<SEC-DOCUMENT>0001398344-12-002115.txt : 20120629
<SEC-HEADER>0001398344-12-002115.hdr.sgml : 20120629
<ACCEPTANCE-DATETIME>20120629155016
ACCESSION NUMBER:		0001398344-12-002115
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120629
DATE AS OF CHANGE:		20120629

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-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31785
		FILM NUMBER:		12935981

	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-K
<SEQUENCE>1
<FILENAME>fp0005036_10k.htm
<TEXT>
<html>
<head>
    <title>fp0005036_10k.htm</title>
    <!--Licensed to: FilePoint EDGAR Services, LLC-->
    <!--Document Created using EDGARizerAgent 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">
<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">UNITED STATES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Washington, D.C.&#160;&#160;20549</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">FORM 10-K</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">[<font style="DISPLAY: inline;" face="Symbol, serif">&#214;</font>]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES&#160;&#160;EXCHANGE ACT OF 1934</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For the fiscal year ended March 31, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#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;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Commission File No. 0-6694</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">MEXCO ENERGY CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(Exact name of registrant as specified in its charter)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="top" width="38%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Colorado</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">84-0627918</font></div>
</td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="top" width="38%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(State or other jurisdiction of</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(I.R.S. Employer</font></div>
</td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="top" width="38%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">incorporation or organization)</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Identification No.)</font></div>
</td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="top" width="38%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="top" width="38%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">214 W. Texas Avenue, Suite 1101</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">79701</font></div>
</td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
<td valign="top" width="38%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Midland, Texas</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(Zip Code)</font></div>
</td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="top" width="38%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(Address of principal executive offices)</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Registrant's telephone number, including area code:&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">(432) 682-1119</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Securities registered pursuant to Section 12(b) of the Act:&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">None</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Securities registered pursuant to Section 12(g) of the Act:&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Common Stock, $0.50 par value</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&#160;&#160;Yes [&#160;&#160;]&#160;&#160;No [<font style="DISPLAY: inline;" face="Symbol, serif">&#214;</font> ]</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.&#160;&#160;Yes [&#160;&#160;]&#160;&#160;No [<font style="DISPLAY: inline;" face="Symbol, serif">&#214;</font> ]</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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 twelve (12) months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past ninety (90) days.&#160;&#160;Yes [<font style="DISPLAY: inline;" face="Symbol, serif">&#214;</font> ]&#160;&#160;No [&#160;&#160;]</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule&#160;405 of Regulation&#160;S-T (&#167; 229.405 of this chapter) during the preceding 12&#160;months (or for such shorter period that the registrant was required to submit and post such files). Yes [<font style="DISPLAY: inline;" face="Symbol, serif">&#214;</font>]&#160;&#160;No [&#160;&#160;]</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (&#167;229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [&#160;&#160;]</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule&#160;12b-2 of the Exchange Act:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Large Accelerated Filer [ ]&#160;&#160;&#160;Accelerated Filer [ ]&#160;&#160;&#160;Non-Accelerated Filer [ ]&#160;&#160;&#160;Smaller Reporting Company [<font style="DISPLAY: inline;" face="Symbol, serif">&#214;</font>]</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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;No [<font style="DISPLAY: inline;" face="Symbol, serif">&#214;</font>]</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The aggregate market value of the voting stock held by non-affiliates of the Registrant as of September 30, 2011 (the last business day of the Registrant&#8217;s most recently completed second quarter) was $4,911,304&#160;based on Mexco Energy Corporation&#8217;s closing common stock price of $6.05 per share on that date as reported by the NYSE MKT.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">There were 2,035,949 shares of the registrant&#8217;s common stock outstanding as of June 29, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DOCUMENTS INCORPORATED BY REFERENCE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Portions of the Registrant&#8217;s Proxy Statement relating to the 2012 Annual Meeting of Shareholders to be held on September 11, 2012, have been incorporated by reference in Part III of this Form 10-K. Such Proxy Statement will be filed with the Commission not later than 120 days after March 31, 2012, the end of the fiscal year covered by this report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">TABLE OF CONTENTS</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><br>
</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="3" valign="top" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PART I</font></div>
</td>
</tr><tr>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 1.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Business</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 1A.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Risk Factors</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">12</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 1B.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Unresolved Staff Comments</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">18</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 2.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Properties</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">18</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 3.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Legal Proceedings</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">23</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 4.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Mine Safety Disclosures</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">23</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td colspan="3" valign="top" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PART II</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td align="left" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 5.</font></div>
</td>
<td align="left" valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Market for the Registrant&#8217;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">23</font></font></td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 6.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Selected Consolidated Financial Data</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">24</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 7.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; 25</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 7A.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Quantitative and Qualitative Disclosures About Market Risk</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">31</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 8.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Financial Statements and Supplementary Data</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">32</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 9.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Changes in and Disagreements with Accountants on Accounting and Financial Disclosures</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; 32</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 9A.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Controls and Procedures</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">32</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 9B.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Other Information</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">32</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td colspan="3" valign="top" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PART III</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 10.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Directors, Executive Officers and Corporate Governance</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">33</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 11.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Executive Compensation</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">33</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 12.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</font></div>
</td>
<td valign="top" width="6%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; 33</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 13.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Certain Relationships and Related Transactions, and Director Independence</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">33</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 14.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Principal Accounting Fees and Services</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">33</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td colspan="3" valign="top" width="88%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PART IV</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Item 15.</font></div>
</td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Exhibits and Financial Statement Schedules</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">33</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Signatures</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">34</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Glossary of Abbreviations and Terms</font></div>
</td>
<td align="right" valign="top" width="6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">35</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><br>
</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3</font></font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">As used in this document, &#8220;the Company&#8221;, &#8220;Mexco&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221; refer to Mexco Energy Corporation and its consolidated subsidiaries.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Abbreviations or definitions of certain terms commonly used in the oil and gas industry and in this Form 10-K can be found in the &#8220;Glossary of Abbreviations and Terms&#8221;.</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">PART I</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section&#160;27A of the Securities Act of 1933, as amended, (the &#8220;Securities Act&#8221;) and Section&#160;21E of the Securities Exchange Act of 1934, as amended, (the &#8220;Exchange Act&#8221;).&#160;&#160;These forward-looking statements are generally located in the material set forth under the headings &#8220;Risk Factors&#8221;, &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221;, &#8220;Business&#8221;, &#8220;Properties&#8221; but may be found in other locations as well, and are typically identified by the words &#8220;could&#8221;, &#8220;should&#8221;, &#8220;expect&#8221;, &#8220;project&#8221;, &#8220;estimate&#8221;, &#8220;believe&#8221;, &#8220;anticipate&#8221;, &#8220;intend&#8221;, &#8220;budget&#8221;, &#8220;plan&#8221;, &#8220;forecast&#8221;, &#8220;predict&#8221; and other similar expressions.&#160;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Forward-looking statements generally relate to our profitability; planned capital expenditures; estimates of oil and gas production; future project dates; estimates of future oil and gas prices; estimates of oil and gas reserves; our future financial condition or results of operations; and our business strategy and other plans and objectives for future operations and are based upon our management&#8217;s reasonable estimates of future results or trends.&#160;&#160;Actual results in future periods may differ materially from those expressed or implied by such forward-looking statements because of a number of risks and uncertainties affecting our business, including those discussed in &#8220;Risk Factors&#8221;.&#160;&#160;The factors that may affect our expectations regarding our operations include, among others, the following: our success in development, exploitation and exploration activities; our ability to make planned capital expenditures; declines in our production or prices of oil and gas; our ability to raise equity capital or incur additional indebtedness; our restrictive debt covenants; our acquisition and divestiture activities; weather conditions and events; the proximity, capacity, cost and availability of pipelines and other transportation facilities; increases in the cost of drilling, completion and gas gathering or other costs of production and operations; and other factors discussed elsewhere in this document.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We disclaim any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 1.&#160;&#160;BUSINESS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">General</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company engaged in the acquisition, exploration, development and production of oil and gas properties located in the United States.&#160;&#160;Incorporated in April 1972 under the name Miller Oil Company, the Company changed its name to Mexco Energy Corporation effective April 30, 1980.&#160;&#160;At that time, the shareholders of the Company also approved amendments to the Articles of Incorporation resulting in a one-for-fifty reverse stock split of the Company's common stock.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In September 2010, Mexco acquired all of the issued and outstanding stock of Southwest Texas Disposal Corporation, a Texas corporation which owns royalties producing primarily natural gas.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">On February 25, 1997, Mexco acquired all of the issued and outstanding stock of Forman Energy Corporation, a New York corporation also engaged in oil and gas exploration and development.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our total estimated proved reserves at March 31, 2012 were approximately 8.445 billion cubic feet (&#8220;Bcf&#8221;) of natural gas and 346,000 barrels (&#8220;bbls&#8221;) of oil and natural gas liquids, and our estimated present value of proved reserves was approximately $25.0 million based on estimated future net revenues excluding taxes discounted at 10% per annum, pricing and other assumptions set forth in &#8220;Item 2 &#8211; Properties&#8221; below.&#160;&#160;During fiscal 2012, we added proved reserves of 409,000 thousand cubic feet equivalent (&#8220;Mcfe&#8221;) through extensions and discoveries, added 115,000 Mcfe through acquisitions and had upward revisions of previous estimates of 14,000 Mcfe.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div>&#160;</div>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Nicholas C. Taylor beneficially owns approximately 44% of the outstanding shares of our common stock.&#160;Mr. Taylor is also our Chairman of the Board and Chief Executive Officer.&#160;&#160;As a result, Mr. Taylor has significant influence in matters voted on by our shareholders, including the election of our Board members.