by the estate of a former officer
                  and
                  director (John L. Larsen), upon exercise by such persons of the
                  certain
                  non-qualified stock options which expire in September 2008.&#160;&#160;The
                  current officers of the company who do exercise these non-qualified
                  stock
                  options will, as a condition of the company issuing shares on such
                  exercise, execute lockup agreements by which each will agree not
                  to sell
                  such shares while in company
                  service.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="80%">

            <tr>
              <td align="left" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Votes
                  For</font></div>
              </td>
              <td align="left" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Votes
                  Against</font></div>
              </td>
              <td align="left" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Abstain</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Amendment
                  of 1998 Incentive Stock Option Plan</font></div>
              </td>
              <td align="left" valign="top" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">5,591,645</font></div>
              </td>
              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">1,903,951</font></div>
              </td>
              <td align="left" valign="middle" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">90,030</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 18.7pt">
                <div>&#160;</div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>-</strong></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Other
                  Matters Voted Upon</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        shareholders also voted on two additional items:</font></div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top">
              <td style="WIDTH: 9pt">
              </td>
              <td style="WIDTH: 27pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(e)&#160;
                  </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Election
                  of directors:</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="80%">

            <tr>
              <td align="left" valign="top" width="23%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Name
                  of Director</font></div>
              </td>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Votes
                  For</font></div>
              </td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Abstain</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Mark
                  J. Larsen</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Harold
                  F. Herron</font></div>
              </td>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">16,245,419</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">16,245,282</font></div>
              </td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">461,782</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">461,919</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Allen
                  S. Winters</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Michael
                  T. Anderson</font></div>
              </td>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">16,245,392</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">16,244,842</font></div>
              </td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">461,809</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">462,359</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 37.4pt">
                <div>&#160;</div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                  directors now are Keith G. Larsen, Mark J. Larsen, Harold F. Herron,
                  Allen
                  S. Winters, H. Russell Fraser, Michael T. Anderson and Michael
                  Feinstein.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Ratification
        of audit firm:</font></div>
      <div><br></div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="80%">

            <tr>
              <td align="left" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Votes
                  For</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Votes
                  Against</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Abstain</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Appoint
                  Moss Adams LLP for 2007</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">16,364,836</font></div>
              </td>
              <td align="left" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="11%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">303,246</font></div>
              </td>
              <td align="left" valign="middle" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="middle" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">39,091</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section
        8.&#160;&#160;&#160;Other Events.</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item
        8.01.&#160;&#160;Other Events.</strong></font></div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 18.7pt">
                <div>&#160;</div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt;">-</font></strong></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Credit
                  Facility for Sutter Gold Mining
                  Inc.</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
        June
        20, 2007, U.S. Energy Corp. and Crested Corp., acting pursuant to the USECC
        Joint Venture Agreement between the two corporations, signed a Line of Credit
        and Loan Agreement (the &#8220;agreement&#8221;) with Sutter Gold Mining Inc. (&#8220;Sutter&#8221;), by
        which the Joint Venture has agreed to loan up to $1 million to Sutter for
        Sutter&#8217;s working capital requirements.&#160;&#160;Loans under the agreement all
        will be due on or before June 20, 2009, with quarterly interest at an annual
        rate of 12%.&#160;&#160;Loans under the agreement will be collateralized by
        interests in Sutter&#8217;s gold properties in California.</font></div>
      <div><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 37.4pt">
                <div>&#160;</div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">At
                  any time, at the Joint Venture&#8217;s sole election, all principal outstanding
                  (but not interest, which must be paid quarterly in cash) may be
                  converted
                  to common stock of Sutter at a 10% discount to the 10 day volume
                  weighted
                  average price before payment, subject to approval by the TSX-V
                  (where
                  Sutter&#8217;s stock is traded).&#160;&#160;Prepayment without penalty is
                  allowed.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 37.4pt">
                <div>&#160;</div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Terms
                  of the Line of Credit and Loan Agreement were negotiated and approved
                  by
                  the independent directors of Sutter and
                  USE.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 45pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>-&#160;&#160;</strong></font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Amendment
                  to Bylaws</strong></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
        June
        22, 2007, the board of directors of USE approved an amendment to the bylaws
        conforming (in section 5 of article II) the period of time for sending of
        notice
        of meetings of shareholders, to the time allowed by Wyoming law.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Section
        9.&#160;&#160;Financial Statements and Exhibits</strong></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Financial
        Statements: None</font></div>
      <div><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 46.75pt">
                <div>&#160;</div>
              </td>
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Exhibits:</font></div>
              </td>
              <td style="WIDTH: 45pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">3.2</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Bylaws
                  (as amended through June 22, 2007).</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 18.7pt;"></font>Pursuant
        to the requirements of the
        Securities Exchange Act of 1934, the Registrant has duly caused this report
        to
        be signed on its behalf by the undersigned hereunto duly
        authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" colspan="2" valign="top" width="44%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">U.S.
                  ENERGY CORP.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Dated:&#160;&#160;June
                  27, 2007</font></div>
              </td>
              <td align="justify" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">By:</font></div>
              </td>
              <td align="justify" valign="top" width="38%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">/s/&#160;&#160;Keith
                  G. Larsen</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
              <td align="justify" valign="top" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">Chief
                  Executive Officer</font></div>
              </td>
            </tr>

        </table>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">4</font></div>
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            <hr style="COLOR: black" noshade size="2">
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>2
<FILENAME>ex3-2.htm
<DESCRIPTION>EXHIBIT 3 - AMENDED BYLAWS
<TEXT>
<html>

  <head>
    <title>ex3-2.htm</title>
<!-- Licensed to: U.S. Energy Corp.-->
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  <body bgcolor="#ffffff">
    <div>
      <hr style="COLOR: black" align="left" noshade size="3" width="100%">
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div><br><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">U.S.
