-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PbnGjZt2r/PZsF28dSsltfNd1MvcbGB4iIfIznTI4RawtpfcGbKWYE96wQsZQrT3
 qXbSORN8ZwbFBtIIpI9nNw==

<SEC-DOCUMENT>0000101594-09-000068.txt : 20091119
<SEC-HEADER>0000101594-09-000068.hdr.sgml : 20091119
<ACCEPTANCE-DATETIME>20090922160029
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000101594-09-000068
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090922

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
<head>
    <title>responseltr.htm</title>
<!-- Licensed to: U.S. Energy Corp-->
<!-- Document Created using EDGARizer 5.1.2.0 -->
<!-- Copyright 1995 - 2009 Thomson Reuters. All rights reserved. -->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font>
<div>
<hr style="COLOR: black" align="left" noshade size="3" width="100%"></div>
<div>&#160;</div>
<div>&#160;</div>
<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><img src="letterhead.jpg" alt="">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">September 22, 2009</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Joanna Lam</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">United States Securities and Exchange Commission</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Division of Corporation Finance</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">100 F Street, N.E.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Washington, D.C.&#160;&#160;20549-4628</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td style="WIDTH: 27pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Re:</font></div></td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">U.S. Energy Corp.</font></div></td></tr></table></div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td style="WIDTH: 22.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div></td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Supplemental Response to September 8, 2009 Comment Letter</font></div></td></tr></table></div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td style="WIDTH: 22.5pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div></td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">File Number 000-06814:</font></div></td></tr></table></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Form 10-K for the Fiscal Year Ended December 31, 2008 (filed March 13, 2009)</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Form 10-K/A for the Fiscal Year ended December 31, 2008 (filed April 2, 2009)</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Form 10-Q for the Fiscal Quarter Ended March 31, 2009 (Filed May 8, 2009)</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Ms. Lam:</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are in receipt of your above referenced letter relating to the Form 10-K and 10-K/A for the year ended December 31, 2008 and Form 10-Q for the Quarter ended March 31, 2009 for U.S. Energy Corp.&#160;&#160;Please find below the text of staff comments and our proposed responses.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Overview</font>.&#160;&#160;If you find the responses to accounting comments satisfactory, we propose to include similar disclosures in periodic reports going forward.&#160;&#160;We submit that the changes in disclosure are not so substantial as to require amending the last 10-K
and the first quarter 10-Q.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Form 10-K for the Fiscal Year Ended December 31, 2008</font></font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Financial Statements</font></font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Note B &#8211; Summary of Significant Accounting Policies, page 72</font></font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div></td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Oil and Gas Properties, page 75</font></font></div></td></tr></table></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.</font></div></td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">We note your revised disclosure responding to prior comment 2 regarding your ceiling test computation.&#160;&#160;Please further expand your disclosure to distinguish the details between points (B) and (C) of Rule 4-10(c)(4)(i)of Regulation S-X.</font></font></div></td></tr></table></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div></td>
<td>
<div align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Additionally, tell us the extent your accounting would need to change and the impact on your financial statements to comply with the ceiling test requirements under Rule 4-10(c)(4)(i) of Regulation S-X.</font></div></td></tr></table></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div></div>
<div id="PN" style="PAGE-BREAK-AFTER: always">
<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2"></div></div>
<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
<div style="WIDTH: 100%" align="left">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">United States Securities and </font></div>
<div style="MARGIN-LEFT: 9pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">Exchange Commission </font></div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">September 22, 2009</font></div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">Page 2</font></div></div></div></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br>&#160;</div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 50.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Full cost pool capitalized costs are amortized over the life of production of proven properties.&#160;&#160;Capitalized costs at June 30, 2009 and December 31, 2008 which were not included in the amortized cost pool were $3.2 million and $3.0 million, respectively.&#160;&#160;These costs consist of seismic costs that are being analyzed
