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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001398344-09-000153.txt : 20090212
<SEC-HEADER>0001398344-09-000153.hdr.sgml : 20090212
<ACCEPTANCE-DATETIME>20090212150255
ACCESSION NUMBER:		0001398344-09-000153
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090212
DATE AS OF CHANGE:		20090212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEXCO ENERGY CORP
		CENTRAL INDEX KEY:			0000066418
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				840627918
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31785
		FILM NUMBER:		09594233

	BUSINESS ADDRESS:	
		STREET 1:		214 W TEXAS AVENUE
		STREET 2:		SUITE 1101
		CITY:			MIDLAND
		STATE:			TX
		ZIP:			79701
		BUSINESS PHONE:		9156821119

	MAIL ADDRESS:	
		STREET 1:		214 W TEXAS AVENUE
		STREET 2:		SUITE 1101
		CITY:			MIDLAND
		STATE:			TX
		ZIP:			79701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MILLER OIL CO
		DATE OF NAME CHANGE:	19800702
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>fp0000479_10q.htm
<TEXT>
<html>
  <head>
    <title>fp0000479_10q.htm</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Washington,
D. C. 20549</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">FORM
10-Q</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">[<font style="DISPLAY: inline; FONT-WEIGHT: bold;" face="Symbol">&#214;</font>]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">For the
quarterly period ended December 31, 2008</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">OR</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">For the
transition period
from&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;to</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Commission
File No. 0-6994</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">MEXCO
ENERGY CORPORATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Colorado</font></div>
            </td>
            <td valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">84-0627918</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(<font style="DISPLAY: inline; FONT-STYLE: italic">State or other jurisdiction
      of</font></font></div>
            </td>
            <td valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">(IRS
      Employer</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">incorporation
      or organization)</font></div>
            </td>
            <td valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Identification
      Number)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">214
      West Texas Avenue, Suite 1101</font></div>
            </td>
            <td valign="top" width="46%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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          <tr>
            <td valign="top" width="43%">
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      Texas</font></div>
            </td>
            <td valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">79701</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">(Address
      of principal executive offices)</font></div>
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            <td valign="top" width="46%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">(Zip
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(432)
682-1119</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">(Registrant&#8217;s
telephone number, including area code)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months and (2) has been subject to such filing requirements for the
past 90 days.&#160;&#160;YES [<font style="DISPLAY: inline; FONT-WEIGHT: bold;" face="Symbol">&#214;</font>]&#160;&#160;NO
[&#160;&#160;]</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or smaller reporting company as
defined in Rule 12b-2 of the Exchange Act.&#160;&#160;(Check one):</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Large
      Accelerated Filer [&#160;&#160;]</font></div>
              </td>
              <td valign="top" width="43%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Accelerated
      Filer [&#160;&#160;]</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Non-Accelerated
      Filer [&#160;&#160;]</font></div>
              </td>
              <td valign="top" width="43%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Smaller
      reporting company [&#8730;]</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="34%">
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">(Do not check if a smaller
      reporting company)</font></font></div>
              </td>
              <td valign="top" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).&#160;&#160;YES [&#160;&#160;]&#160;&#160;&#160;NO
[<font style="DISPLAY: inline; FONT-WEIGHT: bold;" face="Symbol">&#214;</font>]</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
number of shares outstanding of the registrant&#8217;s common stock, par value $.50
per share, as of February 11, 2009 was<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>1,874,866.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; 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: 10pt; FONT-FAMILY: Times New Roman">Page
1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: dimgray" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </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-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">MEXCO
ENERGY CORPORATION</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Table of
Contents</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="left">
        <div align="justify">
          <div align="justify">
            <table cellpadding="0" cellspacing="0" width="100%">
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="5%" style="TEXT-ALIGN: right">
                    <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Page</font></font></div>
                  </td>
                </tr>
                <tr bgcolor="white">
                  <td colspan="2" valign="top" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">PART I.&#160;&#160;FINANCIAL
      INFORMATION</font></font></div>
                  </td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Item 1.</font></div>
                  </td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Consolidated
      Balance Sheets as of December 31, 2008</font></div>
                  </td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(Unaudited)
      and March 31, 2008</font></div>
                  </td>
                  <td valign="top" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">3</font></div>
                  </td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Consolidated
      Statements of Operations (Unaudited) for</font></div>
                  </td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">the
      three months and nine months ended December 31, 2008</font></div>
                  </td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">and
      December 31, 2007</font></div>
                  </td>
                  <td valign="top" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4</font></div>
                  </td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Consolidated
      Statements of Changes in Stockholders&#8217; Equity</font></div>
                  </td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(Unaudited)
      as of December 31, 2008</font></div>
                  </td>
                  <td valign="top" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">5</font></div>
                  </td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Consolidated
      Statements of Cash Flows (Unaudited) for</font></div>
                  </td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">the
      nine months ended December 31, 2008 and December 31, 2007</font></div>
                  </td>
                  <td valign="top" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">6</font></div>
                  </td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Notes
      to Consolidated Financial Statements (Unaudited)</font></div>
                  </td>
                  <td valign="top" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">7</font></div>
                  </td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Item 2.</font></div>
                  </td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Management's
      Discussion and Analysis of Financial Condition</font></div>
                  </td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">and
      Results of Operations</font></div>
                  </td>
                  <td valign="top" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">10</font></div>
                  </td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Item 3.</font></div>
                  </td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Quantitative
      and Qualitative Disclosures About Market Risk</font></div>
                  </td>
                  <td valign="top" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">13</font></div>
                  </td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Item 4.</font></div>
                  </td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Controls
      and Procedures</font></div>
                  </td>
                  <td valign="top" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">14</font></div>
                  </td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td colspan="2" valign="top" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">PART II.&#160;&#160;OTHER
      INFORMATION</font></font></div>
                  </td>
                  <td valign="top" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">14</font></div>
                  </td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Item 1.</font></div>
                  </td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Legal
      Proceedings</font></div>
                  </td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Item 1A.</font></div>
                  </td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Risk
      Factors</font></div>
                  </td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Item 4.</font></div>
                  </td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Submission
      of Matters to a Vote of Security Holders</font></div>
                  </td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Item 6.</font></div>
                  </td>
                  <td valign="top" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Exhibits</font></div>
                  </td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td colspan="2" valign="top" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">SIGNATURES</font></font></div>
                  </td>
                  <td valign="top" width="5%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">14</font></div>
                  </td>
                </tr>
                <tr bgcolor="white">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
                <tr bgcolor="white">
                  <td colspan="2" valign="top" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">EXHIBITS</font></font></div>
                  </td>
                  <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                </tr>
            </table>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; 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: 10pt; FONT-FAMILY: Times New Roman">Page
2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: dimgray" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Mexco
Energy Corporation and Subsidiaries</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CONSOLIDATED
BALANCE SHEETS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="left">
        <div align="center">
          <div align="center">
            <div align="center">
              <div align="center">
                <div align="center">
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" 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: 11pt; FONT-FAMILY: times new roman">December
      31,</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">2008</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" 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: 11pt; FONT-FAMILY: times new roman">March
      31,</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">2008</font></font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(Unaudited)</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr>
                        <td valign="bottom">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">ASSETS</font></div>
                        </td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr>
                        <td valign="bottom">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Current assets</font></div>
                        </td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Cash and cash
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">256,872</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">303,617</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Accounts
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                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Oil and gas sales</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">573,028</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">758,459</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Trade</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">155,501</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">102,403</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Related Parties</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">12,659</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Prepaid costs and
      expenses</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">41,000</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">22,062</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>Total current
    assets</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,026,401</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,199,200</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Investment in GazTex,
      LLC</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">20,509</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Property and equipment, at
      cost</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Oil and gas properties, using the
      full cost method</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">26,430,616</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">23,941,483</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Other</font></div>
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">61,362</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">61,362</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">26,491,978</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">24,002,845</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Less accumulated depreciation,
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                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">12,771,232</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">12,019,895</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>Property and equipment,
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                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">13,720,746</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">11,982,950</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">14,747,147</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">13,202,659</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">LIABILITIES
      AND STOCKHOLDERS&#8217; EQUITY</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Current
    liabilities</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Accounts payable and accrued