        ENERGY CORP.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">BYLAWS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">AS
        ADOPTED ON APRIL 22, 1992</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">AND
        AMENDED (AND READOPTED IN THEIR ENTIRETY ON OCTOBER 14, 2005)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">EXCEPT
        THAT THE INCREASE IN THE NUMBER OF DIRECTORS TO SEVEN</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">IS
        EFFECTIVE AS OF DECEMBER 13, 1996</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">AND
        FURTHER AMENDED (AND READOPTED IN THEIR ENTIRETY AS OF</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">JUNE
        22,
        2007) TO CONFORM SECTION 5 OF ARTICLE II TO WYOMING LAW</font></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        I</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">OFFICES</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        principal office of U.S. Energy
        Corp. (the "Corporation") shall be located in the City of Riverton in the
        state
        of incorporation.&#160;&#160;The Corporation may have such other offices or
        relocate its principal office either within or without the state of
        incorporation as the Board of Directors of the Corporation (the "Board")
        may
        designate or as the business of the Corporation may require.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        registered office of the
        Corporation in the Articles of Incorporation (the "Articles") need not be
        identical with the principal office in the state of incorporation.</font></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        II</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">SHAREHOLDERS</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        1.&#160;&#160;<u>Annual
        Meeting</u>.&#160;&#160;The annual meeting of the shareholders shall be held
        each year on a date and at a time and place to be determined by resolution
        of
        the Board, for the purpose of electing directors and for the transaction
        of such
        other business as may come before the meeting.&#160;&#160;If the election of
        directors shall not be held on the day designated for the annual meeting
        of the
        shareholders, or at any adjournment thereof, the Board shall cause the election
        to be held at a special meeting of the shareholders.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        2.&#160;&#160;<u>Special
        Meetings</u>.&#160;&#160;Special meetings of the shareholders for any purpose,
        unless otherwise provided for by statute, may be called by the president
        or by
        the Board.&#160;&#160;The president shall call a special meeting upon receipt by
        the Corporation&#8217;s secretary of one or more written demands of the holders of
        fifty percent (50%) of all the votes entitled to be cast at the proposed
        special
        meeting, signed and dated, by such holders, either manually or in facsimile,
        and
        setting forth the purposes for which it is to be held.&#160;&#160;Provided,
        however, that the Board has the discretion to require that the issues for
        which
        a special meeting is demanded by shareholders holding fifty percent (50%)
        of the
        votes entitled to be cast at the proposed special meeting be considered instead
        at the next annual meeting if the demand for the special meeting is made
        within
        180 days of the next annual meeting.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        3.&#160;&#160;<u>Place of
        Meeting</u>.&#160;&#160;The Board may designate any place, either within or
        without the state of incorporation, as the place of meeting for any annual
        or
        special meeting.&#160;&#160;If no designation is made, the place of meeting
        shall be the registered office of the Corporation in the state of
        incorporation.</font></div>
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          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        4.&#160;&#160;<u>Notice of
        Meeting</u>.&#160;&#160;Written notice, stating the place, day and hour of the
        meeting shall be delivered no fewer than ten (10) and no more than sixty
        (60)
        days before the meeting date.&#160;&#160;A notice of a special meeting, if
        demanded by the holders of fifty percent (50%) of all the votes entitled
        to be
        cast at the special meeting, shall state the purpose or purposes for which
        that
        meeting is called, and that notice shall be delivered not more than 110 days
        before the special meeting date.&#160;&#160;If an annual or special meeting is
        adjourned to a different time or place, notice need not be given of the new
        date, time or place if the new date, time or place is announced at the meeting
        before adjournment; provided however, notice of the adjourned meeting shall
        be
        given to persons who are shareholders as of any new record date that is fixed
        with respect to the adjournment.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>No
        business which is not within the
        purposes or purposes described in the notice of a meeting of shareholders,
        whether an annual or a special meeting, shall be conducted at the meeting,
        nor
        shall any action be taken by the shareholders on any matter unless it is
        specifically described in the notice for the meeting.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        5.&#160;&#160;<u>Fixing of
        Record Date</u>.&#160;&#160;For the purpose of determining shareholders entitled
        to notice of or to vote at any meeting of shareholders or any adjournment
        thereof, entitled to demand a special shareholders' meeting, or shareholders
        entitled to receive payment of any dividend, or in order to make a determination
        of shareholders for any other proper purpose, the Board may fix in advance
        a
        date (the "Record Date") for any such determination of shareholders, which
        date
        shall be not more than 60 days prior to the date on which the particular
        action
        requiring such determination of shareholders is to be taken.&#160;&#160;If no
        Record Date is fixed by the Board, the Record Date for any such purpose shall
        be
        ten days before the date of such meeting or action.&#160;&#160;The Record Date
        determined for the purpose of ascertaining the shareholders entitled to notice
        of or to vote at a meeting may not be less than ten days prior to the
        meeting.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>When
        a Record Date has been determined
        for the purpose of a meeting, the determination shall apply to any adjournment
        thereof, except the original record date shall only be effective with respect
        to
        an adjournment or adjournments held within one hundred twenty (120) days
        after
        the date fixed at the original meeting.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        6.&#160;&#160;<u>Quorum</u>.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A
        majority of the votes entitled to be cast on a matter represented in person
        or
        by proxy shall constitute a quorum at a meeting of shareholders with respect
        to
        such matters.&#160;&#160;If less than a quorum of the outstanding shares are
        represented at a meeting, such meeting may be adjourned without further notice
        for a period which may be determined at the time such meeting is
        adjourned.&#160;&#160;At such adjourned meeting, at which a quorum shall be
        present, any business may be transacted which might have been transacted
        at the
        original meeting.&#160;&#160;Once a share is represented for any purpose at a
        meeting, it is deemed present for quorum purposes for the remainder of the
        meeting, and for any adjournment of that meeting unless a new record date
        is or
        shall be set for that adjourned meeting.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shareholders
        present or represented by proxy at an annual or special meeting at which
        a
        quorum is not present may take only the following actions:</font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 108pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Ratify