&#160;&#160;Mr. Taylor participates in all facets of our business and has a significant impact on both our business strategy and daily operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Company Profile</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Since our inception, we have been engaged in acquiring and developing oil and gas properties and the exploration for and production of natural gas, crude oil, condensate and natural gas liquids (&#8220;NGLs&#8221;) within the United States.&#160;&#160;We have focused primarily on acquiring natural gas reserves until 2011 when we changed our focus to oil.&#160;&#160;We especially seek to acquire proved reserves that fit well with existing operations or in areas where the Company has established production.&#160;&#160;Acquisitions preferably will contain most of their value in producing wells, behind pipe reserves and high quality proved undeveloped locations.&#160;&#160;Competition for the purchase of proved reserves is intense.&#160;&#160;Sellers often utilize a bid process to sell properties.&#160;&#160;This process usually intensifies the competition and makes it extremely difficult to acquire reserves without assuming significant price and production risks.&#160;&#160;We actively search for opportunities to acquire proved oil and gas properties.&#160;&#160;However, because the competition is intense, we cannot give any assurance that we will be successful in our efforts during fiscal 2013.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">While we own oil and gas properties in other states, the majority of our activities are centered in West Texas.&#160;&#160;We acquire interests in producing and non-producing oil and gas leases from landowners and leaseholders in areas considered favorable for oil and gas exploration, development and production.&#160;&#160;In addition, we may acquire oil and gas interests by joining in oil and gas drilling prospects generated by third parties.&#160;&#160;We may also employ a combination of the above methods of obtaining producing acreage and prospects.&#160;&#160;In recent years, we have placed primary emphasis on the evaluation and purchase of producing oil and gas properties, both working and royalty interests, and prospects that could have a potentially meaningful impact on our reserves.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Oil and Gas Operations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">As of March 31, 2012,&#160;natural gas constituted&#160;approximately 80% of our total proved reserves and approximately 44% of our revenues for fiscal 2012.&#160;Revenues from oil and gas royalty interests accounted for&#160;approximately 36% of our revenues for fiscal 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Newark East (Barnett Shale) Gas Field properties, encompassing 5,414 gross acres, 58 net acres, 144 gross producing wells and .97 net wells in Denton, Johnson, Tarrant and Wise Counties, Texas, account for&#160;approximately 6% of our discounted future net cash flows from proved reserves as of March 31, 2012.&#160;&#160;For fiscal 2012, this field, consisting of royalty interests, accounted for 10% of our gross revenues, 12% of our net revenues.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">El Cinco Gas Field properties, encompassing 1,166 gross acres, 886 net acres, 7 gross producing wells and 5.35 net wells in Pecos County, Texas, account for approximately 41% of our discounted future net cash flows from proved reserves as of March 31, 2012.&#160;&#160;This is a multi-pay area where most of the leases have potential reserves in two zones.&#160;&#160;Of these discounted future net cash flows from proved reserves, approximately 19% are attributable to proven undeveloped reserves which will be developed through re-entry of existing wells and new drilling.&#160;&#160;One new well of these proven undeveloped reserves was drilled in this field in March 2012 and is currently undergoing completion procedures.&#160;&#160;For fiscal 2012, these properties accounted for 16% of our gross and 15% of our net revenues.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Gomez Gas Field properties, encompassing 13,058 gross acres, 72 net acres, 26 gross wells and .13 net wells in Pecos County, Texas, account for approximately 3% of our discounted future net cash flows from proved reserves as of March 31, 2012.&#160;&#160;For fiscal 2012, these properties accounted for 4% of our gross and net revenues.&#160;All of these properties, except for one, are royalty interests.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The Haynesville area natural gas properties, purchased in August 2010, encompass 5,135 gross acres, 13 net acres, 8 gross producing wells and .02 net wells in DeSoto Parish, Louisiana and accounted for approximately&#160;3% of our discounted future net cash flows from proved reserves as of March 31, 2012.&#160;&#160;Of these discounted future net cash flows from proved reserves, approximately 2% are attributable to proven undeveloped reserves.&#160;For fiscal 2012, these properties, consisting of royalty interests, accounted for 3% of our gross revenues, 4% of our net revenues.&#160;&#160;This acreage contains an additional 56 potential drill sites.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The Fuhrman-Mascho field oil properties, purchased in March 2011, encompass 160 gross acres, 19 net acres, 7 gross producing wells and .82 net wells in Andrews County, Texas and accounted for approximately 5% of our discounted future net cash flows from proved reserves as of March 31, 2012.&#160;&#160;Of these discounted future net cash flows from proved reserves, approximately .3% are attributable to proven undeveloped reserves.&#160;&#160;For fiscal 2012, these properties accounted for 6% of our gross and net revenues.&#160;&#160;This acreage contains an additional 9 potential drill sites.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We own approximately 1,477 gross and 737 net acres of material undeveloped acreage located above and below the Pembrook Unit of Upton County, Texas which is operated by Pioneer Natural Resources USA, Inc. and held by production from approximately 200 wells.&#160;&#160;This acreage has the potential for development in the horizontal Wolfcamp formation centered in the southern Midland Basin.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We own interests in and operate 17 producing wells, 1 recently drilled well currently being completed, 1 water injection well and 1 salt water disposal well.&#160;We own partial interests in an additional 2,943 producing wells&#160;located in the states of Texas, New Mexico,&#160;Oklahoma, Louisiana, Alabama, Mississippi, Arkansas, Wyoming, Kansas, Colorado, Montana and North Dakota. Additional information concerning these properties and our oil and gas reserves is provided below.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table indicates our oil and gas production in each of the last five years, all of which is located within the United States:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="60%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Year</font></font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Oil(Bbls)</font></font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Gas (Mcf)</font></font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="60%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">19,442</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">395,649</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="60%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">17,040</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">459,446</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="60%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">18,036</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">545,991</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="60%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2009</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">17,065</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">542,099</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="60%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2008</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">17,504</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">379,048</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="60%" style="TEXT-ALIGN: left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2007</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16,738</font></div>
</td>
<td valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">339,174</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Competition and Markets</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The oil and gas industry is a highly competitive business.&#160;&#160;Competition for oil and gas reserve acquisitions is significant.&#160;&#160;We may compete with major oil and gas companies, other independent oil and gas companies and individual producers and operators, some of which have financial and personnel resources substantially in excess of those available to us.&#160;&#160;As a result, we may be placed at a competitive disadvantage. Competitive factors include price, contract terms and types and quality of service, including pipeline distribution. The price for oil and gas is widely followed and is generally subject to worldwide market factors.&#160;&#160;Our ability to acquire and develop additional properties in the future will depend upon our ability to conduct operations, to evaluate and select suitable properties and to consummate transactions in this highly competitive environment in a timely manner.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In addition, the oil and gas industry as a whole also competes with other industries in supplying the energy and fuel requirements of industrial, commercial and individual consumers.&#160;&#160;The price and availability of alternative energy sources could adversely affect our revenue.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Market factors affect the quantities of oil and natural gas production and the price we can obtain for the production from our oil and natural gas properties.&#160;&#160;Such factors include: the extent of domestic production; the level of imports of foreign oil and natural gas; the general level of market demand on a regional, national and worldwide basis; domestic and foreign economic conditions that determine levels of industrial production; political events in foreign oil-producing regions; and variations in governmental regulations including environmental, energy conservation and tax laws or the imposition of new regulatory requirements upon the oil and natural gas industry.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The market for our oil, gas and natural gas liquids production depends on factors beyond our control including:&#160;&#160;domestic and foreign political conditions; the overall level of supply of and demand for oil, gas and natural gas liquids; the price of imports of oil and gas; weather conditions; the price and availability of alternative fuels; the proximity and capacity of gas pipelines and other transportation facilities; and overall economic conditions.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Major Customers</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We made sales to the following companies that amounted to 10% or more of revenues for the year ended March 31:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="2" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">2012</font></font></div>
</td>
<td valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">2011</font></font></div>
</td>
<td valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">2010</font></font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Holly / Navajo Refining</font></div>
</td>
<td valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">22%</font></div>
</td>
<td valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">13%</font></div>
</td>
<td valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;4%</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Chesapeake Operating</font></div>
</td>
<td valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;8%</font></div>
</td>
<td valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">14%</font></div>
</td>
<td valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">18%</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Conoco Phillips</font></div>
</td>
<td valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;4%</font></div>
</td>
<td valign="top" width="12%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;5%</font></div>
</td>
<td valign="top" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">14%</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Because a ready market exists for oil and gas production, we do not believe the loss of any individual customer would have a material adverse effect on our financial position or results of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Regulation</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our exploration, development, production and marketing operations are subject to extensive rules and regulations by federal, state and local authorities.&#160;&#160;Numerous federal, state and local departments and agencies have issued rules and regulations binding on the oil and gas industry, some of which carry substantial penalties for noncompliance.&#160;&#160;State statutes and regulations require permits for drilling operations, bonds and reports concerning operations.&#160;&#160;Most states also have statutes and regulations governing conservation and safety matters, including the unitization and pooling of oil and gas properties, the establishment of maximum rates of production from oil and gas wells and the spacing of such wells.&#160;&#160;Such statutes and regulations may limit the rate at which oil and gas otherwise could be produced from our properties.&#160;&#160;These statutes, along with the regulations interpreting the statutes, generally are intended to prevent waste of oil and natural gas, and to protect correlative rights to produce oil and natural gas by assigning allowable rates of production to each well or proration unit.&#160;&#160;The regulatory burden on the oil and gas industry increases its cost of doing business and, consequently, affects its profitability.&#160;&#160;Because these rules and regulations are frequently amended or reinterpreted, we are not able to predict the future cost or impact of complying with such laws.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our drilling and production operations are subject to various types of regulation at federal, state and local levels.&#160;&#160;These types of regulation include requiring permits and bonds for the drilling of wells and reports concerning operations.&#160;&#160;Most states and some counties and municipalities in which we operate also regulate the location of wells; the method of drilling and casing wells; the rates of production or "allowables"; the surface use and restoration of properties upon which wells are drilled; the plugging and abandoning of wells; and notice to, and consultation with, surface owners and other third parties.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">State laws regulate the size and shape of drilling and spacing units or proration units and govern the pooling of oil and natural gas properties. Some states allow forced pooling or integration of tracts to facilitate exploration, while other states rely on voluntary pooling of lands and leases. In some instances, forced pooling or unitization may be implemented by third parties and may reduce our interest in the unitized properties. In addition, state conservation laws establish maximum rates of production from oil and natural gas wells, generally prohibit the venting or flaring of natural gas, and impose requirements regarding the ratability of production. These laws and regulations may limit the amount of natural gas and oil we can produce from our wells or limit the number of wells or the locations at which we can drill. Moreover, each state generally imposes a production or severance tax with respect to the production and sale of oil, natural gas and natural gas liquids within its jurisdiction.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The Federal Energy Regulatory Commission (&#8220;FERC&#8221;) regulates under the Natural Gas Act of 1938 and the Natural Gas Policy Act of 1978, interstate natural gas transportation rates and service conditions, which affect the marketing of natural gas we produce, as well as the revenues we receive for sales of such production.&#160;&#160;Since 1978, various laws have been enacted which have significantly altered the marketing and transportation of gas. These orders resulted in a fundamental restructuring of interstate pipeline sales and transportation services, including the unbundling by interstate pipelines of the sales, transportation, storage and other components of the city-gate sales services such pipelines previously performed.&#160;&#160;Commencing in 1985, the FERC promulgated a series of orders, regulations and rule makings that significantly fostered competition in the business of transporting and marketing gas.