      expenses</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">528,842</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">571,526</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Long-term debt</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,650,000</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2,600,000</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Asset retirement
      obligation</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">418,343</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">374,789</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Deferred income tax
      liabilities</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr bgcolor="white">
                        <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td valign="bottom" width="74%">
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    equity</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr bgcolor="white">
                        <td valign="bottom" width="74%" style="PADDING-LEFT: 0pt">
                          <div style="DISPLAY: block; MARGIN-LEFT: 28pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Preferred
      stock - $1.00 par value; </font></font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">10,000,000
      shares authorized; none outstanding</font></div>
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%" style="PADDING-LEFT: 0pt">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                            <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -8pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Common
      stock - $0.50 par value; 40,000,000 shares authorized; </font>1,958,866
      and 1,841,366 shares issued; 1,874,866 and 1,757,366 shares outstanding as
      of December 31 and March 31, 2008, respectively</font></div>
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                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">979,433</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">920,683</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Additional paid-in
      capital</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">5,592,562</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4,381,269</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Retained earnings</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4,766,134</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">3,584,729</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Treasury stock, at cost (84,000
      shares)</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">(426,617</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">(426,617</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="74%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>Total stockholders&#8217;
      equity</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">10,911,512</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">8,460,064</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="74%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">14,747,147</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">13,202,659</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                  </table>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
accompanying notes are an integral part of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.2pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">the
consolidated financial statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.2pt; TEXT-ALIGN: left" align="center">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; 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: 10pt; FONT-FAMILY: Times New Roman">Page
3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: dimgray" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.2pt; TEXT-ALIGN: left" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Mexco
Energy Corporation and Subsidiaries</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CONSOLIDATED
STATEMENTS OF OPERATIONS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(Unaudited)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="left">
        <div align="left">
          <div align="left">
            <div align="left">
              <div align="left">
                <div align="left">
                  <div align="left">
                    <div align="left">
                      <div align="left">
                        <table cellpadding="0" cellspacing="0" width="100%">
                            <tr>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                              <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" colspan="6" valign="bottom">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Three
      Months Ended <br>December 31</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" colspan="6" valign="bottom">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Nine
      Months Ended <br>December 31</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr>
                              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                              <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2008</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2008</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2007</font></div>
                              </td>
                              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr>
                              <td align="left" valign="bottom">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Operating
      revenue:</font></div>
                              </td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Oil and gas sales</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">908,253</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">952,211</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4,176,050</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2,642,302</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Other</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">19,391</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">2,869</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">32,721</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">4,203</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Total operating
      revenues</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">927,644</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">955,080</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4,208,771</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2,646,505</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td valign="bottom" width="48%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Operating
      expenses:</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Production</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">237,736</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">241,019</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">930,477</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,041,405</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Accretion of asset retirement
      obligation</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">7,291</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">6,368</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">21,495</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">19,691</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Depreciation, depletion, and
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                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">271,530</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">174,842</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">751,337</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">531,523</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>General and
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                              </td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">193,102</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">187,648</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">674,002</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">636,191</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Total operating
      expenses</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">709,659</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">609,877</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">2,377,311</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">2,228,810</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td valign="bottom" width="48%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Operating
      profit</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">217,985</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">345,203</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,831,460</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">417,695</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td valign="bottom" width="48%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Other
      income (expense):</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Interest income</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">110</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,170</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,117</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">3,255</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Interest expense</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">(17,226</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">(22,791</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">(70,815</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">(58,484</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td valign="bottom" width="48%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Net other expense</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">(17,116</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">(21,621</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">(69,698</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">(55,229</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td valign="bottom" width="48%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Earnings
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                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">200,869</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">323,582</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,761,762</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">362,466</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td valign="bottom" width="48%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Income
      tax expense:</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Current</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">67,057</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">538,187</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 2px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Deferred</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">2,311</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">102,468</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">42,170</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">115,302</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td valign="bottom" width="48%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">69,368</font></font> </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">102,468</font></font> </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">580,357</font></font> </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">115,302</font></font> </td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td valign="bottom" width="48%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 4px">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Net
      income</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">131,501</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">221,114</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">1,181,405</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">247,164</font></font></td>
                              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td valign="bottom" width="48%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Earnings
      per common share:</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Basic</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">0.07</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">0.13</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">0.64</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">0.14</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Diluted</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">0.07</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">0.12</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">0.61</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">0.14</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td valign="bottom" width="48%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Weighted
      average common shares outstanding:</font></div>
                              </td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="white">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Basic</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,874,866</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,764,649</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,836,999</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,771,222</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                            <tr bgcolor="lightgrey">
                              <td align="left" valign="bottom" width="48%">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Diluted</font></div>
                              </td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,938,746</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,772,583</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,928,029</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                              <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,778,008</font></td>
                              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            </tr>
                        </table>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
accompanying notes are an integral part of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.2pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">the
consolidated financial statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.2pt; TEXT-ALIGN: left" align="center">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; 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: 10pt; FONT-FAMILY: Times New Roman">Page
4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: dimgray" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.2pt; TEXT-ALIGN: left" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Mexco
Energy Corporation and Subsidiaries</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS&#8217; EQUITY</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(Unaudited)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="justify">
        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Common
      Stock Par Value</font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Treasury
      Stock</font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Additional
      Paid-In Capital</font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Retained
      Earnings</font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
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                <td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
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                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4,381,269</font></td>
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                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">3,584,729</font></td>