                  or reject the independent auditors selected by the
                  Board.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 108pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">With
                  the consent of the officer presiding at the meeting, receive or
                  hear any
                  reports on the affairs of the Corporation that may be
                  presented.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 108pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iii)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Within
                  the constraints of the time allowed on the agenda, ask questions
                  concerning the affairs of the Corporation of any officer or Board
                  member
                  present.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 108pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iv)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Adjourn
                  or recess the meeting to allow time to assemble a quorum, but the
                  shareholders may not adjourn or recess to a different city and
                  the total
                  of all the adjournments and recesses may not exceed two business
                  days
                  without the consent of the Board.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 108pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(v)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">If
                  a quorum is not present, the shareholders may adjourn the meeting
                  without
                  an appointed date for resumption, provided the motion to adjourn
                  without
                  an appointed date for resumption shall not be in order until at
                  least two
                  hours have passed since the time specified for the start of the
                  meeting
                  and the time at which the meeting was called to
                  order.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
        an annual meeting is adjourned without an appointed date for resumption without
        achieving a quorum, the requirement of the Wyoming Business Corporation Act
        section 17-16-701 (or its successor provision) shall have been
        satisfied.&#160;&#160;The Board may call a second annual meeting to take the
        place of the one adjourned without a quorum, but the Board is not obligated
        to
        do so.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
        a special meeting is adjourned without an appointed date for resumption without
        achieving a quorum, or without achieving the quorum necessary to do all or
        part
        of the business for which the meeting was required, the Board may call another
        special meeting, but is not obligated to do so.&#160;&#160;The remedy of a
        shareholder aggrieved by a failure of the Board to call another special meeting
        shall be to follow the procedures necessary to demand that a new special
        meeting
        be called.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
        different quorums are required for different matters at a meeting, the absence
        of a quorum on one issue shall not affect the ability of the shareholders
        at the
        meeting to act on other issues where a quorum is present.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        7.&#160;&#160;<u>Voting of
        Shares</u>.&#160;&#160;Each outstanding share of common stock entitled to vote
        shall be entitled to one vote upon each matter submitted to a vote at a meeting
        of shareholders.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        8.&#160;&#160;<u>Proxies</u>.&#160;&#160;At all meetings of shareholders, a
        shareholder may vote by proxy executed, either manually or in facsimile,
        by the
        shareholder or by his duly authorized attorney-in-fact.&#160;&#160;Such
        appointment of a proxy shall be filed with the secretary of the Corporation
        before or at the time of the meeting.&#160;&#160;No appointment of a proxy shall
        be valid after 11 months from the date of its execution, unless a longer
        period
        is expressly provided in the appointment form.&#160;&#160;Appointments of
        proxies shall be in such form as shall be required by the Board and as set
        forth
        in the notice of meeting and/or proxy or information statement concerning
        such
        meeting.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        9.&#160;&#160;<u>Voting of
        Shares by Certain Holders</u>&#160;&#160;Shares standing in the name of another
        corporation may be voted by agent or proxy as the bylaws of such corporation
        may
        prescribe or, in the absence of such provision, as the Board of Directors
        of
        such corporation may determine as evidenced by a duly certified copy of either
        the bylaws or corporate resolution.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Neither
        treasury shares, shares of its
        own stock held by the Corporation in a fiduciary capacity nor shares held
        by
        another corporation, if the majority of the shares entitled to vote for the
        election of directors of such other corporation is held by the Corporation
        (except to the extent permitted by the articles of incorporation and Wyoming
        law), shall be voted at any meeting or counted in determining the total number
        of outstanding shares at any given time.</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Shares
        held by an administrator,
        executor, guardian or conservator may be voted by such fiduciary, either
        in
        person or by proxy, without a transfer of such shares into the name of such
        fiduciary.&#160;&#160;Shares standing in the name of a trustee may be voted by
        such trustee, either in person or by proxy, but no trustee shall be entitled
        to
        vote shares held by a trustee without a transfer of the shares into such
        trust.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Shares
        standing in the name of a
        receiver may be voted by such receiver and shares held by or under the control
        of a receiver may be voted by such receiver, without the transfer thereof
        into
        the name of such receiver if authority so to do is contained in an appropriate
        order of the court by which the receiver was appointed.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>A
        shareholder whose shares are pledged
        shall be entitled to vote such shares until the shares have been transferred
        on
        the books of the Corporation into the name of the pledgee, and thereafter
        the
        pledgee shall be entitled to vote the shares so transferred.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        10.&#160;&#160;<u>Cumulative
        Voting</u>.&#160;&#160;Cumulative voting shall be permitted in the election of
        directors, unless otherwise provided by the Articles and the laws of the
        state
        of incorporation.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        11.&#160;&#160;<u>Inspectors
        and Shareholder Lists</u>.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Inspectors.&#160;&#160;The
        Board may, in advance of any meeting of shareholders, appoint one or more
        inspectors to act at such meeting or any adjournment thereof.&#160;&#160;If the
        inspectors shall not be so appointed or if any of them shall fail to appear
        or
        act, the chairman of the meeting may appoint inspectors.&#160;&#160;Each
        inspector, before entering upon the discharge of his duties, shall take and
        sign
        an oath faithfully to execute the duties of inspector at such meeting with
        strict impartiality and according to the best of his ability.&#160;&#160;The
        inspectors shall determine the number of shares outstanding and the voting
        power
        of each, the number of shares represented at the meeting, the existence of
        a
        quorum, the validity and effect of proxies and shall receive votes, ballots
        or
        consents, hear and determine all challenges and questions arising in connection
        with the right to vote, count and tabulate all votes, ballots or consents,
        determine the result and do such acts as are proper to conduct the election