&#160;&#160;Today, interstate pipeline companies are required to provide nondiscriminatory transportation services to producers, marketers and other shippers, regardless of whether such shippers are affiliated with an interstate pipeline company.&#160;&#160;FERC's initiatives have led to the development of a competitive, unregulated, open access market for gas purchases and sales that permits all purchasers of gas to buy gas directly from third-party sellers other than pipelines.&#160;&#160;However, the natural gas industry historically has been very heavily regulated.&#160;&#160;Therefore, we cannot guarantee that the less stringent regulatory approach will continue indefinitely into the future, nor can we determine what effect, if any, future regulatory changes might have on our natural gas related activities.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Sales of crude oil, condensate and natural gas liquids are not currently regulated and are made at negotiated market prices.&#160;&#160;Nevertheless, Congress could reenact price controls in the future.&#160;&#160;The price we receive from the sale of these products is affected by the cost of transporting the products to market.&#160;&#160;The FERC regulates interstate crude oil pipeline transportation rates under the Interstate Commerce Act.&#160;&#160;In general, interstate crude oil pipeline rates must be cost-based, although many pipeline charges are today based on historical rates adjusted for inflation and other factors, and other charges may result from settlement rates agreed to by all shippers or market-based rates, which are permitted in certain circumstances.&#160;&#160;Intrastate crude oil pipeline transportation rates are subject to regulation by state regulatory commissions.&#160;&#160;Insofar as the interstate and intrastate transportation rates that we pay are generally applicable to all comparable shippers, we believe that the regulation of crude oil transportation rates will not affect our operations in a way that materially differs from the effect on the operations of our competitors who are similarly situated.&#160;&#160;Further, interstate and intrastate common carrier crude oil pipelines must provide service on an equitable basis.&#160;&#160;Under this standard, common carriers must offer service to all similarly situated shippers requesting service on the same terms and under the same rates.&#160;&#160;When crude oil pipelines operate at full capacity, access is governed by prorating provisions set forth in the pipelines&#8217; published tariffs.&#160;&#160;Accordingly, we believe that access to crude oil pipeline transportation services generally will be available to us to the same extent as to our similarly situated competitors.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Environmental Matters</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">By nature of our oil and gas operations, we are subject to extensive federal, state and local environmental laws and regulations controlling the generation, use, storage and discharge of materials into the environment or otherwise relating to the protection of the environment.&#160;&#160;Numerous governmental departments issue rules and regulations to implement and enforce such laws, which are often difficult and costly to comply with and which carry substantial penalties for failure to comply.&#160;&#160;These laws and regulations may require the acquisition of a permit before drilling or production commences; restrict the types, quantities and concentration of various substances that can be released into the environment in connection with drilling and production activities; limit or prohibit construction or drilling activities on certain lands lying within protected areas; restrict the rate of oil and gas production; require remedial actions to prevent pollution from former operations; and impose substantial liabilities for pollution resulting from our operations.&#160;&#160;In addition, these laws and regulations may impose substantial liabilities and penalties for failure to comply with them or for any contamination resulting from our operations.&#160;&#160;We believe we are in compliance, in all material respects, with applicable environmental requirements.&#160;&#160;We do not believe costs relating to these laws and regulations have had a material adverse effect on our operations or financial condition in the past.&#160;&#160;Public interest in the protection of the environment has increased dramatically in recent years.&#160;&#160;The trend of applying more expansive and stricter environmental legislation and regulations to the natural gas and oil industry could continue, resulting in increased costs of doing business and consequently affecting our profitability.&#160;&#160;To the extent laws are enacted or other governmental action is taken that restricts drilling or imposes more stringent and costly waste handling, disposal and cleanup requirements, our business and prospects could be adversely affected.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following are some of the existing laws, rules and regulations to which our business is subject:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">The Comprehensive Environmental Response, Compensation, and Liability Act </font>(&#8220;CERCLA&#8221;), also known as the &#8220;Superfund&#8221; law, imposes liability, without regard to fault or the legality of the original conduct, on classes of persons that are considered to have contributed to the release of a &#8220;hazardous substance&#8221; into the environment.&#160;These persons include the owner or operator of the disposal site or the site where the release occurred and companies that disposed or arranged for the disposal of the hazardous substances.&#160;Under CERCLA, such persons may be subject to joint and several liability for the costs of cleaning up the hazardous substances that have been released into the environment and for damages to natural resources, for the costs of certain health studies, and it is not uncommon for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by the hazardous substances released into the environment. We are able to control directly the operation of only those wells with respect to which we act as operator. Notwithstanding our lack of direct control over wells operated by others, the failure of an operator other than us to comply with applicable environmental regulations may, in certain circumstances, be attributed to us. We do not believe that we will be required to incur any material capital expenditures to comply with existing environmental requirements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">8</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The federal <font style="FONT-STYLE: italic; DISPLAY: inline">Clean Air Act</font> (&#8220;CAA&#8221;), and state air pollution laws and regulations provide a framework for national, state and local efforts to protect air quality. The operations of oil and gas properties utilize equipment that emits air pollutants which may be subject to federal and state air pollution control laws. These laws require utilization of air emissions abatement equipment to achieve prescribed emissions limitations and ambient air quality standards, as well as operating permits for existing equipment and construction permits for new and modified equipment. Permits and related compliance obligations under the CAA, as well as changes to state implementation plans for controlling air emissions in regional non-attainment areas may require oil and natural gas exploration and production operators to incur future capital expenditures in connection with the addition or modification of existing air emission control equipment and strategies. In addition, some oil and natural gas facilities may be included within the categories of hazardous air pollutant sources, which are subject to increasing regulation under the CAA. Failure to comply with these requirements could subject a regulated entity to monetary penalties, injunctions, conditions or restrictions on operations and enforcement actions. Oil and natural gas exploration and production facilities may be required to incur certain capital expenditures in the future for air pollution control equipment in connection with obtaining and maintaining operating permits and approvals for air emissions. We believe that we are in compliance in all material respects with the requirements of applicable federal and state air pollution control laws.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Recent scientific studies have suggested that emissions of certain gases, commonly referred to as greenhouse gases (&#8220;GHGs&#8221;) and including carbon dioxide and methane, may be contributing to warming of the Earth&#8217;s atmosphere. In response to such studies, many nations have agreed to limit emissions of GHGs pursuant to the United Nations Framework Convention on Climate Change and the &#8220;Kyoto Protocol.&#8221;&#160;&#160;Although the United States is not participating in the Kyoto Protocol, the U.S. Supreme Court has ruled in <font style="FONT-STYLE: italic; DISPLAY: inline">Massachusetts, et al.&#160;v. EPA, </font>that the Environmental Protection Agency (&#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">EPA</font>&#8221;) that the EPA abused its discretion under the Clean Air Act by refusing to regulate carbon dioxide emissions from mobile sources.&#160;&#160;As a result of the Supreme Court decision and the change in presidential administrations, on December&#160;7, 2009, the EPA issued a finding that serves as the foundation under the CAA to issue other rules that would result in federal greenhouse gas regulations and emissions limits under the CAA, even without Congressional action.&#160;&#160;As part of this array of new regulations, on September&#160;22, 2009, the EPA also issued a GHG monitoring and reporting rule that requires certain parties, including participants in the oil and natural gas industry, to monitor and report their GHG emissions, including methane and carbon dioxide, to the EPA.&#160;&#160;The EPA has issued a notice of finding and determination that emissions of carbon dioxide, methane and other GHGs present an endangerment to human health and the environment, which allows EPA to begin regulating emissions of GHGs under existing provisions of the federal CAA.&#160;&#160;The EPA has begun to implement GHG-related reporting and permitting rules.&#160;&#160;Similarly the U.S. Congress has considered and may in the future consider &#8220;cap and trade&#8221; legislation that would establish an economy-wide cap on emissions of GHGs.&#160;&#160;The emissions will be published on a register to be made available on the Internet.&#160;&#160;These regulations may apply to our operations.&#160;&#160;The EPA has issued two other rules that would regulate GHGs, one of which regulates GHGs from stationary sources, and one which requires sources in the oil and natural gas exploration and production industry and the pipeline industry to report GHG emissions. The EPA's finding, the GHG reporting rules, and the rules to regulate the emissions of GHGs may affect the outcome of other climate change lawsuits pending in U. S. federal courts in a manner unfavorable to our industry.&#160;&#160;In addition to the EPA&#8217;s actions to regulate GHGs, more than one-third of the states have begun taking action on their own to control and/or reduce emissions of GHGs.&#160;&#160;Any of the climate change regulatory and legislative initiatives described above in areas in which we conduct business could result in increased compliance costs or additional operating restrictions which could have a material adverse effect on our business, financial condition, and results of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">The Resource Conservation and Recovery Act</font> (&#8220;RCRA&#8221;) and analogous state laws govern the handling and disposal of hazardous and solid wastes.&#160;&#160;Wastes that are classified as hazardous under RCRA are subject to stringent handling, recordkeeping, disposal and reporting requirements.&#160;&#160;RCRA specifically excludes from the definition of hazardous waste &#8220;drilling fluids, produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas or geothermal energy.&#8221;&#160;&#160;However, these wastes may be regulated by the EPA or state agencies as solid waste.&#160;&#160;Moreover, many ordinary industrial wastes, such as paint wastes, waste solvents, laboratory wastes and waste compressor oils, are regulated as hazardous wastes.&#160;&#160;Although the costs of managing hazardous waste may be significant, we do not expect to experience more burdensome costs than similarly situated companies.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">9</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">The Federal Water Pollution Control Act</font> (&#8220;Clean Water Act&#8221;) and analogous state laws impose restrictions and strict controls with respect to the discharge of pollutants, including produced waters and other oil and gas wastes, into waters of the United States.&#160;The discharge of pollutants into regulated waters is prohibited, except in accordance with the terms of a permit issued by the EPA or the applicable state agency.&#160;&#160;Although the costs to comply with such mandates under state or federal law may be significant, the entire industry will experience similar costs, and we do not believe that these costs will have a material adverse impact on our financial condition and operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">The Safe Drinking Water Act</font> (&#8220;SDWA&#8221;) and the <font style="FONT-STYLE: italic; DISPLAY: inline">Underground Injection Control</font> (&#8220;UIC&#8221;) program promulgated under the SDWA and state and local laws regulate the drilling and operation of salt water disposal (&#8220;SWD&#8221;) wells. Wastewaters produced from oil and gas operations are disposed via underground injection wells. Underground injection is the subsurface placement of fluid through a well, such as the reinjection of brine produced and separated from oil and gas production.&#160;&#160;The EPA directly administers the UIC program in some states and in others it is delegated to the state for administering.&#160;&#160;Permits must be obtained before drilling SWD wells and casing integrity monitoring must be conducted periodically to ensure the casing is not leaking saltwater into groundwater.&#160;&#160;&#160;Contamination of groundwater by oil and natural gas drilling, production, and related operations may result in fines, penalties, and remediation costs, amount other sanctions and liabilities under the SDWA and state laws.&#160;&#160;In addition, third party claims may be filed by landowners and other parties claiming damages for alternative water supplies, property damages, and bodily injury.&#160;&#160;We currently own interests in various underground injection wells operated by others and failure to abide by their permits could subject those operators to civil and/or criminal enforcement.&#160;&#160;We believe that they are in compliance in all material respects with the requirements of applicable state underground injection control programs and their permits.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Many of our operations depend on the use of <font style="FONT-STYLE: italic; DISPLAY: inline">hydraulic fracturing</font> to enhance production from oil and gas wells.&#160; This technology involves the injection of fluids&#8212;usually consisting mostly of water but typically including small amounts of chemical additives&#8212;as well as sand into a well under high pressure in order to create fractures in the rock that allow oil or gas to flow more freely to the wellbore.&#160;&#160;Many newer wells would not be economical without the use of hydraulic fracturing to stimulate production from the well.&#160;&#160;We engage third parties to occasionally provide hydraulic fracturing or other well stimulation services to us in connection with many of the wells we operate.&#160;&#160;Certain states have adopted and are considering laws that would require the disclosure of the chemical constituents in hydraulic fracturing fluids.&#160;&#160;In addition, in 2010, the EPA announced that it would be conducting a study on the environmental effects of hydraulic fracturing.&#160;&#160;The study is expected to be completed in 2012.&#160;&#160;Additional disclosure requirements could result in delays in operations at existing and new well sites as well as increased costs to make our wells productive which could make it more difficult to perform hydraulic fracturing.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We believe that we are in substantial compliance with all existing environmental laws and regulations applicable to our current operations and that our continued compliance with existing requirements will not have a material adverse impact on our financial condition and results of operations, however we cannot assure you that the passage or application of more stringent laws or regulations in the future will not have an negative impact on our financial position or results of operation.