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">8,460,064</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td valign="bottom" width="35%">
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                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">538,789</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">538,789</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td valign="bottom" width="35%">
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                </td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <tr bgcolor="white">
                <td valign="bottom" width="35%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>&#160;&#160;&#160;&#160;&#160;options
      exercised</font></div>
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                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">53,750</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">593,178</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">646,928</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <tr bgcolor="lightgrey">
                <td valign="bottom" width="35%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Excess tax benefits
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                </td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <tr bgcolor="white">
                <td valign="bottom" width="35%">
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">213,568</font></td>
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                <td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Stock-based
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">-</font></font></td>
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                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">-</font></font></td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">-</font></font></td>
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                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">19,445</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <tr bgcolor="white">
                <td valign="bottom" width="35%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Balance
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                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">974,433</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(426,617</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">5,207,460</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4,123,518</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">9,878,794</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="lightgrey">
                <td valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="white">
                <td valign="bottom" width="35%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Net income</font></div>
                </td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">511,115</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">511,115</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="lightgrey">
                <td valign="bottom" width="35%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Issuance of stock
      through</font></div>
                </td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="white">
                <td valign="bottom" width="35%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>&#160;&#160;&#160;&#160;&#160;options
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                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">5,000</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">35,000</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">40,000</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <tr bgcolor="lightgrey">
                <td valign="bottom" width="35%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Excess tax benefits
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                </td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <tr bgcolor="white">
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 31.5pt"></font>stock-based
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                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">257,562</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <tr bgcolor="lightgrey">
                <td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Stock-based
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                </td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">-</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">-</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">13,002</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <tr bgcolor="white">
                <td valign="bottom" width="35%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Balance
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                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">979,433</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(426,617</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">5,513,024</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4,634,633</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">10,700,473</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="lightgrey">
                <td valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="white">
                <td valign="bottom" width="35%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Net income</font></div>
                </td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">131,501</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">131,501</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <tr bgcolor="lightgrey">
                <td valign="bottom" width="35%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Excess tax benefits
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                </td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="white">
                <td valign="bottom" width="35%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 31.5pt"></font>stock-based
      compensation</font></div>
                </td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">67,057</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">67,057</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="lightgrey">
                <td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Stock-based
      compensation</font></div>
                </td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">-</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">-</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">12,481</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">-</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">12,481</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="white">
                <td valign="bottom" width="35%" style="PADDING-BOTTOM: 4px">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Balance
      at December 31, 2008</font></div>
                </td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">979,433</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">(426,617</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">5,592,562</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">4,766,134</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">10,911,512</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
          </table>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">SHARE
ACTIVITY</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="left">
        <div align="left">
          <div align="left">
            <div align="justify">
              <div align="justify">
                <div align="justify">
                  <table cellpadding="0" cellspacing="0" width="50%">
                      <tr>
                        <td valign="bottom" width="35%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Common
      stock shares, issued:</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td colspan="2" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="35%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Balance at March 31,
      2008</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,841,366</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Issued</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">107,500</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="35%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Balance at June 30,
      2008</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,948,866</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Issued</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">10,000</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="35%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Balance at September 30,
      2008</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,958,866</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Issued</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">-</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="35%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Balance at December 31,
      2008</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,958,866</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="35%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Common
      stock shares, held in treasury:</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="35%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Balance at March 31,
      2008</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(84,000</font></td>
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                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Acquisitions</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                        <td valign="bottom" width="35%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Balance at June 30,
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(84,000</font></td>
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                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Acquisitions</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">-</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="35%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Balance at September 30,
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                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(84,000</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Acquisitions</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">-</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="35%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Balance at December 31,
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                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">(84,000</font></font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                      </tr>
                      <tr bgcolor="lightgrey">
                        <td valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="35%" style="PADDING-BOTTOM: 4px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Common
      stock shares, outstanding </font>at December 31,
2008</font></div>
                          </div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                        <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,874,866</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                      </tr>
                  </table>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
accompanying notes are an integral part of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.2pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">the
consolidated financial statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.2pt; TEXT-ALIGN: left" align="center">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; 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: 10pt; FONT-FAMILY: Times New Roman">Page
5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: dimgray" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -0.2pt; TEXT-ALIGN: left" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Mexco
Energy Corporation and Subsidiaries</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -7.2pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CONSOLIDATED
STATEMENTS OF CASH FLOWS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">For the
Nine Months Ended December 31,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(Unaudited)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="justify">
        <div align="justify">
          <div align="left">
            <div align="justify">
              <table cellpadding="0" cellspacing="0" width="100%">
                  <tr>
                    <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">2008</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">2007</font></font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td valign="bottom">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Cash
      flows from operating activities:</font></div>
                    </td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Net income</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,181,405</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">247,164</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="white">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Adjustments to reconcile net
      income to net cash provided by operating activities:</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Increase in deferred tax
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                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">42,170</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">115,302</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="white">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Excess tax benefit from
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                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(538,187</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(1,100</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font>Stock-based
      compensation</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">44,928</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">66,506</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="white">
                    <td valign="bottom" width="74%">
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="74%">
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr bgcolor="white">
                    <td valign="bottom" width="74%">
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%">
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">87,676</font></td>
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                  <tr bgcolor="white">
                    <td valign="bottom" width="74%">
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">538,187</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%" style="PADDING-BOTTOM: 2px">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Increase in accounts payable and
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                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr bgcolor="white">
                    <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>Net cash provided by operating
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                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2,366,686</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">658,241</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="white">
                    <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Cash
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="white">
                    <td valign="bottom" width="74%">
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                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(2,709,451</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  </tr>