        or
        vote with fairness to all shareholders.&#160;&#160;On request of the chairman of
        the meeting or any shareholder entitled to vote thereat, the inspectors shall
        make a report in writing of any challenge, request or matter determined by
        them
        and shall execute a certificate of any fact found by them.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Shareholder
        Lists.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Access
        to the list of shareholders shall be restricted to a period beginning two
        days
        after the date of the notice of the shareholders&#8217; meeting for which the list was
        prepared, or 10 days before the date of the meeting, whichever is
        less.</font></div>
      <div><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt;">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        Board
        may deny to shareholders the right to copy the list of shareholders before
        the
        meeting, provided that:</font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 108pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(i)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Arrangements
                  are made for an independent firm to provide to shareholders any
                  information any shareholder wants to send them relative to the
                  matters to
                  be considered at the meeting, provided the shareholder pays for
                  the
                  mailing and provides the material in a timely fashion;
                  and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 108pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(ii)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                  list is made available at the shareholder&#8217;s expense to any shareholder at
                  or after the meeting who is bringing a legal challenge to the right
                  of any
                  other shareholder to vote at the meeting;
                  and</font></div>
              </td>
            </tr>

        </table>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 108pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(iii)&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
                  list is available for inspection (but not copying) as provided
                  by (a)
                  above,&#160;&#160;and at the meeting.&#160;&#160;The making of handwritten
                  copies by the shareholder or his attorney of the names and addresses
                  of
                  individual shareholders shall not be construed as copying within
                  the
                  meaning of subsection (a).</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Board may take any other steps it deems reasonable or necessary to prevent
        the
        use of its shareholder lists for purposes not related to issues under
        consideration at a shareholder meeting.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        12.&#160;&#160;<u>Nominations
        for Election as Directors</u>&#160;&#160;Any shareholder of record for an annual
        or special meeting of shareholders at which directors are to be elected may
        nominate directors for election at such meeting in opposition to the slate
        of
        candidates for which management has solicited proxies only if a notice of
        intent
        to nominate such proposed nominees has been submitted to the secretary of
        the
        Corporation at the registered address of the Corporation no later than 25
        days
        and no more than 60 days prior to the meeting at which the shareholder wishes
        to
        submit those persons as nominees for election as directors.&#160;&#160;In the
        event that notice of the meeting at which such nomination is desired to be
        submitted is not mailed or otherwise sent to the shareholders by the Corporation
        at least 30 days prior to the meeting, the Corporation must receive the notice
        of intent to nominate no later than seven days after notice of the meeting
        is
        mailed or sent to the shareholders by the Corporation.&#160;&#160;Notices to the
        Corporation's Secretary of intent to nominate a candidate for election as
        a
        director must give the name, age, business address and principal occupation
        of
        such nominee and the number of shares held by such nominee.&#160;&#160;Within
        seven days after filing of the notice, a signed and completed questionnaire
        relating to the proposed nominee (which questionnaire will be supplied by
        the
        Corporation to the person submitting the notice) must be filed with the
        Secretary of the Corporation.&#160;&#160;Unless the notice and completed
        questionnaire are timely filed, the Chairman, at a shareholders' meeting,
        may
        declare the nomination defective and it may be disregarded.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        13.&#160;&#160;<u>Reimbursement
        of Expenses of Successful Proxy</u><u>Contest</u>&#160;&#160;The Corporation
        shall reimburse the actual, reasonable and bona fide expenses of proxy
        solicitation incurred by any person who is successful in soliciting proxies
        in
        opposition to a solicitation made on behalf of management after approval
        of such
        reimbursement by shareholders holding at least a majority of the stock of
        the
        Corporation outstanding.&#160;&#160;For the purposes of this paragraph, a person
        is "successful" in soliciting proxies in opposition to management (1) with
        respect to a proposal for election of directors if such person elects a majority
        of the class of directors elected at the meeting; (2) with respect to opposition
        to a proposal submitted by management if more proxies were voted against
        such
        management proposal than were voted for such proposal; and (3) with respect
        to a
        shareholder proposal opposed by management if such proposal is approved by
        the
        requisite shareholder vote.&#160;&#160;Except as provided in this paragraph, the
        Corporation shall not reimburse any expenses of any person soliciting proxies
        in
        opposition to a solicitation made on behalf of management of the
        Corporation.</font></div>
      <div><br></div>
      <div><br></div><br>
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      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        III</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">BOARD
        OF
        DIRECTORS</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        1.&#160;&#160;<u>General
        Powers</u>.&#160;&#160;The Board shall manage and direct the business and
        affairs of the Corporation in such manner as it sees fit.&#160;&#160;Directors
        shall discharge their duties in such capacity in good faith, with the care
        an
        ordinarily prudent person in a like position would exercise under similar
        circumstances, and in a manner reasonably believed to be in or at least not
        opposed to the best interests of the Corporation.&#160;&#160;For the purposes of
        the preceding sentence, a director, in determining what is reasonably believed
        to be in or not opposed to the best interests of the Corporation, shall consider
        the interests of the Corporation's shareholders, and at the director's
        discretion may consider the interests of the Corporation's employees, suppliers,
        creditors and customers, the economy of the state and nation, the impact
        of any
        action upon the communities in or near which the Corporation's facilities
        or
        operations are located, the long-term interests of the Corporation and its
        shareholders, including the possibility that those interests may be best
        served
        by the continued independence of the Corporation and any other factors relevant
        to preserving public or community interests.&#160;&#160;In addition to the
        powers and authorities expressly conferred upon it, the Board may do all
        lawful
        acts which are not directed to be done by the shareholders by statute, by
        the
        Articles or by these Bylaws.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        2.&#160;&#160;<u>Number, Tenure
        and Qualifications</u>&#160;&#160;The number of directors of the Corporation