for potential drilling locations as well as land costs and are related to unproved properties.&#160;&#160;No capitalized costs related to unproved properties are included in the amortization base at June 30, 2009 and December 31, 2008.&#160;&#160;It is anticipated that these costs will be added to the full cost amortization pool in the next two years as properties are evaluated, drilled or abandoned.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 50.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As indicated in our response to comment 3, we will expand our disclosures in the third quarter Form 10-Q and the 2009 Form 10-K to include the above explanations.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 50.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As no impairment existed at December 31, 2008, our accounting at December 31, 2008 would not change and there would be no impact on the financial statements (please see response to comment 2 below).</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div></td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Long-lived Assets, page 75</font></font></div></td></tr></table></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.</font></div></td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">We note your response to prior comment 3, explaining the assumptions you used to assess the impairment of your long-lived assets and your impairment assessment results for the first and second quarters of 2009.&#160;&#160;Please also address how you reached no impairment conclusion on your oil and gas properties under the full cost ceiling test as of December 31,
2008, as requested in our prior comment 3, noting that your standardized measure of discounted future net cash flows relating to proved oil and gas reserves of $3.3 million as disclosed on page 88 is significantly less than your oil and gas properties capitalized cost balance of $7.9 million as disclosed on page 86.</font></font></div></td></tr></table></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 50.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In applying the full cost method, the Company performs an annual and quarterly ceiling tests on the cost center properties whereby the net cost of natural gas and oil properties, net of related deferred income taxes (&#8220;net cost&#8221;), is limited to the sum of the estimated future net revenues from proved reserves using prices
in effect at the end of the period held constant, discounted at 10%, and the lower of cost or fair value of unproved properties (&#8220;ceiling&#8221;). If the net cost exceeds the ceiling, an impairment loss is recognized for the amount by which the net cost exceeds the ceiling and is shown as a reduction in natural gas and oil properties.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div></div>
<div id="PN" style="PAGE-BREAK-AFTER: always">
<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2"></div></div>
<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
<div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">United States Securities and </font></div>
<div style="MARGIN-LEFT: 9pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">Exchange Commission </font></div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">September 22, 2009</font></div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">Page 3</font></div></font></div></div></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br>&#160;</div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 50.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As disclosed on page 88 of the Form 10-K for the fiscal year ended December 31, 2008, our estimated future net revenues from proved reserves discounted at 10% and net of estimated income tax effects is $3.3 million.&#160;&#160;In the ceiling test certain adjustments to future discounted net revenues are made to this amount to account
for differences in the calculation of future income taxes.&#160;&#160;As disclosed on page 86, unproved properties at December 31, 2008 is $3.0 million, which is less than the estimated fair value of such unproved properties.&#160;&#160;Finally, the full cost pool is adjusted for related deferred income taxes as recorded within the financial statements.&#160;&#160;The total of the unproved properties and the estimated discounted future net revenues is compared to total costs capitalized of $7.9 million (as adjusted
for related deferred income taxes).&#160;&#160;Based on the Company&#8217;s calculation, no impairment existed on the Company&#8217;s oil and gas properties at December 31, 2008.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Supplemental Financial Information on Oil and Natural Gas Exploration, Development and Production Activities</font></font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Capitalized Costs, page 86</font></font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3.</font></div></td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">We note your response to prior comment 4, asking us to refer to your response to prior comment 1.&#160;&#160;Please note that our prior comment 4 requested disclosures about unproved oil and gas properties for which costs are excluded from amortization and which are required under Rule 4-10(c)(7)(ii) of Regulation S-X, rather than about mineral properties that you