                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Proceeds from investment in
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                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="white">
                    <td valign="bottom" width="74%" style="PADDING-BOTTOM: 2px">
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                    </td>
                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr bgcolor="lightgrey">
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Cash
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%">
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr bgcolor="white">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Proceeds from exercise of stock
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Reduction of long-term
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(2,599,521</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  </tr>
                  <tr bgcolor="white">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Proceeds from long-term
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,649,521</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2,425,000</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%" style="PADDING-BOTTOM: 2px">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Excess tax benefit from
      share-based payment arrangement</font></div>
                    </td>
                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">538,187</font></font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">1,100</font></font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="white">
                    <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%" style="PADDING-BOTTOM: 2px">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 45pt"></font>Net cash provided by financing
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                    </td>
                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">275,115</font></font></td>
                    <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="white">
                    <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Net
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                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(46,745</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  </tr>
                  <tr bgcolor="white">
                    <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; 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="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Supplemental
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="74%">
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr bgcolor="white">
                    <td valign="bottom" width="74%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%">
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="white">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Percentage of royalty interest
      purchase issued as payment <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">for
      finder&#8217;s fee</font></font></div>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">31,863</font></font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">46,250</font></font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td valign="bottom" width="74%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Asset retirement
      obligations</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">23,152</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">26,076</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
              </table>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
accompanying notes are an integral part of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">the
consolidated financial statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; 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: 10pt; FONT-FAMILY: Times New Roman">Page
6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: dimgray" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">MEXCO
ENERGY CORPORATION AND SUBSIDIARY</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(Unaudited)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;Nature
of Operations</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Mexco
Energy Corporation (a Colorado corporation), its wholly owned subsidiaries,
Forman Energy Corporation (a New York corporation) and OBTX, LLC (a Delaware
limited liability company) (collectively, the &#8220;Company&#8221;) are engaged in the
exploration, development and production of natural gas, crude oil, condensate
and natural gas liquids (NGLs).&#160;&#160;Although most of the Company&#8217;s oil
and gas interests are centered in West Texas, the Company owns producing
properties and undeveloped acreage in ten states.&#160;&#160;Although most of
the Company&#8217;s oil and gas interests are operated by others, the Company operates
several properties in which it owns an interest.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In the
opinion of management, the accompanying unaudited consolidated financial
statements contain all adjustments (consisting only of normal recurring
accruals) necessary to present fairly the financial position of the Company as
of December 31, 2008, and the results of its operations and cash flows for the
interim periods ended December 31, 2008 and 2007.&#160;&#160;The results of
operations for the periods presented are not necessarily indicative of the
results to be expected for a full year. The accounting policies followed by the
Company are set forth in more detail in Note 2 of the &#8220;Notes to Consolidated
Financial Statements&#8221; in the Company&#8217;s annual report on Form 10-K filed with the
Securities and Exchange Commission (&#8220;SEC&#8221;).&#160;&#160;Certain information and
footnote disclosures normally included in financial statements prepared in
accordance with accounting principles generally accepted in the United States of
America have been condensed or omitted in this Form 10-Q pursuant to the rules
and regulations of the SEC. However, the disclosures herein are adequate to make
the information presented not misleading. It is suggested that these financial
statements be read in conjunction with the financial statements and notes
thereto included in the Form 10-K.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;Summary
of Significant Accounting Policies</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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Consolidation</font>.&#160;&#160;The consolidated financial statements include
the accounts of Mexco Energy Corporation and its wholly owned
subsidiaries.&#160;&#160;All significant intercompany balances and transactions
associated with the consolidated operations have been eliminated.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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Assumptions</font>.&#160;&#160;In preparing financial statements in conformity
with accounting principles generally accepted in the United States of America,
management is required to make informed judgments and estimates that affect the
reported amounts of assets and liabilities as of the date of the financial
statements and affect the reported amounts of revenues and expenses during the
reporting period.&#160;&#160;Although management believes its estimates and
assumptions are reasonable, actual results may differ materially from those
estimates.&#160;&#160;Significant estimates affecting these financial statements
include the estimated quantities of proved oil and gas reserves, the related
present value of estimated future net cash flows and the future development,
dismantlement and abandonment costs.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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Compensation</font>.&#160;&#160;The Company recognized compensation expense of
$12,481<font style="DISPLAY: inline; COLOR: #0000ff">&#160;</font>and
$13,989<font style="DISPLAY: inline; COLOR: #0000ff">&#160;</font>in general and
administrative expense in the Consolidated Statements of Operations for the
three months ended December 31, 2008 and 2007,
respectively.&#160;&#160;Compensation expense recognized for the nine months
ended December 31, 2008 and 2007 was<font style="DISPLAY: inline; COLOR: #0000ff">&#160;</font>$44,928<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>and $66,506,
respectively.</font></div>
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following table is a summary of activity of stock options for the nine months
ended December 31, 2008:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="left">
        <div align="justify">
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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      Average</font></div>
                </td>
                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td colspan="2" valign="bottom">
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      Average</font></div>
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                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td colspan="2" valign="bottom">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Number
      of</font></div>
                </td>
                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td colspan="2" valign="bottom">
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      Price</font></div>
                </td>
                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td colspan="2" valign="bottom">
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      Life</font></div>
                </td>
                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td colspan="2" valign="bottom">
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                <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr>
                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
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                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">Per Share</font></font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">in Years</font></font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">Value</font></font></div>
                </td>
                <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="lightgrey">
                <td valign="bottom" width="48%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Outstanding at March 31,
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                </td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">290,000</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">6.06</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">3.30</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(535,750</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
              </tr>
              <tr bgcolor="white">
                <td valign="bottom" width="48%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 40.5pt"></font>Granted</font></div>
                </td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">-</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="lightgrey">
                <td valign="bottom" width="48%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 40.5pt"></font>Exercised</font></div>
                </td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="white">
                <td valign="bottom" width="48%" style="PADDING-BOTTOM: 2px">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 40.5pt"></font>Forfeited or
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                </td>
                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <tr bgcolor="lightgrey">
                <td valign="bottom" width="48%" style="PADDING-BOTTOM: 4px">
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                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">152,500</font></font></td>
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                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
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                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">974,753</font></font></td>
                <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="white">
                <td valign="bottom" width="48%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="lightgrey">
                <td valign="bottom" width="48%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Vested at December 31,
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                </td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">118,750</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">5.98</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">3.25</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">761,753</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr bgcolor="white">
                <td valign="bottom" width="48%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font>Exercisable at December 31,
      2008</font></div>
                </td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">118,750</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">5.98</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">3.25</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">761,753</font></td>
                <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
          </table>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; 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: 10pt; FONT-FAMILY: Times New Roman">Page
7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: dimgray" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">There
were no stock options granted during the nine months ended December 31,
2008.&#160;&#160;During the nine months ended December 31, 2007, stock options
covering 25,000 shares were granted.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">During
the nine months ended December 31, 2008, employees and directors exercised
options on a total of 117,500 shares at exercise prices between $4.00 and $8.24
per share.&#160;&#160;The Company received proceeds of $686,928 from these
exercises. The total intrinsic value of the exercised options was
$4,177,440.&#160;&#160;No tax deduction is recorded when options are
awarded.<font style="DISPLAY: inline; COLOR: #0000ff">&#160;</font>Of these
exercised options, 44,500 shares resulted in a disqualifying disposition and a
tax benefit for the Company of<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>$538,187 for the nine
months ended December 31, 2008.&#160;&#160;The Company issued new shares of
common stock to settle these option exercises.&#160;&#160;Stock options covering
1,000 shares were exercised during the nine months ended December 31,
2007.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">No
forfeiture rate is assumed for stock options granted to directors or employees
due to the forfeiture rate history for these types of awards.&#160;&#160;On
April 2, 2008, 20,000 stock options expired because they were not exercised
prior to the end of their ten-year term.&#160;&#160;During the nine months ended
December 31, 2007, 35,250 vested and 3,750 unvested stock options were forfeited
due to the termination of a consulting agreement with a consultant and the
resignation of an employee.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Outstanding
options at December 31, 2008 expire between September 2009 and July 2014 and
have exercise prices ranging from $4.00 to $8.24.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The total
cost related to non-vested awards not yet recognized at December 31, 2008 totals
approximately $47,483<font style="DISPLAY: inline; COLOR: #0000ff">&#160;</font>which is expected to be
recognized over a weighted average of 2.3 years.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Asset Retirement
Obligations</font>.&#160;&#160;The Company&#8217;s asset retirement obligations relate