        shall be seven.&#160;&#160;Subject to the provision in the Articles of
        Incorporation for a staggered Board, each director shall hold office until
        the
        next annual meeting of shareholders and until a successor director has been
        elected and qualified, or until the death, resignation or removal of such
        director.&#160;&#160;Directors need not be residents of the state of
        incorporation or shareholders of the Corporation.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        3.&#160;&#160;<u>Regular
        Meetings</u>.&#160;&#160;A regular meeting of the Board shall be held, without
        other notice than this Bylaw, immediately after and at the same place as
        an
        annual meeting of shareholders.&#160;&#160;The Board may provide, by resolution,
        the time and place, either within or without the state of incorporation,
        for the
        holding of additional regular meetings, without other notice than such
        resolution.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        4.&#160;&#160;<u>Special
        Meetings</u>.&#160;&#160;Special meetings of the Board may be called by or at
        the request of the president or any three directors.&#160;&#160;Meetings called
        by or at the request of the president may be called for any place, either
        within
        or without the state of incorporation.&#160;&#160;Meetings called by three
        directors shall be held at the registered office of the Corporation in the
        state
        of incorporation.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        5.&#160;&#160;<u>Telephonic
        Meetings</u>&#160;&#160;Members of the Board and committees thereof may
        participate and be deemed present at a meeting by means of conference telephone
        or any other means of communications equipment by which all persons
        participating may communicate with each other during the meeting.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        6.&#160;&#160;<u>Notice</u>.&#160;&#160;Notice of any special meeting of the
        Board shall be given by telephone, telegraph or written notice sent by
        mail.&#160;&#160;Notice shall be delivered at least two days prior to the
        meeting if the meeting is called by or at the request of the president if
        given
        by telephone or telegram or by written notice.&#160;&#160;Written, telegraphic
        or telephonic notice of a meeting called by three directors shall be delivered
        personally or by mail to each director at such director's business or home
        address at least five days prior to the meeting.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>If
        notice of a directors' meeting is
        given by telegram, such notice shall be deemed to be delivered when the telegram
        is delivered to the telegraph company.&#160;&#160;If mailed, such notice shall
        be deemed to be delivered when deposited in the United States mail so addressed
        with postage thereon prepaid.</font></div>
      <div><br></div><br>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Any
        director may waive notice of any
        meeting and except as provided in the following sentence, such waver shall
        be in
        writing, signed either manually or in facsimile, and filed with the minutes
        or
        corporate records.&#160;&#160;The attendance of a director at a meeting shall
        constitute a waiver of notice of such meeting, except where a director objects
        to holding the meeting or transacting business at the meeting and does not
        thereafter vote for or assent to action taken at the meeting.&#160;&#160;Neither
        the business to be transacted at, nor the purpose of, any regular or special
        meeting of the Board need be specified in the notice or waiver of notice
        of such
        meeting.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        7.&#160;&#160;<u>Quorum</u>&#160;&#160;A majority of the total membership of the
        Board shall constitute a quorum for the transaction of business at any meeting
        of the Board, but if a quorum shall not be present at any meeting or adjournment
        thereof, a majority of the directors Present may adjourn the meeting without
        further notice.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        8.&#160;&#160;<u>Action by
        Consent of All Directors</u>.&#160;&#160;Any action required to be taken, or
        which may be taken at a meeting of the Board may be taken without a meeting,
        if
        the action is taken by all members of the Board, evidenced by one or more
        written consents describing the action taken, signed, either manually or
        in
        facsimile, by each director, and included in the minutes or filed with the
        corporate records reflecting the action taken.&#160;&#160;Actions taken by
        written unanimous consent are effective when the last director signs the
        consent, unless the consent specifies a different effective date.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        9.&#160;&#160;<u>Manner of
        Acting</u>.&#160;&#160;The act of a majority of the directors present at a
        meeting at which a quorum is present shall be an act of the Board.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        order
        of business at any regular or special meeting of the Board shall
        be:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Record
        of those present.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Secretary's
        proof of notice of meeting, if notice is not waived.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Reading
        and disposal of unapproved minutes, if any.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Reports
        of officers, if any.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unfinished
        business, if any.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;New
        business.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Adjournment.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        10.&#160;&#160;<u>Vacancies</u>.&#160;&#160;Any vacancy occurring in the Board
        by reason of an increase in the number of directors specified in these Bylaws,
        or for any other reason, may be filled by the affirmative vote of a majority
        of
        the directors voting on such matter at a duly convened meeting, or in the
        event
        that the directors remaining in office constitute fewer than a quorum of
        the
        Board, by the affirmative vote of a majority of all directors remaining in
        office.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        11.&#160;&#160;<u>Compensation</u>.&#160;&#160;By resolution of the Board, the
        directors may be paid their expenses, if any, for attendance at each meeting
        of
        the Board and may be paid a fixed sum for attendance at each meeting of the
        Board and a stated salary as director.&#160;&#160;No such payment shall preclude
        any director from serving the Corporation in any other capacity and receiving
        compensation therefore or from receiving compensation for any extraordinary
        or
        unusual services as a director.</font></div>
      <div><br></div><br>
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        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        12.&#160;&#160;<u>Presumption
        of Assent</u>.&#160;&#160;A director of the Corporation who is present at a
        meeting of the Board at which action on any corporate matter is taken shall
        be
        deemed to have assented to an action taken at such meeting unless the director
        objects at the beginning of the meeting or promptly upon arrival to holding
        the
        meeting or transacting business at the meeting; the dissent of such director
        is
        entered in the minutes of the meeting; or the director delivers written notice
        of such dissent or abstention to the presiding officer of the meeting before
        its
        adjournment or to the Corporation immediately after adjournment of the
        meeting.&#160;&#160;Such right to dissent is not available to a director who
        voted in favor of such action.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        13.&#160;&#160;<u>Executive or
        Other Committees</u>.&#160;&#160;The Board, by resolution adopted by the greater