addressed in response to prior comment 1.&#160;&#160;We re-issue prior comment 4.</font></font></div></td></tr></table></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div></td>
<td>
<div align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Prior comment 4:&#160;&#160;Please provide the disclosures required under Rule 4-10(c)(7)(ii) of Regulation S-X, including the description and current status of unproved properties for which costs are excluded from amortization, and the anticipated timing of including such costs in your amortization computation.</font></div></td></tr></table></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As presented in the table at the bottom of page 86 of the Form 10-K for the fiscal year ended December 31, 2008, unproved properties as of December 31, 2008 include only acquisition costs incurred in the following years:</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2007&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;$ 1,897,800</font></div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2008&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;1,069,800</font></font></div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;&#160; $ 2,967,600</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 50.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As indicated in comment 1 above, the Company will add the following disclosure in its third quarter Form 10-Q and 2009 Form 10-K.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div></div>
<div id="PN" style="PAGE-BREAK-AFTER: always">
<div style="TEXT-ALIGN: center; WIDTH: 100%">&#160;</div>
<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2"></div></div>
<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
<div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">United States Securities and </font></div>
<div style="MARGIN-LEFT: 9pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">Exchange Commission </font></div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">September 22, 2009</font></div>
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 8pt">Page 4</font></div></font></div></div></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br>&#160;</div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 50.4pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">These costs consist of seismic costs that are being analyzed for potential drilling locations as well as land costs and are excluded from the amortization base at December 31, 2008.&#160;&#160;It is anticipated that these costs will be added to the full cost amortization pool in the next two years as properties are evaluated, drilled
or abandoned.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Closing Comments:</font></font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Response:&#160;&#160;Management of the Company acknowledges that:</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div></td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></div></td></tr></table></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div></td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></div></td></tr></table></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div></td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities law as of the United States.</font></div></td></tr></table></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We appreciate your review and comments.&#160;&#160;In the event that further disclosure is required, please send further comments to me at FAX (307) 857-3050 with a copy to our SEC counsel, Steve Rounds at FAX (303) 377-0231.&#160;&#160;Should you wish to discuss the proposed disclosures set forth above, prior to issuing further comments,
please call Mr. Rounds at (303) 377-6997.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Sincerely,</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">/s/ Robert Scott Lorimer<br></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Robert Scott Lorimer,</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CFO/V.P. Finance</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<br></div></div></body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>letterhead.jpg
<TEXT>
begin 644 letterhead.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_X0!F17AI9@``24DJ``@````$`!H!!0`!
M````/@```!L!!0`!````1@```"@!`P`!`````@```#$!`@`0````3@``````
M``!@`````0```&`````!````4&%I;G0N3D54('8U+C`P`/_;`$,`*!P>(QX9
M*",A(RTK*#`\9$$\-S<\>UA=2621@)F6CX",BJ"TYL.@JMJMBHS(_\O:[O7_
M__^;P?____K_YOW_^/_;`$,!*RTM/#4\=D%!=OBEC*7X^/CX^/CX^/CX^/CX
M^/CX^/CX^/CX^/CX^/CX^/CX^/CX^/CX^/CX^/CX^/CX^/CX^/_``!$(`&@"
MJ0,!(@`"$0$#$0'_Q``?```!!0$!`0$!`0```````````0(#!`4&!P@)"@O_
MQ`"U$``"`0,#`@0#!04$!````7T!`@,`!!$%$B$Q008346$'(G$4,H&1H0@C
M0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-C<X.3I#1$5&1TA)2E-45597
M6%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJ
MLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X
M^?K_Q``?`0`#`0$!`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($
M!`,$!P4$!``!`G<``0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B
M<M$*%B0TX27Q%Q@9&B8G*"DJ-38W.#DZ0T1%1D=(24I35%565UA96F-D969G
M:&EJ<W1U=G=X>7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>X
MN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@`,`P$`
M`A$#$0`_`-FBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MFM+&GWG4?4U";ZV7K,OX<T#L6**KB_M3_P`ME_6IDECD'R.K?0T!9CJ***!!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`445%/<Q0#YVY[`=30!+44US%#]]P#Z=35?-U==/W$7_
M`(\:FAM(8>0NYO[S<F@=DMR/[1<3?ZB#:O\`>DX_2C[)-)_K[EC[)P*MT4!?