to the plugging of wells, the removal of facilities and equipment, and site
restoration on oil and gas properties.&#160;&#160;SFAS No. 143 requires the fair
value of a liability for an asset retirement obligation to be recorded in the
period in which it is incurred with a corresponding increase in the carrying
amount of the related long-lived asset.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
following table provides a rollforward of the asset retirement obligations for
the first nine months of fiscal 2009:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="left">
        <div align="left">
          <div align="left">
            <table cellpadding="0" cellspacing="0" width="75%">
                <tr bgcolor="lightgrey">
                  <td align="left" valign="bottom" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Carrying amount of asset
      retirement obligations as of April 1, 2008</font></div>
                  </td>
                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                  <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">424,789</font></td>
                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr>
                <tr bgcolor="white">
                  <td align="left" valign="bottom" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Liabilities
    incurred</font></div>
                  </td>
                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">23,152</font></td>
                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td align="left" valign="bottom" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Liabilities
    settled</font></div>
                  </td>
                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(1,093</font></td>
                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)</font></td>
                </tr>
                <tr bgcolor="white">
                  <td align="left" valign="bottom" width="85%" style="PADDING-BOTTOM: 2px">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Accretion expense</font></div>
                  </td>
                  <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">21,495</font></font></td>
                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td align="left" valign="bottom" width="85%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Carrying amount of asset
      retirement obligations as of December 31, 2008</font></div>
                  </td>
                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">468,343</font></td>
                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr>
                <tr bgcolor="white">
                  <td align="left" valign="bottom" width="85%" style="PADDING-BOTTOM: 2px">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Less: Current
    portion</font></div>
                  </td>
                  <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">50,000</font></font></td>
                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr>
                <tr bgcolor="lightgrey">
                  <td align="left" valign="bottom" width="85%" style="PADDING-BOTTOM: 4px">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Non-Current asset retirement
      obligation</font></div>
                  </td>
                  <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The asset
retirement obligation is included on the consolidated balance sheets with the
current portion being included in the accounts payable and other accrued
expenses.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Related Party
Transactions.&#160;&#160;</font>A Family Limited Partnership of Thomas Craddick
received from the Company a finder&#8217;s fee in kind, equal to 2.5% of the mineral
interest purchased in the Newark East Field in Johnson County, Texas in October
2008.&#160;&#160;Thomas Craddick is a member of the board of directors and
Company employee.&#160;&#160;Mr. Craddick invested his personal funds in a
working interest (5.0% before payout and 3.75% after payout) in the Company&#8217;s
well in Ward County, Texas.&#160;&#160;As of December 31, 2008, Mr. Craddick did
not have a balance due for his share of the expenses on this
well.&#160;&#160;This personal investment was made on the same basis as an
unrelated third party investor.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On April
1, 2007, Jeff Smith, a member of the board of directors through September 11,
2008 and a geological consultant, entered into an agreement with the Company to
provide geological consulting services for a fee of approximately $10,000 per
month plus expenses.&#160;&#160;The Company incurred charges from Mr. Smith for
services rendered under this agreement and bonuses of approximately $35,500 and
$94,870 for the three and nine months ended<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>December 31, 2008,
respectively.<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>As of
December 31, 2008, there was an outstanding invoice of $7,500 payable to Mr.
Smith which was subsequently paid on January 15, 2009.<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>Also as part of this
agreement, Mr. Smith received from the Company a 0.25% overriding interest in
each of the two wells in Loving County, Texas, a 1.0% overriding interest in the
well in Ward County, Texas and a .5% overriding interest in the well in Reeves
County, Texas.&#160;&#160;Royalties paid to Mr. Smith from the Reeves County
well were $3,836 for the nine months ended December 31, 2008.&#160;&#160;Mr.
Smith invested his personal funds in a working interest in the Company&#8217;s wells
in Reeves County, Texas (2.5% before payout and 1.875% after payout) and Ward
County, Texas (2.0% before payout and 1.5% after payout), on a non-promoted
basis. <font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>As of December
31, 2008, Mr. Smith did not have a balance due for his share of the expenses on
these wells.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: dimgray" noshade size="1">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Income Per Common
Share.</font>&#160;&#160;Basic net income per share is computed by dividing net
income by the weighted average number of common shares outstanding during the
period.&#160;&#160;Diluted net income per share is computed by dividing net
income by the weighted average number of common shares and dilutive potential
common shares (stock options) outstanding during the period.&#160;&#160;The
following is a reconciliation of the number of shares used in the calculation of
basic income per share and diluted income per share for the three and nine month
periods ended December 31, 2008 and 2007:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div align="left">
        <div align="left">
          <div align="left">
            <div align="left">
              <table cellpadding="0" cellspacing="0" width="100%">
                  <tr>
                    <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom">
                      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Three
      Months Ended</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Nine
      Months Ended</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="6" valign="bottom">
                      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">December
      31</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">December
      31</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2008</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2008</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">2007</font></div>
                    </td>
                    <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td align="left" valign="bottom">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Weighted average common
      shares</font></div>
                    </td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="48%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>outstanding -
    basic</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,874,866</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,764,649</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,836,999</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,771,222</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td align="left" valign="bottom" width="48%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Effect of the assumed exercise
      of</font></div>
                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="48%" style="PADDING-BOTTOM: 2px">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>dilutive stock
      options</font></div>
                    </td>
                    <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="lightgrey">
                    <td align="left" valign="bottom" width="48%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Weighted average common
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                    </td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$&#160;</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">0.14</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
                  <tr bgcolor="white">
                    <td align="left" valign="bottom" width="48%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font size="+0">Diluted</font></font></div>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">0.07</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
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                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$&#160;</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;0.61</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">$</font></td>
                    <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">0.14</font></td>
                    <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  </tr>
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      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">For the
three month and nine month periods ended December 31, 2008, no potential common
shares relating to stock options were excluded in the computation of diluted net
income per share.&#160;&#160;For the three month and nine month periods ended
December 31, 2007, potential common stock of 240,000 shares, relating to stock
options, were excluded in the computation of diluted net income per share
because the options were anti-dilutive.&#160;&#160;The December 31, 2007
anti-dilutive stock options had a weighted average exercise price of
$6.49.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Income Taxes</font>.&#160;&#160;The
Company recognizes deferred tax assets and liabilities for future tax
consequences of temporary differences between the carrying amounts of assets and
liabilities and their respective tax bases.<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>Deferred tax assets and
liabilities are measured using enacted tax rates applicable to the years in
which those differences are expected to be settled.&#160;&#160;The effect on
deferred tax assets and liabilities of a change in tax rates under SFAS No. 109
is recognized in net income in the period that includes the enactment date.<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>For the three and nine
months ending December 31, 2008, current<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>income tax is $67,057 and
$538,187 and deferred income tax is $2,311 and $42,170, resulting in an
effective tax rate of 35% and 33%, respectively.&#160;&#160;There was no current
income tax expense for the three and nine months ending December 31,
2007.&#160;&#160;There was a deferred income tax expense of $102,468 and
$115,302 for the three months and nine months ended December 31, 2007,
respectively.&#160;&#160;The effective income tax rate for the three and nine
months ended December 31, 2007 was 32%.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Effective
April 1, 2007, we adopted the provisions of Financial Accounting Standards
Bulletin (&#8220;FASB&#8221;) Interpretation No. 48, <font style="DISPLAY: inline; FONT-STYLE: italic">Accounting for Uncertainty in Income
Taxes &#8211; An Interpretation of FASB Statement No. 109 </font>(&#8220;FIN 48&#8221;), which
clarifies the financial statement recognition and disclosure requirements for
uncertain tax positions taken or expected to be taken in a tax return.<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>For the nine months ending
December 31, 2008, the amount of unrecognized tax benefits was approximately
$496,000.&#160;&#160;For the nine months ending December 31, 2007, there were no
unrecognized tax benefits.&#160;&#160;Any interest and penalties related to
uncertain tax positions are recorded as interest expense and general and
administrative expense, respectively.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Investment in GazTex,
LLC.&#160;&#160;</font>The Company&#8217;s long-term asset consisted of an investment
in GazTex, LLC, a Russian company owned 50% by OBTX, LLC, accounted for by the
equity method.&#160;&#160;OBTX, LLC is a Delaware limited liability company in
which from January 16, 2007, Mexco owned 100% of the interest.&#160;&#160;In May
2008, the Company dissolved GazTex, LLC and received the initial cash investment
less related fees and expenses for a net amount of $18,700.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Long Term
Liabilities.</font>&#160;&#160;Long term liabilities consist of a revolving
credit agreement with Bank of America, N.A. (&#8220;Bank&#8221;), which provides for a
credit facility of $5,000,000 with no monthly commitment
reductions.&#160;&#160;The borrowing base is evaluated annually, on or about
September 1.<font style="DISPLAY: inline; COLOR: #0000ff">&#160;</font>Amounts
borrowed under this agreement are collateralized by the common stock of one of
the Company&#8217;s wholly owned subsidiaries and all of the Company&#8217;s oil and gas
properties.&#160;&#160;&#160;In September 2008, the borrowing base was
redetermined and set at $4,900,000.&#160;&#160;In December 2008, the credit
agreement was renewed with a maturity date of October 31, 2010.&#160;&#160;Under
the renewed agreement, interest on the facility accrues at an annual rate equal
to the British Bankers Association London Interbank Offered Rate (&#8220;BBA LIBOR&#8221;)
daily floating rate, plus 2.50 percentage points.&#160;&#160;Interest on the
outstanding amount under the credit agreement is payable monthly.&#160;&#160;In
addition, the Company will pay an unused commitment fee in an amount equal to &#189;
of 1 percent (.5%) times the daily average of the unadvanced amount of the
commitment.&#160;&#160;The unused commitment fee shall be payable quarterly in
arrears on the last day of each calendar quarter beginning March 31,
2009.&#160;&#160;Two letters of credit for $50,000 each, in lieu of a plugging
bond covering the properties we operate, are outstanding under the facility, one
with the Texas Railroad Commission and one with the State of New
Mexico.&#160;&#160;The loan agreement contains customary covenants for credit
facilities of this type including limitations on disposition of assets, mergers
and reorganizations.&#160;&#160;The Company is also obligated to meet certain
financial covenants under the loan agreement.&#160;&#160;The Company is in
compliance with all covenants as of December 31, 2008.&#160;&#160;The balance
outstanding on the line of credit as of December 31, 2008 was
$1,650,000.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div id="HDR">
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Recent Accounting
Pronouncements.&#160;&#160;</font>Effective April 1, 2008, the Company
implemented Financial Accounting Standards Board (&#8220;FASB&#8221;) Statement of Financial
Accounting Standards No. 157, <font style="DISPLAY: inline; FONT-STYLE: italic">Fair Value Measurements</font>
(&#8220;SFAS 157&#8221;), which defines fair value, establishes a framework for its
measurement and expands disclosures about fair value