        of a majority of the directors in office when the action is taken or the
        number
        of directors required by the Articles or Bylaws to take action under Wyoming
        Statute Section 17-16-844, may create one or more committees and appoint
        members
        of the Board to serve on them.&#160;&#160;Each committee shall have one (1) or
        more members who serve at the pleasure of the Board.&#160;&#160;Any committee
        designated as an executive committee may exercise the authority of the Board
        under Wyoming Statute Section 17-16-801, and shall have all of the authority
        of
        the Board, but unless specifically authorized by the Board no such committee
        shall have the authority of the Board in reference to authorizing distributions,
        approving or proposing to shareholders action that the Wyoming Business
        Corporation Act requires be approved by shareholders, filling vacancies on
        the
        Board or any of its committees, amending the Articles pursuant to Wyoming
        Statute Section 17-16-1002, adopting, amending or repealing the Bylaws, a
        plan
        of merger not requiring shareholder approval, authorizing or approving a
        reacquisition of shares (except according to a formula method prescribed
        by the
        Board), authorizing or approving the issuance or sale or contract for sale
        of
        shares or determining the designation and relative rights, preferences and
        limitations of a class or series of shares (except that the Board may authorize
        a committee or a senior executive officer of the Corporation to do so within
        limits specifically prescribed by the Board).&#160;&#160;The designation of such
        committees and the delegation thereto of authority shall not operate to relieve
        the Board, or any member thereof, of any responsibility imposed by
        law.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Any
        action required to be taken, or
        which may be taken at a meeting of a committee designated in accordance with
        this Section of the Bylaws, may be taken without a meeting, if the action
        is
        taken by all members of the Committee, evidenced by one or more written
        consents, setting forth the action so taken, signed either manually or in
        facsimile, by each Committee member and filed with the Corporate records
        reflecting the transaction.&#160;&#160;Such action by written consent of all
        entitled to vote shall have the same force and effect as a unanimous vote
        of
        such persons.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        14.&#160;&#160;<u>Resignation
        of Officers or Directors</u>.&#160;&#160;Any director or officer may resign at
        any time by submitting a resignation in writing.&#160;&#160;Such resignation
        takes effect from the time of its receipt by the Corporation unless a date
        or
        time is fixed in the resignation, in which case it will take effect from
        that
        time.&#160;&#160;Acceptance of the resignation shall not be required to make it
        effective.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        15.&#160;&#160;<u>Removal</u>&#160;&#160;A director may be removed by
        shareholders at a duly convened meeting called for the purpose of such
        removal.&#160;&#160;The notice for any meeting at which a director is proposed
        for removal must specifically state that a purpose of the meeting is removal
        of
        a director.&#160;&#160;Removal may occur only if the number of votes opposing
        such removal is insufficient to elect the director under cumulative
        voting.</font></div><br>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        IV</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">OFFICERS</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        1.&#160;&#160;<u>Number</u>.&#160;&#160;The officers of the Corporation shall be
        a president, a secretary and a treasurer, all of whom shall be executive
        officers and each of whom shall be elected by the Board.&#160;&#160;A Chairman
        of the Board, Chairman of the Board/Chief Executive Officer and one or more
        vice
        presidents shall be executive officers if the Board so determines by
        resolution.&#160;&#160;Such other officers and assistant officers, as may be
        deemed necessary, shall be designated administrative assistant officers and
        may
        be appointed and removed in accordance with Article IV, Section 11,
        hereof.&#160;&#160;Any two or more offices may be held by the same person,
        except the offices of president and secretary.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        2.&#160;&#160;<u>Election and
        Term of Office.</u>&#160;&#160;The executive officers of the Corporation, shall
        be elected annually by the Board at its first meeting held after each annual
        meeting of the shareholders or at a convenient time soon
        thereafter.&#160;&#160;Each executive officer shall hold office until the
        resignation of such officer or a successor shall be duly elected and qualified,
        until the death of such executive officer, or until removal of such officer
        in
        the manner herein provided.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        3.&#160;&#160;<u>Removal</u>.&#160;&#160;Any officer or agent elected or
        appointed by the Board may be removed by the Board whenever, in its judgment,
        the best interests of the Corporation would be served thereby, but such removal
        shall be without prejudice to the contract rights, if any, of the person
        so
        removed.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        4.&#160;&#160;<u>Vacancies</u>.&#160;&#160;A vacancy in any executive office
        because of death, resignation, removal, disqualification or otherwise may
        be
        filled by the Board for the unexpired portion of the term.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        5.&#160;&#160;<u>Chairman of
        the Board</u>.&#160;&#160;If a Chairman of the Board (the "Chairman") shall be
        elected by the Board, the Chairman shall preside at all meetings of the
        shareholders and of the Board.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        6.&#160;&#160;<u>Chairman of
        the Board/Chief Executive Officer</u>&#160;&#160;A Chairman of the Board may
        also be elected as Chief Executive Officer, in which case such Chairman shall
        perform the duties hereinafter set forth in Article IV, Section 7, of these
        Bylaws.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        7.&#160;&#160;<u>The
        President</u>.&#160;&#160;If no Chairman shall be elected as Chief Executive
        Officer by the Board, the president shall be the chief executive officer
        of the
        Corporation and, subject to the control of the Board, shall be in general
        charge
        of the affairs of the Corporation.&#160;&#160;The president may sign, with the
        other officer or officers of the Corporation authorized by the Board,
        certificates for shares of the Corporation, deeds, mortgages, bonds, contracts
        or other instruments whose execution the Board has authorized, except in
        cases
        where the signing and execution thereof shall be expressly delegated by the
        Board or Bylaws to some other officer or agent of the Corporation, or shall
        be
        required by law to be otherwise signed or executed.&#160;&#160;Should a Chairman
        of the Board be elected, the president shall perform all duties incident
        to that
        office and such other duties as may be assigned by a Chairman or the Board
        who
        is chief executive officer.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        8.&#160;&#160;<u>The Vice
        President</u>.&#160;&#160;In the absence of the president or in the event of the
        death or inability or refusal to act of the president, the vice president
        shall
        perform the duties of the president, and when so acting shall have all the
        powers of and be subject to all the restrictions upon the
        president.&#160;&#160;In the event there is more than one vice president, the
        vice presidents in the order designated at the time of their election, or
        in the
        absence of any designation, then in the order of their election, shall perform