&#160;&#160;We did not incur any material capital expenditures for remediation or pollution control activities for the year ended March 31, 2012.&#160;&#160;Additionally, as of the date of this report, we are not aware of any environmental issues or claims that will require material capital expenditures during fiscal 2013.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Various state and federal statutes prohibit certain actions that adversely affect endangered or threatened species and their habitat, migratory birds, wetlands, and natural resources. These statutes include the <font style="FONT-STYLE: italic; DISPLAY: inline">Endangered Species Act </font>and the <font style="FONT-STYLE: italic; DISPLAY: inline">Migratory Bird Treaty Act</font>, as well as, the CWA and CERCLA.&#160;&#160;The United States Fish and Wildlife Service may designate critical habitat and suitable habitat areas that it believes are necessary for survival of threatened or endangered species. A critical habitat or suitable habitat designation could result in further material restrictions to federal land use and private land use and could delay or prohibit land access or development.&#160;&#160;Where takings of or harm to species or damages to wetlands, habitat, or natural resources occur or may occur, government entities or at times private parties may act to prevent oil and gas exploration activities or seek damages for harm to species, habitat, or natural resources resulting from drilling or construction or releases of oil, wastes, hazardous substances or other regulated materials, and may seek natural resources damages and in some cases, criminal penalties.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">10</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Title to Properties</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">As is customary in the oil and gas industry, only a preliminary title examination is conducted at the time properties believed to be suitable for drilling operations are acquired by us.&#160;&#160;Prior to the commencement of drilling operations, a thorough title examination of the drill site tract is conducted and curative work is performed with respect to significant defects, if any, before proceeding with operations.&#160;&#160;A thorough title examination has been performed with respect to substantially all leasehold producing properties currently owned by us.&#160;&#160;We believe the title to our leasehold properties is good and defensible in accordance with standards generally acceptable in the oil and gas industry subject to such exceptions that, in the opinion of counsel employed in the various areas in which we have conducted exploration activities, are not so material as to detract substantially from the use of such&#160;properties.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The leasehold properties we own are subject to royalty, overriding royalty and other outstanding interests customary in the industry.&#160;&#160;The properties may be subject to burdens such as liens incident to operating agreements and current taxes, development obligations under oil and gas leases and other encumbrances, easements and restrictions.&#160;&#160;We do not believe any of these burdens will materially interfere with the use of these properties.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Substantially all of our properties are currently mortgaged under a deed of trust to secure funding through a revolving line of credit.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Insurance</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our operations are subject to all the risks inherent in the exploration for and development and production of oil and gas including blowouts, fires and other casualties.&#160;&#160;We maintain insurance coverage customary for operations of a similar nature, but losses could arise from uninsured risks or in amounts in excess of existing insurance coverage.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Executive Officers</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table sets forth certain information concerning the executive officers of the Company as of March 31, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Name</font></font></div>
</td>
<td valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Age</font></font></div>
</td>
<td align="left" valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Position</font></font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Nicholas C. Taylor</font></div>
</td>
<td valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">74</font></div>
</td>
<td valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Chairman and Chief Executive Officer</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Tamala L. McComic</font></div>
</td>
<td valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">43</font></div>
</td>
<td valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">President, Chief Financial Officer, Treasurer, and Assistant Secretary</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Donna Gail Yanko</font></div>
</td>
<td valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">67</font></div>
</td>
<td valign="top" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Vice President and Secretary</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Set forth below is a description of the principal occupations during at least the past five years of each executive officer of the Company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Nicholas C. Taylor was elected Chairman of the Board and Chief Executive Officer of the Company in September 2011 and continues to serve in such capacity on a part time basis, as required.&#160;&#160;He served as Chief Executive Officer, President and Director of the Company from 1983 to 2011.&#160;&#160;From July 1993 to the present, Mr. Taylor has been involved in the independent practice of law and other business activities.&#160;&#160;In November 2005 he was appointed by the Speaker of the House to the Texas Ethics Commission and served until February 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Tamala L. McComic, a Certified Public Accountant, became Controller for the Company in July 2001 and was elected President and Chief Financial Officer in September 2011.&#160;&#160;She served the Company as Executive Vice President and Chief Financial Officer from 2009 to 2011 and Vice President and Chief Financial Officer from 2003 to 2009.&#160;&#160;Prior thereto, Ms. McComic was appointed Treasurer and Assistant Secretary of the Company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Donna Gail Yanko was appointed to the position of Vice President of the Company in 1990.&#160;&#160;She has also served as Corporate Secretary since 1992 and from 1986 to 1992 was Assistant Secretary.&#160;&#160;From 1986 to the present, on a part-time basis, she has assisted the Chairman of the Board of the Company in his personal business activities.&#160;&#160;Ms. Yanko also served as a director of the Company from 1990 to 2008.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">11</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Employees</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">As of March 31, 2012, we had two full-time and three part-time employees.&#160;&#160;We believe that relations with these employees are generally satisfactory.&#160;&#160;From time to time, we utilize the services of independent geological, land and engineering consultants on a limited basis and expect to continue to do so in the future.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Office Facilities</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We maintain our principal offices at 214 W. Texas Avenue, Suite 1101, Midland, Texas pursuant to a month to month lease.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Access to Company Reports</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mexco Energy Corporation files annual, quarterly and current reports, proxy statements and other information with the Security Exchange Commission (&#8220;SEC&#8221;).&#160;&#160;Please call the SEC at 1-800-SEC-0330 for information on the public reference room.&#160;&#160;The SEC maintains an internet website (<font style="DISPLAY: inline; TEXT-DECORATION: underline">www.sec.gov</font>) that contains annual, quarterly and current reports, proxy statements and other information that issuers, including Mexco, file electronically with the SEC.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mexco also employs the Public Register&#8217;s Annual Report Service which can provide you a copy of our annual report at <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.prars.com</font>, free of charge, as soon as practicable after providing such report to the SEC.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We also maintain an internet website at <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.mexcoenergy.com</font>.&#160;&#160;In the Investor Relations section, our website contains our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other reports and amendments to those reports as soon as reasonably practicable after such material is electronically filed with the SEC.&#160;&#160;Information on our website is not incorporated by reference into this Form 10-K and should not be considered part of this report or any other filing that we make with the SEC.&#160;&#160;Additionally, our Code of Business Conduct and Ethics and the charters of our Audit Committee, Compensation Committee and Nominating Committee are posted on our website.&#160;&#160;Any of these corporate documents as well as any of the SEC filed reports are available in print free of charge to any stockholder who requests them.&#160;&#160;Requests should be directed to our corporate Assistant Secretary by mail to P.O. Box 10502, Midland, Texas 79702 or by email to <font style="DISPLAY: inline; TEXT-DECORATION: underline">mexco@sbcglobal.net</font>.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 1A.&#160;&#160;RISK FACTORS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">There are many factors that affect our business and results of operations, some of which are beyond our control.&#160;&#160;The following is a description of some of the important factors that could have a material adverse effect on our business, financial position, liquidity and results of operations.&#160;&#160;Some of the following risks relate principally to the industry in which we operate and to our business.&#160;&#160;Other risks relate principally to the securities markets and ownership of our common stock.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">RISKS RELATED TO OUR BUSINESS AND INDUSTRY</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Volatility of oil and gas prices significantly affects our results and profitability.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Prices for oil and natural gas fluctuate widely.&#160;&#160;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 and pricing of oil and gas; the establishment of and compliance with production quotas by oil-exporting countries; nature and extent of governmental regulation and taxation, including environmental regulations; level of domestic and international exploration, drilling and production activity; the cost of exploring for, producing and delivering oil and gas; availability, proximity and capacity of oil and gas pipelines and other transportation facilities; weather conditions; the price and availability of alternative fuels; technological advances affecting energy consumption; and, overall political and economic conditions in oil producing countries.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Increases and decreases in prices also affect the amount of cash flow available for capital expenditures and our ability to borrow money or raise additional capital.&#160;&#160;The amount we can borrow from banks may be subject to redetermination based on changes in prices.&#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="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">12</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Changes in oil and gas prices impact both estimated future net revenue and the estimated quantity of 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.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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;Continuance of the current low natural gas price environment, further declines in natural gas prices, lack of natural gas storage may have an adverse affect on our financial condition.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Lower oil and gas prices and other factors may cause us to record ceiling test writedowns.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Lower oil and gas prices increase the risk of ceiling limitation write-downs.&#160;&#160;We use the full cost method to account for oil and gas operations.&#160;&#160;Accordingly, we capitalize the cost to acquire, explore for and develop crude oil and natural gas properties.&#160;&#160;Under the full cost accounting rules, the net capitalized cost of crude oil and natural gas properties may not exceed a &#8220;ceiling limit&#8221; which is based upon the present value of estimated&#160;&#160;future&#160;&#160;net&#160;&#160;cash&#160;&#160;flows from proved reserves,&#160;&#160;discounted at&#160;&#160;10% plus&#160;&#160;the&#160;&#160;lower&#160;&#160;of&#160;&#160;cost or fair market value of unproved properties.&#160;&#160;If net capitalized costs of oil and natural gas properties exceed the ceiling limit, we must charge the amount of the excess against earnings.&#160;&#160;This is called a &#8220;ceiling test writedown.&#8221;&#160;&#160;Under the accounting rules, we are required to perform a ceiling test each quarter.&#160;&#160;A ceiling test writedown does not impact cash flow from operating activities, but does reduce stockholders&#8217; equity and earnings.&#160;&#160;The risk that we will be required to write down the carrying value of oil and natural gas properties increases when oil and natural gas prices are low.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Information concerning our reserves and future net revenues estimates is inherently uncertain.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Estimates of oil and gas reserves, by necessity, are projections based on engineering data, and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production and the timing of development expenditures.&#160;&#160;Reserve engineering is a subjective process of estimating underground accumulations of oil and gas that are difficult to measure.&#160;&#160;Estimates of economically recoverable oil and gas reserves and of future net cash flows depend upon a number of variable factors and assumptions, such as future production, oil and gas prices, operating costs, development costs and remedial costs, all of which may vary considerably from actual results.&#160;&#160;As a result, estimates of the economically recoverable quantities of oil and gas and of future net cash flows expected therefrom may vary substantially.&#160;&#160;As required by the SEC, the estimated discounted future net cash flows from proved reserves are based on a twelve month un-weighted first-day-of-the-month average oil and gas prices for the twelve months prior to the date of the report.&#160;&#160;Actual future prices and costs may be materially higher or lower.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">An increase in the differential between NYMEX and the reference or regional index price used to price our oil and gas would reduce our cash flow from operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our oil and gas is priced in the local markets where it is produced based on local or regional supply and demand factors.&#160;&#160;The prices we receive for our oil and gas are typically lower than the relevant benchmark prices, such as The New York Mercantile Exchange (&#8220;NYMEX&#8221;).&#160;&#160;The difference between the benchmark price and the price we receive is called a differential.&#160;&#160;Numerous factors may influence local pricing, such as refinery capacity, pipeline capacity and specifications, upsets in the midstream or downstream sectors of the industry, trade restrictions and governmental regulations.&#160;&#160;Additionally, insufficient pipeline capacity, lack of demand in any given operating area or other factors may cause the differential to increase in a particular area compared with other producing areas.&#160;&#160;During fiscal 2012, differentials averaged $.90 per Bbl of oil and $0.10 per Mcf of gas.