measurements.&#160;&#160;The Company elected to implement this Statement with
the one-year deferral permitted by FASB Staff Position (&#8220;FSP&#8221;) 157-2 for
nonfinancial assets and nonfinancial liabilities measured at fair value, except
those that are recognized or disclosed on a recurring basis (at least
annually).&#160;&#160;The deferral applies to nonfinancial assets and
liabilities measured at fair value in a business combination; impaired
properties, plants and equipment; intangible assets and goodwill; and initial
recognition of asset retirement obligations and restructuring costs for which
the Company uses fair value.&#160;&#160;Management does not expect any
significant impact to the consolidated financial statements when SFAS 157 for
these assets and liabilities is implemented.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
May&#160;2008, the FASB issued SFAS&#160;No.&#160;162, <font style="DISPLAY: inline; FONT-STYLE: italic">The Hierarchy of Generally Accepted
Accounting Principles</font>, which has been established by the FASB as a
framework for entities to identify the sources of accounting principles and for
selecting the principles to be used in the preparation of financial statements
of nongovernmental entities that are presented in conformity with US
GAAP.&#160;&#160;SFAS&#160;No.&#160;162 is effective 60&#160;days following the
SEC&#8217;s approval of the Public Company Accounting Oversight Board&#8217;s (&#8220;PCAOB&#8221;)
amendments to AU Section&#160;411, <font style="DISPLAY: inline; FONT-STYLE: italic">The Meaning of Present Fairly in
Conformity With Generally Accepted Accounting
Principles</font>.&#160;&#160;Accordingly, the Company will adopt
SFAS&#160;No.&#160;162 within the required period.&#160;&#160;The Company does
not expect that the adoption of this Standard will have an impact on the
financial statements.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In June
2008, the SEC announced that it has approved a one-year extension of the
compliance data for smaller reporting companies to meet the section 404(b)
auditor attestation requirement of the Sarbanes-Oxley Act.&#160;&#160;With the
extension, small companies will now be required to provide the attestation
reports in their annual reports for the fiscal years ending on or after December
15, 2009.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
October 2008, the FASB issued FSP FAS 157-3, <font style="DISPLAY: inline; FONT-STYLE: italic">Determining the Fair Value of a
Financial Asset When the Market for That Asset Is Not Active</font>. FSP FAS
157-3 clarifies the application of FASB statement No.&#160;157, Fair Value
Measurements, in a market that is not active and provides an example to
illustrate key considerations in determining the fair value of a financial asset
when the market for that financial asset is not active. This FSP is effective
upon issuance and will not have a material impact on our financial position,
results of operations or cash flows.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
December&#160;2008, the SEC released Final Rule, <font style="DISPLAY: inline; FONT-STYLE: italic">Modernization of Oil and Gas
Reporting</font>. The new disclosure requirements include provisions that permit
the use of new technologies to determine proved reserves if those technologies
have been demonstrated empirically to lead to reliable conclusions about
reserves volumes. The new requirements also will allow companies to disclose
their probable and possible reserves to investors. In addition, the new
disclosure requirements require companies to: (a) report the independence and
qualifications of its reserves preparer or auditor; (b) file reports when a
third party is relied upon to prepare reserves estimates or conducts a reserves
audit; and (c) report oil and natural gas reserves using an average price based
upon the prior 12-month period rather than year-end prices. The new disclosure
requirements are effective for annual reports on Forms 10-K for fiscal years
ending on or after December&#160;31, 2009. The Company is currently assessing
the impact that adoption of this rule will have on its financial
disclosures.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Item
2. Management&#8217;s Discussion and Analysis of Financial Condition and Results of
Operations</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Unless
the context otherwise requires, references to the &#8220;Company&#8221;, &#8220;Mexco&#8221;, &#8220;we&#8221;, &#8220;us&#8221;
or &#8220;our&#8221; mean Mexco Energy Corporation and its consolidated
subsidiaries.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Cautionary Statements Regarding
Forward-Looking Statements.</font>&#160;&#160;Management&#8217;s Discussion and
Analysis of Financial Condition and Results of Operations (&#8220;MD&amp;A&#8221;) contains
&#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities
Act of 1933, as amended (the &#8220;Securities Act&#8221;), and Section 21E of the
Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;).&#160;&#160;Forward-looking statements can be identified with words and
phrases such as &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;should,&#8221; &#8220;estimate,&#8221;
&#8220;foresee&#8221; or other words and phrases of similar
meaning.&#160;&#160;Forward-looking statements appear throughout this Form 10-Q
with respect to, among other things:&#160;&#160;profitability, planned capital
expenditures; estimates of oil and gas production, estimates of future oil and
gas prices; estimates of oil and gas reserves; future financial condition or
results of operations; and business strategy and other plans and objectives for
future operations. Forward-looking statements involve known and unknown risks
and uncertainties that could cause actual results to differ materially from
those contained in any forward-looking statement.&#160;&#160;While we have made
assumptions that we believe are reasonable, the assumptions that support our
forward-looking statements are based upon information that is currently
available and is subject to change.&#160;&#160;All forward-looking statements in
the Form 10-Q are qualified in their entirety by the cautionary statement
contained in this section.&#160;&#160;We do not undertake to update, revise or
correct any of the forward-looking information.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Liquidity and Capital
Resources.</font>&#160;&#160;Historically, we have funded our operations,
acquisitions, exploration and development expenditures from cash generated by
operating activities, bank borrowings and issuance of common
stock.&#160;&#160;Our primary financial resource is our base of oil and gas
reserves.&#160;&#160;We pledge our producing oil and gas properties to secure
our revolving line of credit.&#160;&#160;In the past two fiscal years, we have
obtained additional financing for prospects by selling fractional working
interests to industry partners at prices in excess of our cost.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Our long
term strategy is on increasing profit margins while concentrating on obtaining
reserves with low cost operations by acquiring and developing primarily gas
properties and secondarily oil properties with potential for long-lived
production.</font></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="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">For the
first nine months of fiscal 2009, cash flow from operations was $2,366,686<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>compared to $658,241 for
the first nine months of fiscal 2008.&#160;&#160;This increase was primarily due
to an increase in cash provided by oil and gas sales.&#160;&#160;Cash of<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>$2,709,451<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>was used for additions to
property and equipment and $950,000 for net reductions in long term
debt.&#160;&#160;Accordingly, net cash decreased $46,745.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">During
the third quarter of fiscal 2008, we acted as operator and drilled an
exploratory well in Loving County, Texas which has been completed.&#160;&#160;We
have acquired right-of-way, built a pipeline and commenced testing and sales of
natural gas from this well.&#160;&#160;Our share of the costs incurred for this
project through January 2009 for our 31.25% working interest is approximately
$524,000.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On June
6, 2008 we purchased mineral and royalty interests contained in an aggregate of
522 acres with royalties varying from .126% to .385% in 6 producing natural gas
wells, 5 proven undeveloped well locations and an additional 6 potential drill
sites in the Newark East (Barnett-Shale) Field of Tarrant County, Texas for
approximately $429,000.&#160;&#160;This acreage now has 8 producing natural gas
wells with an additional well currently being drilled.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Effective
July 1, 2008, we purchased a well in Loving County, Texas which is capable of
producing from the Lower Cherry Canyon section.&#160;&#160;We are acting as
operator and have re-entered the well, tested one horizon and plan to test two
other horizons.&#160;&#160;Our share of the costs for our 31.25% working
interest through January 2009 is approximately<font style="DISPLAY: inline; COLOR: #0000ff">&#160;</font>$116,000.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
September 2008, we committed to participate in the drilling of a development
well in Limestone County, Texas.&#160;&#160;This well has been completed and is
currently producing.&#160;&#160;Costs incurred for this project through January
2009 are approximately $31,000.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
September 2008, we acted as operator and re-entered a well in Ward County, Texas
to an approximate depth of 14,000 feet to test the upper and lower Pennsylvanian
intervals.&#160;&#160;This well was recompleted, perforated, acid fraced and is
currently being tested pending completion of a pipeline for sales of natural
gas.&#160;&#160;Costs incurred for this project through January 2009 for our
25.5% working interest are approximately $76,000.<font style="DISPLAY: inline; COLOR: #0000ff">&#160;</font>We also own a 2% overriding
royalty interest in this well.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On
October 16, 2008, we purchased interests in approximately 143 mineral acres
amounting to an approximate 10% net royalty in three gas wells located in
Johnson County, Texas for approximately $1.275 million.&#160;&#160;This property
contains three (3) development wells in the Newark East (Barnett Shale) Field
which have been drilled and were put on production in mid-November
2008.&#160;&#160;Approximately 28 of the 143 acres are outside of the drilling
and spacing unit for these three wells and are also available for further
development.&#160;&#160;A Family Limited Partnership of<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>a<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>director and employee of
the Company received a finder&#8217;s fee of 2.5% of the mineral interest purchased in
lieu of a cash payment as disclosed on Form 8-K dated October 15,
2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">We
continue to focus our efforts on the acquisition of royalties in areas with
significant development potential.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">We are
participating in several others projects and are reviewing several other
projects in which we may participate.&#160;&#160;The cost of such projects would
be funded, to the extent possible, from existing cash balances and cash flow
from operations. The remainder may be funded through borrowings on the credit
facility.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">At
December 31, 2008, we had working capital of approximately $497,559 compared to
working capital of $627,674 at<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>March 31, 2008, a decrease
of $130,115.&#160;&#160;This was mainly as a result of a decrease in accounts
receivable oil and gas sales.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Crude oil
and natural gas prices have fluctuated significantly in recent
years.&#160;&#160;There have been substantial decreases in recent
months.&#160;&#160;Fluctuations in price have a significant impact on our
financial condition and liquidity.&#160;&#160;However, management is of the
opinion that cash flow from operations and funds available from financing will
be sufficient to provide adequate liquidity for the current fiscal
year.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">We have a
revolving credit agreement with Bank of America, N.A. (&#8220;Bank&#8221;), which provides
for a credit facility of $5,000,000,<font style="DISPLAY: inline; COLOR: #0000ff">&#160;</font>subject to a borrowing base
determination.&#160;&#160;In September 2008, the borrowing base was redetermined
and set at $4,900,000 with no monthly commitment reductions.<font style="DISPLAY: inline; COLOR: #0000ff">&#160;</font>The borrowing base is
evaluated annually, on or about September 1.&#160;&#160;Amounts borrowed under
this agreement are collateralized by the common stock of one of the Company&#8217;s
wholly owned subsidiaries and all of the Company&#8217;s oil and gas
properties.&#160;&#160;&#160;Two letters of credit for $50,000 each, in lieu of
a plugging bond covering the properties we operate, are outstanding under the
facility, one with the Texas Railroad Commission and one with the State of New
Mexico.&#160;&#160;Interest under this agreement is payable
monthly.&#160;&#160;The balance outstanding under this agreement as of December
31, 2008 was $1,650,000 and<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>$1,575,000 as of February
11, 2009.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Results of Operations &#8211; Three Months
Ended December 31, 2008 and 2007.</font><font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>Net income decreased from
$221,114 for the quarter ended December 31, 2007 to $131,501 for the quarter
ended December 31, 2008, a decrease of $89,613 or 41% primarily as a result of a
decrease in oil and gas sales and an increase in depreciation, depletion and
amortization.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Oil and gas sales</font><font style="DISPLAY: inline; COLOR: #ff0000">.&#160;&#160;</font>Revenue from oil and
gas sales decreased from $952,211 for the third quarter of fiscal 2008 to
$908,253<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>for the same
period of fiscal 2009.&#160;&#160;This decrease of 5% or $43,958 resulted from a
decrease in oil and gas prices and oil production partially offset by an
increase in gas production.&#160;&#160;Revenues from oil and gas royalty
interests accounted for approximately 47%<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>of our total revenues for
the third<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>quarter of
fiscal 2009 compared to 16% for the third quarter of fiscal 2008.<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>Average gas prices
decreased from $6.36 per mcf for the third quarter of fiscal 2008 to $4.54 per
mcf for the same period of fiscal 2009.&#160;&#160;Average oil prices also
decreased from $86.05 per bbl for the third quarter of fiscal 2008 to $54.55 for
the same period of fiscal 2009.&#160;&#160;Oil and gas production quantities
were 4,515 barrels (&#8220;bbls&#8221;) and 88,630 thousand cubic feet (&#8220;mcf&#8221;) for the third
quarter of fiscal 2008 and<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>4,190 bbls and 149,778<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>mcf for the same period of
fiscal 2009, a decrease of 7% in oil production and an increase of 69% in gas
production.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Production and
exploration.&#160;&#160;</font>Production costs<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>decreased 1% from $241,019