        the duties of the president and, when so acting, shall have all the powers
        of
        and shall be subject to all the restrictions upon the president.&#160;&#160;Any
        vice president may sign, with the other officers authorized by the Board,
        certificates for shares of the Corporation and shall perform such other duties
        as from time to time may be assigned by the chief executive officer or the
        Board.</font></div><br>
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        9.&#160;&#160;<u>The
        Secretary</u>.&#160;&#160;Unless the Board otherwise directs, the secretary
        shall keep the minutes of the shareholders' and directors' meetings in one
        or
        more books provided for that purpose.&#160;&#160;The secretary shall also see
        that all notices are duly given in accordance with the law and the provisions
        of
        the Bylaws; be custodian of the corporate records and the seal of the
        Corporation: affix the seal or direct its affixing to all documents, the
        execution of which on behalf of the Corporation is duly authorized; keep
        a list
        of the address of each shareholder; sign with the president or a vice president
        certificates for shares of the Corporation, the issuance of which shall have
        been authorized by resolution of the Board; have charge of the stock transfer
        books of the Corporation and perform all duties incident to the office of
        secretary and such other duties as may be assigned by the chief executive
        officer or by the Board.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        10.&#160;&#160;<u>The
        Treasurer</u>.&#160;&#160;If required by the Board, the treasurer shall give a
        bond for the faithful discharge of his duties in such sum and with such surety
        or sureties as the Board shall determine.&#160;&#160;The treasurer shall have
        charge and custody of and be responsible for all funds and securities of
        the
        Corporation, receive and give receipts for monies due and payable to the
        Corporation from any source whatsoever, deposit all such monies in the name
        of
        the Corporation in such banks, trust companies or other depositories as shall
        be
        selected in accordance with the provisions of the Bylaws and perform all
        the
        duties as from time to time may be assigned by the chief executive officer
        or
        the Board.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        11.&#160;&#160;<u>Assistant
        Officers</u>.&#160;&#160;The Board may elect (or delegate to the Chairman or to
        the president the right to appoint) such other officers and agents as may
        be
        necessary or desirable for the business of the Corporation.&#160;&#160;Such
        other officers shall include one or more assistant secretaries and treasurers
        who shall have the power and authority to act in place of the officer to
        whom
        they are elected or appointed as an assistant in the event of the officer's
        inability or unavailability to act in his official capacity.&#160;&#160;The
        assistant secretary or secretaries, when authorized by the president, may
        sign
        with the president or a vice president certificates for shares of the
        Corporation which are issued pursuant to a resolution of the
        Board.&#160;&#160;The assistant treasurer or treasurers shall, if required by
        the Board, give bonds for the faithful discharge of their duties in such
        sums
        and with such sureties as the Board shall determine.&#160;&#160;The assistant
        secretaries and assistant treasurers, in general, shall perform such duties
        as
        shall be assigned to them by the secretary or the treasurer, respectively,
        or by
        the chief executive officer.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        12.&#160;&#160;<u>Salaries</u>.&#160;&#160;The salaries of the executive
        officers shall be fixed by the Board and no officer shall be prevented from
        receiving such salary by reason of the fact that such officer is also a director
        of the Corporation.&#160;&#160;The salaries of the administrative assistant
        officers shall be fixed by the chief executive officer.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        13.&#160;&#160;<u>Standards of
        Conduct and Discharge of Duties</u>.&#160;&#160;Executive officers of the
        Corporation shall discharge their duties in good faith, with the care an
        ordinarily prudent person in a like position would exercise under similar
        circumstances and in a manner reasonably believed to be in or at least not
        opposed to the best interests of the Corporation.&#160;&#160;For the purposes of
        determining what is reasonably believed to be in or not opposed to the best
        interests of the Corporation, each executive officer shall consider the
        interests of the Corporation's shareholders and in such officer's discretion,
        may consider the interests of the Corporation's employees, suppliers, creditors
        and customers, the economy of the state and nation, the impact of any action
        upon the communities in or near which the Corporation's facilities or operations
        are located, the long-term interests of the Corporation and its shareholders,
        including the possibility that those interests may be best served by the
        independence of the Corporation, and any other factors relevant to promoting
        or
        preserving public or community interests.</font></div>
      <div><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">10</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        V</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">CONTRACTS,
        LOANS, CHECKS AND DEPOSITS</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        1.&#160;&#160;<u>Contracts</u>&#160;&#160;The Board of Directors may authorize
        any officer or officers, agent or agents, to enter into any contract on behalf
        of the Corporation and such authority may be general or confined to specific
        instances.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        2.&#160;&#160;<u>Checks,
        Drafts, Etc.</u>&#160;&#160;All checks, drafts or other orders for the payment
        of money, notes or other evidence of indebtedness, issued in the name of
        the
        Corporation, shall be signed by such officer or officers, agent or agents,
        of
        the Corporation and in such manner as shall from time to time be determined
        by
        resolution of the Board of Directors.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        3.&#160;&#160;<u>Deposits</u>.&#160;&#160;All funds of the Corporation not
        otherwise employed shall be deposited from time to time to the credit of
        the
        Corporation in such banks, trust companies or other depositories as the Board
        of
        Directors may select.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        4.&#160;&#160;<u>Loans to
        Directors</u>.&#160;&#160;Except as permitted by Wyoming Statutes Section
        17-16-832(c), a Corporation may not lend money to or guarantee the obligations
        of a director of the Corporation unless the particular loan or guarantee
        is
        approved by a majority of the votes represented by the outstanding voting
        shares
        of all classes voting as a single voting group (except the shares owned or
        voted
        under the control of the benefited director) or by the Board if it determines
        that the loan or guarantee benefits the Corporation and it either approves
        the
        specific loan or guarantee or a general plan authorizing loans and
        guarantees.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        VI</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">CERTIFICATES
        FOR SECURITIES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">AND
        THEIR
        TRANSFER</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        1.&#160;&#160;<u>Certificates
        for Securities</u>&#160;&#160;Certificates representing securities of the
        Corporation (the "Securities") shall be in such form as shall be determined
        by
        the Board.&#160;&#160;Certificates for Securities (the "Certificates") shall
        state the name of the corporation, that it is organized under the laws of