ML5EL+=>3'N/JQS4HMH1TB3\JDHH"[(6M(&',2_E52;3`#OMV*$=LUHT4`FT4
M[:[5IC!N+8'#$<FKE94B[=97;W()_*M6@<D%%%%!(4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%,::-6VLZAO0FG@@YP<XH
M`**"<#)IOF(6V[AD]LT`.HIOFQ\_.OR]>>E"RH_W7![<&@!U%(SJF-S`9Z9I
M#(@?86&X]LT`.HI%=6)"L"1U`H+J'VEAN/:@!:*;YL?/SK\O7GI0LJ,"5<$#
MK@]*`'44`Y&110`4444`%(Q*J2`3["EHH`@M[I;@MM1@%."3ZTZ><0`$HS`G
M&1ZU!IGW)O\`KH:FN_\`5#_?7^=`$JG*@D$>QIDDP601JI9R,X'I4E4;KS;>
MZ^U1J70KM=1U%`%J*;S'9"C(R]0:DJ*WGCN$\R,Y['U%2T`1SS"",R%25'7'
M:HQ=%HQ((9"I&:6^_P"/*;_<-017)CLH\1/T`R1Q0!/)=+'`)MC%",G':I8I
M%EC5T.5-1W8`M)``,8Z55YTZ7<,FVD/(_N&@"S)<;9A%Y;Y;H14!\BWN@#$[
MR/T8G.:G<AKJ!AR"&P?RJ"];;>VIP3@G@4`6!<?O%1HG7<<`GI39+H1SK$8W
M+-TQWI4F\V?88RH`W?,*@NV"7]LS=.:`+"72--Y3!D<\@,.M/EE2)=SG'8>]
M5"5O+R)XCE83EF]_2@'S=7*MTB3*CWH`L><^,B!R/J,TBW0:`RK&YP2"N.14
M](JJ,X`Y.30!';SK<1>8H(7MFDCN/,E9!&PVG!)Z54#FRN9(0,K+\T8]_2KT
M,8BB"]3U)]30`S[-$+@W!SO]2>*%N1)GRD9Q_>'`J#579;=4!QYC!2?:KB*$
M0*HP`,`4`1)<;IO*:-D;&1GH:5YU5_+4%WZ[5[4]P/OD<J#@U4TL[X'E/+NY
M)-`$SW0B(\Z-D4\;NHJ2201QE\%@.?EHF020NC#((JG8.SZ:X8YV;EH`F6]5
MH1+Y4GE^N*F657B$D?S*1D8[U0M;F*/3D1CEB"`,=35NQA:WM5C;[W)-`#8[
MT2;]L4AV'#<=*FAF2=-\9R/Y53LI%C:Z9C@>::?I\3KYTC*5$CE@I["@"Y11
M10`4444`%%%%`!1110`4444`1F=!)L)YZ=*:+J,L1\V0,XVFHGB<W!;:V=X(
M.?EQ[^]2HK`RR$?.3Q]!TH`?',DH8KGY>#D8I%GC=%=6R&.!]:(4*0`'[Q&3
M]:JK;RH(=@P#C>/0@=:`+U,,J!L;N<X_&J?D.4VB,J=H#\_>.:>;8><0(ALW
M@^V,4`6V8*I9C@`9)IBSQL,YQSC!'>H_+<6DD8'/.![5#Y+9!\MB`X(W<GIB
M@"ZC!U#*<@TPSQJN2W&[;^-16\)B=#MQ\A#?7-(\#-+(,?(06!_VC0!85U8L
M`?NG!IV15`PRE%+*23DL,9P33A#()5)4MP`2WT]:`+BL'4,IR#R#2U%:J4MH
MU*[2!@BI:`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@"HT+RRSJ"JJV`