&#160;&#160;Increases in the differential between the benchmark prices for oil and gas and the wellhead price we receive could significantly reduce our revenues and our cash flow from operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We must replace reserves we produce.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our future success depends upon our ability to find, develop or acquire additional, economically recoverable oil and gas reserves.&#160;&#160;Our proved reserves will generally decline as reserves are depleted, except to the extent that we can find, develop or acquire replacement reserves.&#160;&#160;One offset to the obvious benefits afforded by higher product prices especially for small to mid-cap companies in this industry, is that quality domestic oil and gas reserves are hard to find.&#160;&#160;Reports from the Energy Information Administration indicate that on-shore domestic finding costs are on the rise, and that the average reserves added per well are declining.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">13</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Approximately 38% and 44% of our total estimated net proved reserves at March 31, 2012 and 2011, respectively, were undeveloped, and those reserves may not ultimately be developed.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Recovery of undeveloped reserves requires significant capital expenditures and successful drilling.&#160;&#160;Our reserve data assumes that we can and will make these expenditures and conduct these operations successfully.&#160;&#160;These assumptions, however, may not prove correct.&#160;&#160;If we or the outside operators of our properties choose not to spend the capital to develop these reserves, or if we are not able to successfully develop these reserves, we will be required to write-off these reserves.&#160;&#160;Any such write-offs of our reserves could reduce our ability to borrow money and could reduce the value of our common stock.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our exploration and development drilling may not result in commercially productive reserves.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">New wells that we drill may not be productive, or we may not recover all or any portion of our investment in such wells. The seismic data and other technologies we use do not allow us to know conclusively prior to drilling a well that crude oil or natural gas is present or may be produced economically. Drilling for crude oil and natural gas often involves unprofitable efforts, not only from dry holes but also from wells that are productive but do not produce sufficient net reserves to return a profit at then realized prices after deducting drilling, operating and other costs. The cost of drilling, completing and operating a well is often uncertain, and cost factors can adversely affect the economics of a project.&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Acquisitions are subject to the risks and uncertainties of evaluating reserves and potential liabilities and may be disruptive and difficult to integrate into our business.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We plan to continue growing our reserves through acquisitions.&#160;&#160;Acquired properties can be subject to significant unknown liabilities.&#160;&#160;Prior to completing an acquisition, it is generally not feasible to conduct a detailed review of each individual property to be acquired in an acquisition.&#160;&#160;Even a detailed review or inspection of each property may not reveal all existing or potential liabilities associated with owning or operating the property.&#160;&#160;Moreover, some potential liabilities, such as environmental liabilities related to groundwater contamination, may not be discovered even when a review or inspection is performed.&#160;&#160;Our initial reserve estimates for acquired properties may be inaccurate.&#160;&#160;Downward adjustments to our estimated proved reserves, including reserves added through acquisitions, could require us to write down the carrying value of our oil and gas properties, which would reduce our earnings and our stockholders&#8217; equity.&#160;&#160;In addition, we may have to assume cleanup or reclamation obligations or other unanticipated liabilities in connection with these acquisitions.&#160;&#160;The scope and cost of these obligations may ultimately be materially greater than estimated at the time of the acquisition.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We may not be able to fund the capital expenditures that will be required for us to increase reserves and production.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We must make capital expenditures to develop our existing reserves and to discover new reserves.&#160;&#160;Historically, we have used our cash flow from operations and borrowings under our revolving credit facility to fund our capital expenditures and we expect to continue to do so in the future.&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Volatility in oil and gas prices, the timing of our drilling programs and drilling results will affect our cash flow from operations.&#160;&#160;Lower prices and/or lower production will also decrease revenues and cash flow, thus reducing the amount of financial resources available to meet our capital requirements, including reducing the amount available to pursue our drilling opportunities.&#160;&#160;If our cash flow from operations does not increase as a result of planned capital expenditures, a greater percentage of our cash flow from operations will be required for debt service and operating expenses and our planned capital expenditures would, by necessity, be decreased.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The borrowing base under our credit facility will be determined from time to time by the lender.&#160;&#160;Reductions in estimates of oil and gas reserves could result in a reduction in the borrowing base, which would reduce the amount of financial resources available under the credit facility to meet our capital requirements.&#160;&#160;Such a reduction could be the result of lower commodity prices and/or production, inability to drill or unfavorable drilling results, changes in oil and gas reserve engineering, the lenders&#8217; inability to agree to an adequate borrowing base or adverse changes in the lenders&#8217; practices regarding estimation of reserves.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">14</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">If cash flow from operations or our borrowing base decrease for any reason, our ability to undertake exploration and development activities could be adversely affected.&#160;&#160;As a result, our ability to replace production may be limited.&#160;&#160;In addition, if the borrowing base under the credit facility is reduced, we would be required to reduce our borrowings under the credit facility so that such borrowings do not exceed the borrowing base.&#160;&#160;This could further reduce the cash available to us for capital spending and, if we did not have sufficient capital to reduce our borrowing level, we may be in default under the credit facility.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Failure to comply with covenants under our debt agreement could adversely impact our financial condition and results of operations.&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our revolving credit facility agreement requires us to comply with certain customary covenants including limitations on disposition of assets, mergers and reorganizations.&#160;&#160;We are also obligated to meet certain financial covenants.&#160;&#160;For example, our revolving credit facility requires us to, among other things, maintain tangible net worth in accordance with computational guidelines contained in the related loan agreement.&#160;&#160;If we fail to meet any of these loan covenants, the lender under the revolving credit facility could accelerate the indebtedness and seek to foreclose on the pledged assets.&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Drilling and operating activities are high risk activities that subject us to a variety of factors that we can not control.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">These factors include availability of workover and drilling rigs, well blowouts, cratering, explosions, fires, formations with abnormal pressures, pollution, releases of toxic gases and other environmental hazards and risks. Any of these operating hazards could result in substantial losses to us.&#160;&#160;In addition, we incur the risk that no commercially productive reservoirs will be encountered, and there is no assurance that we will recover all or any portion of its investment in wells drilled or re-entered.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The unavailability or high cost of additional drilling rigs, equipment, supplies, personnel and oilfield services could adversely affect our ability to execute our exploration and development plans within our budget and on a timely basis.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Shortages or the high cost of drilling rigs, equipment, supplies, personnel or oilfield services could delay or cause us to incur significant expenditures that are not provided for in our capital budget, which could have a material adverse effect on our business, financial condition or results of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our identified drilling locations are scheduled out over several years, making them susceptible to uncertainties that could materially alter the occurrence or timing of their drilling.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our management has specifically identified and scheduled drilling locations as an estimation of our future multi-year drilling activities on our existing acreage.&#160;&#160;These drilling locations represent a significant part of our growth strategy.&#160;&#160;Our ability to drill and develop these locations depends on a number of uncertainties, including crude oil and natural gas prices, the availability of capital, costs, drilling results, regulatory approvals and other factors. If future drilling results in these projects do not establish sufficient reserves to achieve an economic return, we may curtail drilling in these projects.&#160;&#160;Because of these uncertainties, we do not know if the numerous potential drilling locations we have identified will ever be drilled or if we will be able to produce crude oil or natural gas from these or any other potential drilling locations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We have limited control over activities on properties we do not operate, which could reduce our production and revenues.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">A substantial amount of our business activities are conducted through joint operating or other agreements under which we own working and royalty interests in natural gas and oil properties in which we do not operate.&#160;&#160;As a result, we have a limited ability to exercise influence over normal operating procedures, expenditures or future development of underlying properties and their associated costs.&#160;&#160;The failure of an operator of our wells to adequately perform operations could reduce our revenues and production.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our business depends on oil and natural gas transportation facilities which are owned by others.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The marketability of our production depends in part on the availability, proximity and capacity of natural gas gathering systems, pipelines and processing facilities.&#160;&#160;Federal and state regulation of oil and gas production and transportation, tax and energy policies, changes in supply and demand and general economic conditions could all affect our ability to produce and market our oil and gas.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">15</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The oil and gas industry is highly competitive.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Competition for oil and gas reserve acquisitions is significant.&#160;&#160;We may compete with major oil and gas companies, other independent oil and gas companies and individual producers and operators, some of which have financial and personnel resources substantially in excess of those available to us.&#160;&#160;As a result, we may be placed at a competitive disadvantage.&#160;&#160;Our ability to acquire and develop additional properties in the future will depend upon our ability to select and acquire suitable producing properties and prospects for future development activities. In addition, the oil and gas industry as a whole also competes with other industries in supplying the energy and fuel requirements of industrial, commercial and individual consumers.&#160;&#160;The price and availability of alternative energy sources could adversely affect our revenue.&#160;&#160;The <font style="FONT-STYLE: italic; DISPLAY: inline">market</font> for our oil, gas and natural gas liquids production depends on factors beyond our control, including domestic and foreign political conditions, the overall level of supply of and demand for oil, gas and natural gas liquids, the price of imports of oil and gas, weather conditions, the price and availability of alternative fuels, the proximity and capacity of gas pipelines and other transportation facilities and overall economic conditions.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We may not be insured against all of the operating hazards to which our business is exposed.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our operations are subject to all the risks inherent in the exploration for, and development and production of oil and gas including blowouts, fires and other casualties.&#160;&#160;We maintain insurance coverage customary for operations of a similar nature, but losses could arise from uninsured risks or in amounts in excess of existing insurance coverage.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our business is subject to extensive environmental regulations, and to laws that can give rise to liabilities from environmental contamination.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our operations are subject to extensive federal, state and local environmental laws and regulations, which impose limitations on the discharge of pollutants into the environment, establish standards for the management, treatment, storage, transportation and disposal of hazardous materials and of solid and hazardous wastes, and impose obligations to investigate and remediate contamination in certain circumstances.&#160; Liabilities to investigate or remediate contamination, as well as other liabilities concerning hazardous materials or contamination such as claims for personal injury or property damage, may arise at many locations, including properties in which we have an ownership interest but no operational control, properties we formerly owned or operated and sites where our wastes have been treated or disposed of, as well as at properties that we currently own or operate.&#160;&#160;Such liabilities may arise even where the contamination does not result from any noncompliance with applicable environmental laws.&#160; Under a number of environmental laws, such liabilities may also be joint and several, meaning that we could be held responsible for more than our share of the liability involved, or even the entire share.&#160; Environmental requirements generally have become more stringent in recent years, and compliance with those requirements more expensive.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Increased regulation of hydraulic fracturing could result in reductions or delays in drilling and completing new oil and natural gas wells, which could adversely impact our revenues.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Legislation has been introduced in the U.S. Congress to amend the federal SDWA to subject hydraulic fracturing operations to regulation under the SDWA and to require the disclosure of chemicals used by the oil and gas industry in the hydraulic fracturing process.&#160;&#160;Hydraulic fracturing involves the injection of water, sand and chemicals under pressure into rock formations to stimulate gas and oil production.&#160;&#160;We engage third parties to provide hydraulic fracturing or other well stimulation services to us in connection with wells for which we are the operator.&#160;&#160;The proposed legislation as well as laws being considered by certain states and other agencies would require the reporting and public disclosure of chemicals used in the fracturing process, which could make it easier for third parties opposing the hydraulic fracturing process to initiate legal proceedings based on allegations that specific chemicals used in the fracturing process are impairing groundwater or causing other damage.&#160;In March 2010, the EPA announced that it would conduct a wide-ranging study on the effects of hydraulic fracturing on human health and the environment.