for the third quarter of fiscal 2008<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>to $237,736<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>for the same period of
fiscal 2009. This was the result of decreased production taxes due to the
decrease in oil and gas sales partially offset by an increase in lease operating
expenses and ad valorem taxes.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Depreciation, depletion and
amortization.</font><font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>Depreciation, depletion and
amortization expense increased 55%, from $174,842<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>for the third quarter of
fiscal 2008 to $271,530 for the same period of fiscal 2009, primarily due to an
increase to the full cost pool amortization base.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">General and administrative
expenses.&#160;&#160;</font>General and administrative expenses increased 3%
from $187,648 for the third quarter of fiscal 2008 to $193,102 for the same
period of fiscal 2009. This was due to an increase in salaries, consulting
services and fees.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Interest expense. </font>Interest
expense decreased 24% from $22,791 for the third quarter of fiscal 2008 to
$17,226 for the same period of fiscal 2009, due to a decrease in borrowings as
well as interest rate.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Results of Operations &#8211; Nine Months
Ended December 31, 2008 and 2007.</font><font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>Net income increased from
$247,164 for the nine months ended December 31, 2007 to $1,181,405 for the same
period of fiscal 2009, an increase of $934,241 or 378%.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Oil and gas sales</font><font style="DISPLAY: inline; COLOR: #ff0000">.&#160;&#160;</font>Revenue from oil and
gas sales increased from $2,642,302 for the nine months ended December 31, 2007
to $4,176,050<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>for the
same period of fiscal 2009. This increase of 58%, or $1,533,748, resulted from
increases in oil<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>and
gas prices<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>and gas
production partially offset by a decrease in oil production.<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>Revenues from oil and gas
royalty interests accounted for approximately 36% of our total revenues for the
nine months ended December 31, 2008 compared to 18% for the same period of
fiscal 2008.&#160;&#160;Average gas prices increased from $6.35 per mcf for the
first nine months ended December 31, 2007 to $7.45<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>per mcf for the same period
of fiscal 2009.&#160;&#160;Average oil prices also increased from $72.09 per bbl
for the first nine months of fiscal 2008 to $96.89 for the same period of fiscal
2009.&#160;&#160;Oil and gas production quantities were 13,348 bbls and 264,435
mcf for the first nine months ended December 31, 2007 and 12,903<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>bbls and 392,921<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>mcf for the same period of
fiscal 2009, a decrease of 3% in oil production and an increase of 49% in gas
production.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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        </div>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Production and
exploration.&#160;&#160;</font>Production costs decreased from $1,041,405 for
the first nine months ended December 31, 2007 to $930,477 for the same period of
fiscal 2009.&#160;&#160;This was the result of an approximate 78% decrease in
repairs and maintenance to operated wells in the El Cinco field partially offset
by an increase in production taxes due to increased revenues and an increase in
ad valorem taxes.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Depreciation, depletion and
amortization.</font><font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>Depreciation, depletion and
amortization<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>expense
increased 41%, from $531,523 for the first nine months ended December 31, 2007
to $751,337 for the same period of fiscal 2009 primarily due to an increase to
the full cost pool amortization base.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">General and administrative
expenses.&#160;&#160;</font>General and administrative expenses increased 6%
from $636,191 for the first nine months ended December 31, 2007 to $674,002 for
the same period of fiscal 2009.&#160;&#160;This was due to an increase in salary
expense, consulting services and fees.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Interest expense. </font>Interest
expense increased 21% from $58,484 for the first nine months ended December 31,
2007 to $70,815 for the same period of fiscal 2009 due to an increase in
borrowings partially offset by a decreased interest rate.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Item
3.&#160;&#160;Quantitative and Qualitative Disclosures About Market
Risk</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
primary sources of market risk for us include fluctuations in commodity prices
and interest rate fluctuations.&#160;&#160;At December 31, 2008, we had not
entered into any hedge arrangements, commodity swap agreements, commodity
futures, options or other similar agreements relating to crude oil and natural
gas.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Interest Rate
Risk.</font>&#160;&#160;At December 31, 2008 we had an outstanding loan balance
of $1,650,000 under our<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>$5.0<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>million revolving credit
agreement, which bears interest at BBA LIBOR daily floating rate, plus 2.50
percentage points.&#160;&#160;In addition, beginning March 31, 2009, we will pay
quarterly, in arrears, an unused commitment fee in an amount equal to &#189; of 1
percent (.5%) times the daily average of the unadvanced amount of the
commitment.&#160;&#160;If the interest rate on our bank debt increases or
decreases by one percentage point, our annual pretax income would change by
$16,500 based on the outstanding balance at December 31, 2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Credit Risk.</font>&#160;&#160;Credit
risk is the risk of loss as a result of nonperformance by other parties of their
contractual obligations. Our primary credit risk is related to oil and gas
production sold to various purchasers and the receivables are generally not
collateralized.&#160;&#160;At December 31, 2008, our largest credit risk
associated with any single purchaser was $171,619.<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>We are also exposed to
credit risk in the event of nonperformance from any of our working interest
partners.&#160;&#160;At December 31, 2008, our largest credit risk associated
with any working interest partner was $72,465.<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>We have not experienced any
significant credit losses.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Volatility of Oil and Gas
Prices</font>.&#160;&#160;Our revenues, operating results and future rate of
growth are highly dependent upon the prevailing market prices of, and demand
for, oil and natural gas.&#160;&#160;Prices for oil and natural gas fluctuate
widely.<font style="DISPLAY: inline; COLOR: #0000ff">&#160;</font>We cannot
predict future oil and natural gas prices with any
certainty.&#160;&#160;Historically, the markets for oil and gas have been
volatile, and they are likely to continue to be volatile.&#160;&#160;Factors
that can cause price fluctuations include the level of global demand for
petroleum products, foreign supply of oil and gas, the establishment of and
compliance with production quotas by oil-exporting countries, weather
conditions, the price and availability of alternative fuels and overall
political and economic conditions in oil producing
countries.&#160;&#160;Declines in oil and natural gas prices will materially
adversely affect our financial condition, liquidity, ability to obtain financing
and operating results.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Changes
in oil and gas prices impact both estimated future net revenue and the estimated
quantity proved reserves.&#160;&#160;Any reduction in reserves, including
reductions due to price fluctuations, can reduce the borrowing base under our
revolving credit facility and adversely affect the amount of cash flow available
for capital expenditures and our ability to obtain additional capital for our
exploration and development activities.&#160;&#160;In addition, we may have
ceiling test writedowns when prices decline.&#160;&#160;Lower prices may also
reduce the amount of crude oil and natural gas that can be produced
economically.&#160;&#160;Thus, we may experience material increases or decreases
in reserve quantities solely as a result of price changes and not as a result of
drilling or well performance.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Similarly,
any improvements in oil and gas prices can have a favorable impact on our
financial condition, results of operations and capital resources.&#160;&#160;Oil
and natural gas prices do not necessarily fluctuate in direct relationship to
each other.&#160;&#160;Our financial results are more sensitive to movements in
natural gas prices than oil prices because most of our production and reserves
are natural gas.&#160;&#160;If the average oil price had increased or decreased
by one dollar per barrel for the first nine months of fiscal 2009, our pretax
income would have changed by $12,903. If the average gas price had increased or
decreased by ten cents per mcf for the first nine months of fiscal 2009, our
pretax income would have changed by $39,292.</font></div>
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    <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="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Item
4.&#160;&#160;Controls and Procedures</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">We
maintain disclosure controls and procedures to ensure that information<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>we must disclose in our
filings with the SEC is recorded, processed, summarized and reported on a timely
basis.<font style="DISPLAY: inline; COLOR: #ff0000">&#160;</font>At the end of
the period covered by this report, our principal executive officer and principal
financial officer reviewed and evaluated the effectiveness of our disclosure
controls and procedures, as defined in Exchange Act Rules 13a-15(e) and
15d-15(e).&#160;&#160;Based upon such evaluation, such officers concluded that,
as of December 31, 2008, our disclosure controls and procedures were effective
in timely alerting them to material information relating to us (and our
consolidated subsidiaries) required to be included in our periodic SEC
filings.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">No
changes in the Company&#8217;s internal control over financial reporting occurred
during the quarter ended December 31, 2008 that have materially affected, or are
reasonably likely to materially affect, our internal control over financial
reporting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">PART II &#8211;
OTHER INFORMATION</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
        <div align="justify">
          <div align="justify">
            <div align="justify">
              <div align="justify">
                <div align="left">
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td valign="top" width="7%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Item
      1.</font></div>
                          </td>
                          <td colspan="2" valign="top" width="93%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Legal Proceedings</font></font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td colspan="2" valign="top" width="93%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">We
      may, from time to time, be involved in litigation and claims arising out
      of our operations in the normal course of business.&#160;&#160;We were a
      party to a lawsuit against the drilling company of a well in which we have
      a working interest of approximately 6.5%.&#160;&#160;The operator of this
      well is currently in the process of dismissing all claims.&#160;&#160;We
      are not aware of any legal or governmental proceedings against us, or
      contemplated to be brought against us, under various environmental
      protection statutes or other regulations to which we are
      subject.</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td colspan="2" valign="top" width="93%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Item
      1A.</font></div>
                          </td>
                          <td colspan="2" valign="top" width="93%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Risk Factors</font></font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td colspan="2" valign="top" width="93%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">There
      have been no material changes to the information previously disclosed in
      Item 1A. &#8220;Risk Factors&#8221; in our 2008 Annual Report on Form 10-K except to
      add that worldwide credit markets have experienced considerable difficulty
      in recent months.&#160;&#160;Thus, we expect future increased costs of and
      restricted ability to obtain financing.</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td colspan="2" valign="top" width="93%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Item
      4.</font></div>
                          </td>
                          <td colspan="2" valign="top" width="93%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Submission of Matters to a Vote of Security
      Holders</font></font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td colspan="2" valign="top" width="93%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">None.</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td colspan="2" valign="top" width="93%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Item
      6.</font></div>
                          </td>
                          <td colspan="2" valign="top" width="93%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Exhibits</font></font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td colspan="2" valign="top" width="93%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td valign="top" width="7%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">31.1</font></div>
                          </td>
                          <td valign="top" width="86%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Certification
      of the Chief Executive Officer of Mexco Energy
  Corporation</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td valign="top" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td valign="top" width="7%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">31.2</font></div>
                          </td>
                          <td valign="top" width="86%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Certification
      of the Chief Financial Officer of Mexco Energy
  Corporation</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td valign="top" width="86%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        </tr>
                        <tr>
                          <td valign="top" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td valign="top" width="7%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">32.1</font></div>
                          </td>
                          <td valign="top" width="86%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Certification
      of the Chief Executive Officer and Chief Financial Officer of Mexco Energy
      Corporation pursuant to 18 U.S.C.