        the
        State of Wyoming, the person to whom the Certificate is issued, and the number
        and class of shares and the designation of the series, if any, the Certificate
        represents.&#160;&#160;Each Certificate shall be signed by the chairman of the
        Board, president or a vice president and by the secretary, an assistant
        secretary, treasurer or assistant treasurer of the Corporation.&#160;&#160;The
        signatures of either or both the chairman, president or vice president and
        the
        secretary, assistant secretary, treasurer or assistant treasurer may be
        facsimiles.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>A
        Certificate signed or impressed with
        the facsimile signature of an officer, who ceases by death, resignation or
        otherwise to be an officer of the Corporation before the Certificate is
        delivered by the Corporation, is valid as though signed by a duly elected,
        qualified and authorized officer.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        name of the person to whom the
        Securities represented by a Certificate are issued, the number of Securities,
        and date of issue, shall be entered on the Security transfer books of the
        Corporation.&#160;&#160;All Certificates surrendered to the Corporation for
        transfer shall be canceled and no new Certificate shall be issued until the
        former Certificate for a like number of shares shall have been surrendered
        and
        canceled, except that, in case of a lost, destroyed or mutilated Certificate,
        a
        new one may be issued therefore upon such terms and indemnity to the Corporation
        as the Board may prescribe.</font></div>
      <div><br></div><br>
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        <div id="FTR">
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          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">11</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Section
        2.&#160;&#160;<u>Transfer of
        Securities</u>.&#160;&#160;Transfer of Securities shall be made only on the
        security transfer books of the Corporation by the holder of record thereof,
        by
        the legal representative of the holder who shall furnish proper evidence
        of
        authority to transfer, or by an attorney authorized by a power of attorney
        which
        was duly executed and filed with the secretary of the Corporation and a
        surrender for cancellation of the certificate for such shares.&#160;&#160;The
        person in whose name Securities stand on the books of the Corporation shall
        be
        deemed by the Corporation to be the owner thereof for all purposes.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        VII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">FISCAL
        YEAR</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        fiscal year of the Corporation
        shall be determined by resolution of the Board.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        VIII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">DIVIDENDS</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        Board may declare, and the
        Corporation may pay in cash, stock or other property, dividends on its
        outstanding shares in the manner and upon the terms and conditions provided
        by
        law and its Articles.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        IX</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">SEAL</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        Board shall provide a corporate
        seal, circular in form, having inscribed thereon the corporate name, the
        state
        of incorporation and the word "Seal." The seal on Securities, any corporate
        obligation to pay money or any other document may be by facsimile, or engraved,
        embossed or printed.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        X</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">WAIVER
        OF
        NOTICE</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>Whenever
        any notice is required to be
        given to any shareholder, director of the Corporation or member of a committee
        thereof under the provisions of these Bylaws or under the provisions of the
        Articles or under the provisions of the applicable laws of the state of
        incorporation, a waiver thereof in writing, signed by the person or persons
        entitled to such notice, whether before, at or after the time stated therein,
        shall be deemed equivalent to the giving of such notice.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        XI</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">INDEMNIFICATION</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>The
        Corporation shall have the power to
        indemnify any director, officer, employee or agent of the Corporation or
        any
        person serving at the request of the Corporation as a director, officer,
        employee or agent of another corporation, partnership, joint venture, trust
        or
        other enterprise to the fullest extent permitted by the laws of the state
        of
        incorporation.&#160;&#160;In addition, the Corporation may enter into agreements
        to indemnify any of such persons, in which event the provisions of such
        agreements (if the indemnification so provided is greater in any respects
        than
        the indemnification available under the laws of the state of incorporation)
        shall control as therein provided.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        XII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">AMENDMENTS</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>These
        Bylaws may be altered, amended,
        repealed or replaced by new bylaws by the Board at any regular or special
        meeting of the Board.</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">12</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">ARTICLE
        XIII</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">UNIFORMITY
        OF INTERPRETATION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">AND
        SEVERABILITY</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>These
        Bylaws shall be so interpreted
        and construed as to conform to the Articles and the statutes of the state
        of
        incorporation or of any other state in which conformity may become necessary
        by
        reason of the qualification of the Corporation to do business in such foreign
        state, and where conflict between these Bylaws and the Articles or a statute
        has
        arisen or shall arise, the Bylaws shall be considered to be modified to the
        extent, but only to the extent, conformity shall require.&#160;&#160;If any
        Bylaw provision or its application shall be deemed invalid by reason of the
        said
        nonconformity, the remainder of the Bylaws shall remain operable in that
        the
        provisions set forth in the Bylaws are severable.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>IN
        WITNESS WHEREOF, these Bylaws, as
        amended, were adopted by the Corporation's Board of Directors on September
        30,
        2005, and re-amended and adopted to conform Section 5 of Article II to Wyoming
        law on June 22, 2007.&#160;&#160;&#160;The amendment to section 2 of Article III
        is effective as of December 13, 1996.</font></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 252pt;"></font><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;<u>/s/
        Steven R.
        Youngbauer</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><font id="TAB2" style="LETTER-SPACING: 9pt;"><font id="TAB2" style="LETTER-SPACING: 9pt;"><font id="TAB2" style="LETTER-SPACING: 9pt;"><font id="TAB2" style="LETTER-SPACING: 9pt;"><font id="TAB2" style="LETTER-SPACING: 9pt;"><font id="TAB2" style="LETTER-SPACING: 9pt;"><font id="TAB2" style="LETTER-SPACING: 9pt;"><font id="TAB2" style="LETTER-SPACING: 9pt;"><font id="TAB2" style="LETTER-SPACING: 9pt;"><font id="TAB2" style="LETTER-SPACING: 9pt;">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;
        </font>&#160;Secretary</font></div>
      <div><br></div>
      <div><br></div><br>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt;">13</font></div>
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