&#160;&#160;The study is expected to be completed in 2012.&#160;&#160;This study and enforcement initiative could result in additional regulatory scrutiny that could make it difficult to perform hydraulic fracturing and increase our costs of compliance and doing business.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">16</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Increases in taxes on energy sources may adversely affect the company's operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Federal, state and local governments which have jurisdiction in areas where the company operates impose taxes on the oil and natural gas products sold.&#160;&#160;Historically, there has been an on-going consideration by federal, state and local officials concerning a variety of energy tax proposals.&#160;&#160;Such matters are beyond the company's ability to accurately predict or control.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Certain U.S. federal income tax deductions currently available with respect to oil and gas exploration and development may be eliminated as a result of future legislation.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Legislation has been proposed that would, if enacted into law, make significant changes to U. S. federal income tax laws, including the elimination of certain key U.S. federal income tax deductions currently available to oil and natural gas exploration and production companies.&#160;&#160;These changes include, but are not limited to:&#160;&#160;(1) the repeal of the percentage depletion allowance for oil and natural gas properties, (2) the elimination of current deductions for intangible drilling and development costs, (3) the elimination of the deduction for certain domestic production activities, and (4) an extension of the amortization period for certain geological and geophysical expenditures.&#160;&#160;It is unclear whether any such changes will be enacted or how soon any such changes could become effective.&#160;&#160;The passage of this legislation or any other similar changes in the U. S. federal income tax laws could eliminate or defer certain tax deductions that are currently available with respect to oil and gas exploration and development, and any such change could negatively affect our financial condition and results of operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The loss of our chief executive officer or other key personnel could adversely impact our ability to execute our business strategy.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We depend, and will continue to depend in the foreseeable future, upon the continued services of our Chief Executive Officer, Nicholas C. Taylor, our President and Chief Financial Officer, Tamala L. McComic, and other key personnel, who have extensive experience and expertise in evaluating and analyzing producing oil and gas properties and drilling prospects, maximizing production from oil and gas properties and developing and executing acquisitions and financing.&#160;&#160;We do not have key-man insurance on the lives of Mr. Taylor and Ms. McComic.&#160;&#160;The unexpected loss of the services of one or more of these individuals could, therefore, significantly and adversely affect our operations.&#160;&#160;Competition for qualified individuals is intense and we may be unable to find or attract qualified replacements for our officers and key employees on acceptable terms.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We may be affected by one substantial shareholder.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Nicholas C. Taylor beneficially owns approximately 44% of the outstanding shares of our common stock.&#160;&#160;Mr. Taylor is also our Chairman of the Board and Chief Executive Officer.&#160;&#160;As a result, Mr. Taylor has significant influence in matters voted on by our shareholders, including the election of our Board members.&#160;&#160;Mr. Taylor participates in all facets of our business and has a significant impact on both our business strategy and daily operations.&#160;&#160;The retirement, incapacity or death of Mr. Taylor, or any change in the power to vote shares beneficially owned by Mr. Taylor, could result in negative market or industry perception and could have an adverse effect on our business.</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">RISKS RELATED TO OUR COMMON STOCK</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We have not and do not anticipate paying any cash dividends on our common stock in the foreseeable future.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We have paid no cash dividends on our common stock to date and it is not anticipated that any will be paid to holders of our common stock in the foreseeable future.&#160;&#160;The terms of our existing credit facility restricts the payment of dividends without the prior written consent of the lenders.&#160;&#160;We currently intend to retain all future earnings to fund the development and growth of our business. Any payment of future dividends will be at the discretion of our board of directors and will depend on, among other things, our earnings, financial condition, capital requirements, level of indebtedness, statutory and contractual restrictions applying to the payment of dividends and other considerations that our board of directors deems relevant. Stockholders must rely on sales of their common stock after price appreciation, which may never occur, as the only way to realize a return on their investment.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">17</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We may issue additional shares of common stock in the future, which could cause dilution to all shareholders.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We may seek to raise additional equity capital in the future.&#160;&#160;Any issuance of additional shares of our common stock will dilute the percentage ownership interest of all shareholders and may dilute the book value per share of our common stock.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Control by our executive officers and directors may limit your ability to influence the outcome of matters requiring stockholder approval and could discourage our potential acquisition by third parties.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">As of March 31, 2012, our executive officers and directors beneficially owned approximately 46% of our&#160;common stock.&#160;&#160;These stockholders, if acting together, would be able to influence significantly all matters requiring approval by our stockholders, including the election of our board of directors and the approval of mergers or other business combination transactions.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The price of our common stock has been volatile and could continue to fluctuate substantially.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mexco common stock is traded on the NYSE MKT.&#160;&#160;The market price of our common stock has and could continue to experience volatility due to reasons unrelated to our operating performance.&#160;&#160;These reasons include: supply and demand for natural gas and oil; political conditions in natural gas and oil producing regions; demand for our common stock and limited trading volume; investor perception of our industry; fluctuations in commodity prices; variations in our results of operations; legislative or regulatory changes; general trends in the oil and natural gas industry; market conditions and analysts&#8217; estimates; and, other events in the oil and gas oil industry.&#160;&#160;Many of these factors are beyond our control, and we cannot predict their potential effects on the price of our common stock.&#160;&#160;We cannot assure you that the market price of our common stock will not fluctuate or decline significantly in the future.&#160;&#160;In addition, the stock markets in general can experience considerable price and volume fluctuations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Failure of the Company's internal control over financial reporting could harm its business and financial results.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The management of Mexco is responsible for establishing and maintaining effective internal control over financial reporting.&#160;&#160;Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of financial reporting for external purposes in accordance with accounting principles generally accepted in the United States.&#160;&#160;Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect Mexco's transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of the financial statements; providing reasonable assurance that receipts and expenditures are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements would be prevented or detected on a timely basis.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 1B.&#160;&#160;UNRESOLVED STAFF COMMENTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">None.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 2.&#160;&#160;PROPERTIES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our properties consist primarily of oil and gas wells and our ownership in leasehold acreage, both developed and undeveloped.&#160;&#160;As of March 31, 2012, we had interests in 2,961 gross (27 net) oil and gas wells and owned leasehold interests in approximately 319,446 gross (3,360 net) acres.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">18</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Oil and Natural Gas Reserves</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In December&#160;2008, the SEC approved revisions to modernize the oil and gas reserves reporting requirements.&#160;&#160;The new requirements provide for consideration of new technologies in evaluating reserves, allow companies to disclose their probable and possible reserves to investors, report oil and gas reserves using an average price based on the prior 12-month period rather than year-end prices, and revise the disclosure requirements for oil and gas operations.&#160; We adopted the new rules effective March 31, 2010.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In accordance with SEC guidelines, the average prices used in computing reserves at March 31, 2012 were $93.75 per bbl of oil and $3.83 per mcf of natural gas, based on the 12-month unweighted arithmetic average market prices for sales of oil and natural gas on the first calendar day of each month during fiscal 2012.&#160;&#160;The benchmark price of $94.65 per bbl of oil was adjusted by lease for gravity, transportation fees and regional price differentials.&#160;&#160;The benchmark price of $3.73 per mcf of natural gas was adjusted by lease for BTU content, transportation fees and regional price differentials.&#160;&#160;The average prices used in computing reserves at March 31, 2011 were $77.27 per bbl of oil and $3.88 per mcf of natural gas, based on the 12-month average market prices for sales of oil and natural gas on the first calendar day of each month during fiscal 2011.&#160;&#160;The benchmark prices used in computing reserves at March 31, 2011 were $80.04 per bbl of oil and $4.11 per mcf of natural gas.&#160;&#160;The average prices used in computing reserves at March 31, 2010 were $66.21 per bbl of oil and $3.77 per mcf of natural gas, based on the 12-month average market prices for sales of oil and natural gas on the first calendar day of each month during fiscal 2010.&#160;&#160;The benchmark prices used in computing reserves at March 31, 2010 were $69.64 per bbl of oil and $3.98 per mcf of natural gas.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">For information concerning our costs incurred for oil and gas operations, net revenues from oil and gas production, estimated future net revenues attributable to our oil and gas reserves, present value of future net revenues discounted at 10% and changes therein, see Notes to the Company&#8217;s consolidated financial statements.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The engineering report with respect to Mexco&#8217;s estimates of proved oil and gas reserves as of March 31, 2012, 2011 and 2010 is based on evaluations prepared by Joe C. Neal and Associates, Petroleum and Environmental Engineering Consultants, based in Midland, Texas (&#8220;Neal and Associates&#8221;) and is filed as Exhibit 99.1 to this annual report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Management maintains internal controls designed to provide reasonable assurance that the estimates of proved reserves are computed and reported in accordance with rules&#160;and regulations provided by the SEC.&#160; As stated above, Mexco retained Neal and Associates to prepare estimates of our oil and gas reserves.&#160; Management works closely with this firm, and is responsible for providing accurate operating and technical data to it.&#160; Our Chief Financial Officer who has over 19 years experience in the oil and gas industry reviews the final reserves estimate and consults with a degreed geological consultant with extensive geological experience and if necessary, discusses the process used and findings with Mr. Neal. &#160;Mr.&#160;Neal is responsible for overseeing the preparation of the reserve estimates and holds a bachelor&#8217;s degree in mechanical engineering (petroleum option), is a member of the Society of Petroleum Engineers and has over 50 years of experience in the oil and gas industry.&#160; Our Chairman and Chief Executive Officer who has close to 30 years experience in the oil and gas industry also reviews the final reserves estimate.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Numerous uncertainties exist in estimating quantities of proved reserves.&#160; Reserve estimates are imprecise and subjective and may change at any time as additional information becomes available.&#160; Furthermore, estimates of oil and gas reserves are projections based on engineering data.&#160; There are uncertainties inherent in the interpretation of this data as well as the projection of future rates of production.&#160; The accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Actual future production, oil and gas prices, revenues, taxes, development expenditures, operating expenses and quantities of recoverable oil and gas reserves will most likely vary from the assumptions and estimates.&#160;&#160;Any significant variance could materially affect the estimated quantities and value of our oil and gas reserves, which in turn may adversely affect our cash flow, results of operations and the availability of capital resources.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">19</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div>&#160;</div>