M25R>G:D1&23<"_,N".V,5*9V\YHU5/E('+8)I_G1]-W(SQ]*`&3G_13M)(XR
M3UQGFHY@#,H0$,&Y&.OOFK$K`*!C.\X`J+[1L9E9,!5)'.3@>M`$<6,IA#E$
M._CO3MGEVRG&'9@Q^M/\]\-^[`9<$@MQBA)/,\HR)M+9(YZ&@"*\!+]Q\A&<
M9S[4F")LJ6#DC*E>,8]:FDN-D_E[?3OSSZ4D=R97<(JG;D#YN3@T`0VPD7:%
M&Y@F#N&,'ZT2*_G8&,LRD\'(^A]*LP2M(7W(%VG&0<YIIN-KL'3``)Z\X%`$
M43(\I8+M"@A5V]?<TX0@V;;E^9QN(]Z5KHHA+H`PQ@9]:7[0VU=JAB5+'#<8
MH`FC_P!6OT%.I%8,H8=",TM`!1110`4444`9\$@LYY8YLJCMN5\<5.\BW+HD
M7S*&#,W;CM5FB@"&6X6*:.(JQ,G0@<"D%RJS/'*0A!^4G@$5/10!3M4"W-Q*
M@(B;&..I[D5/;3K<Q>8JLHSC!J6B@"O?NJVDJD\LI`'K4=M<0BTC5VP0H!!%
M7*J7]RT*JD7^L<\4#2N)/<A[.1L$`\*,<FK"^7/#CAE(P:=&&$:ASEL<FG4"
M,^WAEM[U(B2T(!*'T]J+R5!?6YR2$)W$#.*T**`*\EW$HRGSN>``*@N95&H6
MY)X7.XXZ5?HH`H3HUM<BZB4M&W$BC^=$JG[0E[;_`+Q<8=1UQ5^B@"NT]M+&
M=[*1_=;K^51:4@6W8[2"6/)'4=JN,54%F(`'<U3-S+<OMM1A!UD8<?A0-(;>
MR)]MMN?N,=W'2KX(8`@Y!I%!"@$Y/K2T"*][;_:;<H#AARI]Z2"[7:%G_=2#
M@AN`?H:LT4`0"X6681Q?,N#N;L*KVX-A*\<@/DL<J^.![&K]%`%>6Y4QE83Y
MCD8`7G\Z8D:VE@48\X.3ZDU;Z44`9UK$ESI@A/#`=QR#4MI<D+Y5S\DJ<$G^
M(>M7**`*&G2+YMP,X+2$KD=15F.X62>2(*P*=21P:FHH`****`"BBB@`HHHH
M`****`"BBB@"G+<LDLBAU&TX"E2<\5,MP-Q#\'Z=.,TXP*PD!S\_)]J8UJKH
MRLS<D'/TH`/M<>0,''&3Z9I/M>67"$(<Y8^U.-LIDW@XS@D8':@VRE%7)PN?
MQ!H`3[4H'*."<8&.3FI8I!(I(!&#@@]C40MAD%G9B,8/TIZQE&RK<$DD4`12
MSR)O50"X(V_3K_C0;A^9%`,:XSZ]*E,*F82G.0,8I$MU2%HP3AL\T`"2.T32
M$`#JH]JBAGDE5@"N1@Y(QC-6"@,?EGIC%0M:[E(,C9(`S[#M0!&US)L4@=2<
ML%)&!WIYG?<2-I12H/OG_P#73S`Q4#S6XXZ=J/LRAAAB%XROKCI0`L<CM-(C
M*`%QBD\UL3GC]WT_*I`@$C/GD@"HY+?>S$2,H?[P'>@")KB0,,E4&`1N'#?C
MVI[7&+D)\NW@'GG)ISVP;(#LJ-P5H^RQ[&!').=V.10!-11VHH`****`"BBB
M@`HHHH`****`"BBB@")85$KR,%)8@CCI34@=)7E##<_7C\J9)=F.4JP&`>3Z
M#L:3[6ZD"10#D%O8&@">526C<#.UN1]1BHVMWD8EV'0@$#DY]:8;QEP'4`Y!