&#167;1350</font></div>
                          </td>
                        </tr>
                    </table>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities and Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">MEXCO
      ENERGY CORPORATION</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">(Registrant)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Dated:
      February 11, 2009</font></div>
              </td>
              <td valign="top" width="50%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">/s/ Nicholas C. Taylor</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Nicholas
      C. Taylor</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">President</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Dated:
      February 11, 2009</font></div>
              </td>
              <td valign="top" width="50%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">/s/ Tamala L. McComic</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Tamala
      L. McComic</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Vice
      President, Treasurer and Assistant
Secretary</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><br>&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Page
14</font></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>fp0000479_ex31-1.htm
<TEXT>
<html>
  <head>
    <title>fp0000479_ex31-1.htm</title>
<!-- Licensed to: FilePoint EDGAR Services. LLC-->
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    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Exhibit
31.1</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CHIEF
EXECUTIVE OFFICER CERTIFICATION</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CERTIFICATION</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">I,
Nicholas C. Taylor, certify that:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">1.</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">I
      have reviewed this quarterly report on Form 10-Q of Mexco Energy
      Corporation;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">2.</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Based
      on my knowledge, this report does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">3.</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Based
      on my knowledge, the financial statements, and other financial information
      included in this report, fairly present in all material respects the
      financial condition, results of operations and cash flows of the
      registrant as of, and for, the periods presented in this
      report;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">4.</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
      registrant&#8217;s other certifying officer and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
      control over financial reporting (as defined in Exchange Act Rules
      13a-15(f) and 15d-15(f) for the registrant and
  have:</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">a)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">designed
      such disclosure controls and procedures, or caused such disclosure
      controls and procedures to be designed under our supervision, to ensure
      that material information relating to the registrant, including its
      consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">b)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">designed
      such internal control over financial reporting, or caused such internal
      control over financial reporting to be designed under our supervision, to
      provide reasonable assurance regarding the reliability of financial
      reporting and the preparation of financial statements for external
      purposes in accordance with generally accepted accounting
      principles;</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">c)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">evaluated
      the effectiveness of the registrant&#8217;s disclosure controls and procedures
      and presented in this report our conclusions about the effectiveness of
      the disclosure controls and procedures, as of the end of the period
      covered by this report based on such evaluation;
  and</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">d)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">disclosed
      in this report any change in the registrant&#8217;s internal control over
      financial reporting that occurred during the registrant&#8217;s most recent
      fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an
      annual report) that has materially affected, or is reasonably likely to
      materially affect, the registrant&#8217;s internal control over financial
      reporting; and</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">5.</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
      registrant&#8217;s other certifying officer and I have disclosed, based on our
      most recent evaluation of internal control over financial reporting, to
      the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s
      board of directors (or persons performing the equivalent
      functions):</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">a)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">all
      significant deficiencies and material weaknesses in the design or
      operation of internal control over financial reporting which are
      reasonably likely to adversely affect the registrant&#8217;s ability to record,
      process, summarize and report financial information;
  and</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="justify">&#160;</div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">b)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">any
      fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant&#8217;s internal control
      over financial reporting.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div align="left">
          <div align="justify">
            <div align="justify">
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td valign="top" width="35%" style="PADDING-BOTTOM: 2px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Date:&#160;&#160;February
      11, 2009</font></div>
                      </td>
                      <td valign="top" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="40%" style="BORDER-BOTTOM: #000000 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">/s/ Nicholas C. Taylor</font></font></div>
                      </td>
                      <td valign="top" width="20%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="40%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Nicholas
      C. Taylor</font></div>
                      </td>
                      <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="40%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Chief
      Executive Officer</font></div>
                      </td>
                      <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
                    </tr>
                </table>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>fp0000479_ex31-2.htm
<TEXT>
<html>
  <head>
    <title>fp0000479_ex31-2.htm</title>
<!-- Licensed to: FilePoint EDGAR Services. LLC-->
<!-- Document Created using EDGARizer 4.0.6.4 -->
<!-- Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved -->
</head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Exhibit
31.2</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CHIEF
FINANCIAL OFFICER CERTIFICATION</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CERTIFICATION</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">I, Tamala
L. McComic, certify that:</font></div>
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    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">1.</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">I
      have reviewed this quarterly report on Form 10-Q of Mexco Energy
      Corporation;</font></div>
            </td>
          </tr>
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    <div>
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Based
      on my knowledge, this report does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;</font></div>
            </td>
          </tr>
      </table>
    </div>
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    <div>
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            <td style="WIDTH: 36pt">
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Based
      on my knowledge, the financial statements, and other financial information
      included in this report, fairly present in all material respects the
      financial condition, results of operations and cash flows of the
      registrant as of, and for, the periods presented in this
      report;</font></div>
            </td>
          </tr>
      </table>
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            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
      registrant&#8217;s other certifying officer and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
      control over financial reporting (as defined in Exchange Act Rules
      13a-15(f) and 15d-15(f) for the registrant and
  have:</font></div>
            </td>
          </tr>
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    <div>
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          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">a)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">designed
      such disclosure controls and procedures, or caused such disclosure
      controls and procedures to be designed under our supervision, to ensure
      that material information relating to the registrant, including its
      consolidated subsidiaries, is made known to us by others within those
      entities, particularly during the period in which this report is being
      prepared;</font></div>
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    <div>
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          <tr valign="top">
            <td style="WIDTH: 36pt">
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            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">designed
      such internal control over financial reporting, or caused such internal
      control over financial reporting to be designed under our supervision, to
      provide reasonable assurance regarding the reliability of financial
      reporting and the preparation of financial statements for external
      purposes in accordance with generally accepted accounting
      principles;</font></div>
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          </tr>
      </table>
    </div>
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    <div>
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            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">evaluated
      the effectiveness of the registrant&#8217;s disclosure controls and procedures
      and presented in this report our conclusions about the effectiveness of
      the disclosure controls and procedures, as of the end of the period
      covered by this report based on such evaluation;
  and</font></div>
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    <div>
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            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">disclosed
      in this report any change in the registrant&#8217;s internal control over
      financial reporting that occurred during the registrant&#8217;s most recent
      fiscal quarter (the registrant&#8217;s fourth fiscal quarter in the case of an
      annual report) that has materially affected, or is reasonably likely to
      materially affect, the registrant&#8217;s internal control over financial
      reporting; and</font></div>
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
      registrant&#8217;s other certifying officer and I have disclosed, based on our
      most recent evaluation of internal control over financial reporting, to
      the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s
      board of directors (or persons performing the equivalent
      functions):</font></div>
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            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">a)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">all
      significant deficiencies and material weaknesses in the design or
      operation of internal control over financial reporting which are
      reasonably likely to adversely affect the registrant&#8217;s ability to record,
      process, summarize and report financial information;
  and</font></div>
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              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
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          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">any
      fraud, whether or not material, that involves management or other
      employees who have a significant role in the registrant&#8217;s internal control
      over financial reporting.</font></div>
            </td>
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      11, 2009</font></div>
                  </td>
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                    <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">/s/ Tamala L. McComic</font></font></div>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>fp0000479_ex32-1.htm
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  <head>
    <title>fp0000479_ex32-1.htm</title>
<!-- Licensed to: FilePoint EDGAR Services. LLC-->
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Exhibit
32.1</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CERTIFICATION
OF</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">CHIEF
EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">OF MEXCO
ENERGY CORPORATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">PURSUANT
TO 18 U.S.C. Sec.1350</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 20pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 16pt"></font>In connection with the Quarterly Report
of Mexco Energy Corporation on Form 10-Q for the quarterly period ended December
31, 2008, as filed with the Securities and Exchange Commission on February 12,
2009 (the &#8220;Report&#8221;), the undersigned, in the capacities and on the dates
indicated below, each hereby certify pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the
best of their knowledge:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">1.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
      Report fully complies with the requirements of Section 13(a) or 15(d) of
      the Securities Exchange Act of 1934, as amended;
  and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
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            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">2.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
      information contained in the Report fairly presents, in all material
      respects, the financial condition and results of operations of Mexco
      Energy Corporation as of the dates and for periods presented as required
      by such Report.</font></div>
            </td>
          </tr>
      </table>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="justify">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Date:&#160;&#160;February
      11, 2009</font></div>
              </td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="40%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">/s/ </font><font style="DISPLAY: inline">Nicholas C. Taylor</font></font></div>
              </td>
              <td valign="top" width="20%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Nicholas
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              <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Chief
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              <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">/s/ </font><font style="DISPLAY: inline">Tamala L. McComic</font></font></div>
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              <td valign="top" width="20%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Tamala
      L. McComic</font></div>
              </td>
              <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 4pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Chief
      Financial Officer</font></div>
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              <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
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