</div>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Per the current SEC rules, the prices used to calculate our proved reserves and the present value of proved reserves set forth herein are made using the 12-month unweighted arithmetic average of the first-day-of-the-month price.&#160;&#160;All prices are held constant throughout the life of the properties.&#160;&#160;Actual future prices and costs may be materially higher or lower than those as of the date of the estimate.&#160;&#160;The timing of both the production and the expenses with respect to the development and production of oil and gas properties will affect the timing of future net cash flows from proved reserves and their present value.&#160;&#160;Except to the extent that we acquire additional properties containing proved reserves or conduct successful exploration and development activities, or both, our proved reserves will decline as reserves are produced.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We have not filed any other oil or gas reserve estimates or included any such estimates in reports to other federal or foreign governmental authority or agency during the year ended March 31, 2012, and no major discovery is believed to have caused a significant change in our estimates of proved reserves since that date.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Proved reserves are estimated reserves of crude oil (including condensate and natural gas liquids) and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.&#160;&#160;Proved developed reserves are those expected to be recovered through existing wells, equipment and operating methods.&#160;&#160;Proved undeveloped reserves are proved reserves that are expected to be recovered from new wells drilled to known reservoirs on undrilled acreage for which the existence and recoverability of such reserves can be estimated with reasonable certainty, or from existing wells on which a relatively major expenditure is required to establish production.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our estimated proved oil and gas reserves and present value of estimated future net revenues from proved oil and gas reserves in the periods ended March 31 are summarized below.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PROVED RESERVES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">March 31,</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil (Bbls):</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved developed &#8211; Producing</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">178,410</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">156,346</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">138,431</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved developed &#8211; Non-producing</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16,210</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,629</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,549</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved undeveloped</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">151,730</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">130,187</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">98,088</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Total</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">346,350</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">290,162</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">240,068</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Natural gas (Mcf):</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved developed &#8211; Producing</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,491,920</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,895,656</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,952,172</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved developed &#8211; Non-producing</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,867,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,068,405</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,065,170</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved undeveloped</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,085,060</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,792,974</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,388,248</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Total</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,444,730</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,757,035</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,405,590</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total net proved reserves (Mcfe)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">10,522,830</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">10,498,007</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">9,845,998</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">PV-10 Value <font style="DISPLAY: inline; FONT-SIZE: 11pt">(1)</font></font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">24,953,450</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">22,653,390</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">18,085,370</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Present value of future income tax&#160;discounted at 10%</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(5,597,450</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(5,001,390</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(3,925,370</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Standardized measure of discounted future net cash flows <font style="DISPLAY: inline; FONT-SIZE: 11pt">(2)</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">19,356,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">17,652,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">14,160,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Prices used in Calculating Reserves: <font style="DISPLAY: inline; FONT-SIZE: 11pt">(3)</font></font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Natural gas (per Mcf)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3.83</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3. 88</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3.77</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil (per Bbl)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">93.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">77.27</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">66.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(1)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The PV-10 Value represents the discounted future net cash flows attributable to our proved oil and gas reserves before income tax, discounted at 10% per annum, which is the most directly comparable GAAP financial measure.&#160;&#160;PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to our estimated net proved reserves prior to taking into account future corporate income taxes.&#160;&#160;Further, investors may utilize the measure as a basis for comparison of the relative size and value of our reserves to other companies.&#160;&#160;We use this measure when assessing the potential return on investment related to our oil and natural gas properties.&#160;&#160;Our reconciliation of this non-GAAP financial measure is shown in the table as the PV-10, less future income taxes, discounted at 10% per annum, resulting in the standardized measure of discounted future net cash flows. The standardized measure of discounted future net cash flows represents the present value of future cash flows attributable to our proved oil and natural gas reserves after income tax, discounted at 10%.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">20</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div>&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(2)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In accordance with SEC requirement, the standardized measure of discounted future net cash flows was computed by applying 12-month average prices for oil and gas during the fiscal year to the estimated future production of proved oil and gas reserves, less estimated future expenditures (based on year-end costs) to be incurred in developing and producing the proved reserves, less estimated future income tax expenses (based on year-end statutory tax rates, with consideration of future tax rates already legislated) to be incurred on pretax net cash flows less tax basis of the properties and available credits, and assuming continuation of existing economic conditions.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(3)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">These prices reflect adjustment by lease for quality, transportation fees and regional price differentials.</font></div>
</td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">During the fiscal year ending March 31, 2012, 17 wells in which we own a royalty interest were developed converting reserves of approximately 34,000 mcfe&#160;from proved undeveloped to proved developed - producing.&#160;&#160;We participated in the development of 17 wells converting reserves of approximately 45,000 mcfe from proved undeveloped to proved developed - producing.&#160;We also participated in the development of 3 wells, awaiting completion, which converted reserves of approximately 895,000 mcfe from proved undeveloped to proved developed - nonproducing.&#160;&#160;The capital cost was approximately $1,057,600 for all 37 wells in which we own a working interest.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Oil and gas prices significantly impact the calculation of the PV-10 and the standardized measure of discounted future net cash flows.&#160;&#160;The present value of future net cash flows does not purport to be an estimate of the fair market value of the Company's proved reserves.&#160;&#160;An estimate of fair value would also take into account, among other things, anticipated changes in future prices and costs, the expected recovery of reserves in excess of proved reserves and a discount factor more representative of the time value of money and the risks inherent in producing oil and gas.&#160;&#160;Future prices received for production and costs may vary, perhaps significantly, from the prices and costs assumed for purposes of these estimates.&#160;&#160;The 10% discount factor used to calculate present value, which is required by Financial Accounting Standards Board (&#8220;FASB&#8221;) pronouncements, may not necessarily be the most appropriate discount rate.&#160;&#160;The present value, no matter what discount rate is used, is materially affected by assumptions as to timing of future production, which may prove to be inaccurate.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Productive Wells and Acreage</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Productive wells consist of producing wells and wells capable of production, including gas wells awaiting pipeline connections.&#160;&#160;Wells that are completed in more than one producing zone are counted as one well.&#160;&#160;The following table indicates our productive wells as of March 31, 2012:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="58%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Gross</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,771</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Gas</font></div>
</td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,190</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">11</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Total Productive Wells</font></div>
</td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;2,961</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;27</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table sets forth the approximate developed acreage in which we held a leasehold mineral or other interest as of March 31, 2012:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="58%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td colspan="3" valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Developed Acres</font></div>
</td>
</tr><tr>
<td valign="top" width="58%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Gross</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Texas</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">166,595</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,897</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oklahoma</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">48,487</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">208</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">New Mexico</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">20,997</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">146</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Louisiana</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">35,762</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">51</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Kansas</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,520</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">24</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">North Dakota</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">24,279</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">19</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Montana</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">7,868</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Wyoming</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,578</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Alabama</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">640</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Mississippi</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,280</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Colorado</font></div>
</td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,120</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1</font></div>
</td>
</tr><tr bgcolor="white">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Arkansas</font></div>
</td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;320</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="top" width="58%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Total</font></div>
</td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;319,446</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="20%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;3,360</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">21</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Undeveloped acreage includes leased acres on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and gas, regardless of whether or not such acreage contains proved reserves.&#160;&#160;A gross acre is an acre in which an interest is owned.&#160;&#160;A net acre is deemed to exist when the sum of fractional ownership interests in gross acres equals one.&#160;&#160;The number of net acres is the sum of the fractional interests owned in gross acres.&#160;&#160;As of March 31, 2012, we own approximately 1,477 gross and 737 net acres of material undeveloped acreage located above and below the Pembrook Unit of Upton County, Texas which is operated by Pioneer Natural Resources USA, Inc. and held by production from approximately 200 wells.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Drilling Activities</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table sets forth our drilling activity in wells in which we own a working interest for the years ended March 31:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="32%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td colspan="11" valign="top" width="64%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Year Ended March 31,</font></div>
</td>
</tr><tr>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="32%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td colspan="3" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td colspan="3" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td colspan="3" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
</tr><tr>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="32%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Gross</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Gross</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Gross</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net</font></div>
</td>
</tr><tr>
<td align="left" colspan="3" valign="middle" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Exploratory Wells</font></div>
</td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="gainsboro">
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="left" colspan="2" valign="middle" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Productive</font></div>
</td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="left" colspan="2" valign="middle" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Nonproductive</font></div>
</td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="left" valign="middle" width="32%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total</font></div>
</td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;-</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="middle" width="32%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" colspan="3" valign="middle" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Development Wells</font></div>
</td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="left" colspan="2" valign="middle" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Productive</font></div>
</td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">54</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1.55</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">.17</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">21</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">.25</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="left" colspan="2" valign="middle" width="34%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Nonproductive</font></div>
</td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">.01</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="middle" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="left" valign="middle" width="32%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total</font></div>