M/LOK4OG-MB)`&\X/MP30`WR'97WL-SX!QZ"GNI:6,`<+SFH3=/\`*<`+W.,]
M_P!*#<R`;B%VG<`/I0`^2W+2E@1@D')'(QZ4Y87$@9BORYQ@8Z^M1-<2JI/R
M94`GWS4TLC!E1,9;)R:`!(%$*(Q)V]P2,FF-;M(QWL,8(!`YYI/M#YW87:&"
MD`^OI3!<S%=V$^X7_*@"00R<L67?P.G&!2?9G7E67<00W''-6%.Y0?49I:`$
M1=B!1V&*6BB@`HHHH`****`"BBB@`HHHH`****`"LN8[]9C5NBD8K4K/O+8"
MZ6X+[%`R3CH105$T**@MKN*X7A@&[J:GH)V"BBB@`HJ.2XAB^_(H_&JYO6DX
MMH6?_:/`H'9ESI566^16V0J99/1>@_&F_99I^;F;C^XG`JS%#'"NV-0H]J`T
M156UEG8/=MD=HUZ"KBJ%4*H``["EHH!NX4444""BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`&M$C$EE!R,'WH:
M)')+*#D8-.HH`:T2,264'(P?I2-%&PPR@C.:?10!'Y$7'R#CI3O*0C&T8Y_6
MG44`036PE<$D`8`QBI&AC8890><T^B@!GDQ[@VP9'2E\I,8VC&,?A3J*``#`
MP****`"BBB@`HHHH`***1L8Y&:`%HIGR_P!S]*/E_N?I0`^BF?+_`'/TH^7^
MY^E`#Z*9\O\`<_2CY?[GZ4`/H(#`@X(/:F?+_<_2CY?[GZ4`59=,A=MT;-&?
M;I319W:<)=\>XJY\O]S]*/E_N?I0/F95^S7AZW>/H*7[`6_UMS*_MG%6?E_N
M?I1\O]S]*`NR..RMX^1&"?4\U.,#I3/E_N?I1\O]S]*!7'T4SY?[GZ4?+_<_
M2@!]%,^7^Y^E'R_W/TH`?13/E_N?I1\O]S]*`'T4SY?[GZ4?+_<_2@!]%,^7
M^Y^E'R_W/TH`?13/E_N?I1\O]S]*`'T4SY?[GZ4?+_<_2@!]%,^7^Y^E'R_W
M/TH`?13/E_N?I1\O]S]*`'T4SY?[GZ4?+_<_2@!]%,^7^Y^E'R_W/TH`?13/
ME_N?I1\O]S]*`'T4SY?[GZ4?+_<_2@!]%,^7^Y^E'R_W/TH`?13/E_N?I1\O
M]S]*`'T4SY?[GZ4?+_<_2@!]%,^7^Y^E'R_W/TH`?13/E_N?I1\O]S]*`'T4
MSY?[GZ4?+_<_2@!]%,^7^Y^E'R_W/TH`?13/E_N?I1\O]S]*`'T4SY?[GZ4?
M+_<_2@!]%,^7^Y^E'R_W/TH`?13/E_N?I1\O]S]*`'T4SY?[GZ4?+_<_2@!]
M%,^7^Y^E'R_W/TH`?13/E_N?I1\O]S]*`'T4SY?[GZ4?+_<_2@!]%,^7^Y^E
M'R_W/TH`?13/E_N?I1\O]S]*`'T4SY?[GZ4?+_<_2@!]%,^7^Y^E'R_W/TH`
M?13/E_N?I1\O]S]*`'T4#I10`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
1%%`!1110`4444`%%%%`'_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