</td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;54</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1.55</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;8</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;.17</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;23</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;.26</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The information contained in the foregoing table should not be considered indicative of future drilling performance, nor should it be assumed that there is any necessary correlation between the number of productive wells drilled and the amount of oil and gas that may ultimately be recovered by us.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net Production, Unit Prices and Costs</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table summarizes our net oil and natural gas production, the average sales price per barrel (&#8220;bbl&#8221;) of oil and per thousand cubic feet (&#8220;mcf&#8221;) of natural gas produced and the average production (lifting) cost per unit of production for the years ended March 31:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Year Ended March 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil (a):</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Production (Bbls)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">19,442</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">17,040</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">18,036</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,810,459</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,332,395</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,194,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Average Bbls per day</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">53</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">47</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">49</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Average sales price per Bbl</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">93.12</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">78.19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">66.23</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Gas (b):</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Production (Mcf)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">395,649</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">459,446</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">545,991</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,413,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,812,852</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,026,263</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Average Mcf per day</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,084</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,259</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,496</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Average sales price per Mcf</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3.57</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3.95</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3.71</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Production cost:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Production cost</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">669,615</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">772,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">762,913</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Production and ad valorem taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">256,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">253,432</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">291,311</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Equivalent Mcf (c)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">512,301</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">561,686</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">654,207</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Production cost per equivalent Mcf</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1.31</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1.38</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1.17</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Production cost per sales dollar</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.25</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.24</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total oil and gas revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,223,659</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,145,247</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,220,763</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div>&#160;</div>

<div>
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">22</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div>&#160;</div>
</div>

<div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(a)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Includes condensate.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(b)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Includes natural gas products.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(c)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Oil production is converted to equivalent mcf at the rate of 6 mcf per bbl, representing the estimated relative energy content of natural gas to oil.</font></div>
</td>
</tr></table>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 3.&#160;&#160;LEGAL PROCEEDINGS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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 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>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 4.&#160;&#160;MINE SAFETY DISCLOSURES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Not applicable.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">PART II</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 71px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">ITEM 5.&#160;&#160;</font></font></div>
</td>
<td width="874">
<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">MARKET FOR REGISTRANT&#8217;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Market Information</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In September 2003, our common stock began trading on the NYSE MKT, formerly the American Stock Exchange, under the symbol &#8220;MXC&#8221;.&#160;&#160;Prior to September 2003, the Company&#8217;s common stock was traded on the over-the-counter bulletin board market under the symbol &#8220;MEXC&#8221;.&#160;The registrar and transfer agent is Computershare Trust Company N.A., 250 Royall Street, Canton, Massachusetts, 02021 (Tel: 800-962-4284).&#160;&#160;The following table sets forth certain information as to the high and low sales price quoted for Mexco&#8217;s common stock on the NYSE MKT.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="60%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">High</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Low</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012:</font></div>
</td>
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">April - June 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">13.62</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8.03</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">July - September 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">9.89</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.01</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">October - December 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">7.95</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.30</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">January - March 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">11.25</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.68</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="10%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011:</font></div>
</td>
<td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">April - June 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">10.16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">7.55</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">July - September 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">7.55</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.60</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">October - December 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8.18</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.90</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="60%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">January - March 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">15.75</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.99</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 40.3pt" align="justify"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">On June 15, 2012, the closing sales price of our common stock on the NYSE MKT was $6.49 per share.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Stockholders</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">As of March 31, 2012, we had approximately 2,099,116 shares issued and 1,091 shareholders of record which does not include shareholders for whom shares are held in a &#8220;nominee&#8221; or &#8220;street&#8221; name.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">23</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Dividends</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We have never declared or paid any cash dividends on our common stock.&#160;&#160;We currently intend to retain future earnings and other cash resources, if any, for the operation and development of our business and do not anticipate paying any cash dividends on our common stock in the foreseeable future.&#160;&#160;Payment of any future dividends will be at the discretion of our board of directors after taking into account many factors, including our financial condition, operating results, current and anticipated cash needs and plans for expansion.&#160;&#160;In addition, our current bank loan prohibits us from paying cash dividends on our common stock. Any future dividends may also be restricted by any loan agreements which we may enter into from time to time.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Securities Authorized for Issuance Under Compensation Plans</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table includes certain information about our Employee Incentive Stock Plans as of March 31, 2012, each of which has been approved by our stockholders.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="32%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Number of Shares Authorized for </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Issuance under Plan</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Number of Shares to be Issued upon Exercise of Outstanding Options</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Weighted Average Exercise Price of Outstanding Options</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Number of Shares Remaining Available for Future Issuance under Plan</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="32%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1997 Plan</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">350,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="32%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2004 Plan</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">375,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4.35</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="32%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2009 Plan</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">200,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">80,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.52</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">120,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="right" valign="bottom" width="32%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">925,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">83,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.42</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">120,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Issuer Repurchases</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In June 2011, the board of directors authorized the use of up to $250,000 to repurchase shares of our common stock for the treasury account.&#160;&#160;This program does not have an expiration date.&#160;&#160;Under the repurchase program, shares of common stock may be purchased from time to time through open market purchases or other transactions.&#160;&#160;The amount and timing of repurchases will be subject to the availability of stock, prevailing market conditions, the trading price of the stock, our financial performance and other conditions.&#160;&#160;Repurchases may also be made from time-to-time in connection with the settlement our share-based compensation awards.&#160;&#160;Repurchases will be funded from cash flow from operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table provides information related to repurchases of our common stock for the treasury account during the year ended March 31, 2012:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="32%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total Number of Shares Purchased</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Average Price </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Paid per Share</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total Number of Shares Purchased as </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Part </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">of Publicly </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Announced Program</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Approximate Dollar Value of Shares that May Yet </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">be </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Purchased Under </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">the Program (1)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="32%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">September 1-30, 2011</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.99</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">238,020</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="32%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">October 1-31, 2011</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.40</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">227,220</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(1)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The program authorizing the use of up to $250,000 to repurchase shares of our common stock for the treasury account was approved by the board of directors on June 29, 2011 and does not have an expiration date.&#160;&#160;As of March 31, 2012, 4,000 shares of Mexco&#8217;s common stock have been purchased for a total of $22,780.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">During fiscal 2011, we repurchased 2,000 shares at an aggregate cost of $12,325.&#160;&#160;There were no shares of our common stock repurchased for the treasury account during fiscal 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 6.&#160;&#160;SELECTED CONSOLIDATED FINANCIAL DATA</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Not applicable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">24</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div>&#160;</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 7.&#160;&#160;MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following discussion is intended to provide information relevant to an understanding of our financial condition, changes in our financial condition and our results of operations and cash flows and should be read in conjunction with our consolidated financial statements and notes thereto included elsewhere in this Form 10-K.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Liquidity and Capital Resources and Commitments</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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;We do not have any delivery commitments to provide a fixed and determinable quantity of our oil and gas under any existing contract or agreement.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Our long term strategy is on increasing profit margins while concentrating on obtaining reserves with low cost operations by acquiring and developing oil and gas properties with potential for long-lived production.&#160;&#160;We focus our efforts on the acquisition of royalties in areas with significant development potential.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">During the fiscal year ended March 31, 2012, we repurchased 4,000 shares for the treasury at an aggregate cost of $22,780.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We had working capital of $476,960 as of March 31, 2012 compared to working capital of $470,253 as of March 31, 2011, an increase of $6,707.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">For the year ending March 31, 2012,&#160;cash flow from operations was $1,573,296, an 18% increase when compared to the corresponding period of fiscal 2011.&#160;&#160;Cash of $1,642,449 was used for additions to oil and gas properties, $100,000 was used for net reduction of long-term debt and $471,543 was received primarily from the sale of a term leasehold interest in oil and gas properties.&#160;&#160;Accordingly, net cash increased $319,610.&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In March 2011, we purchased approximately 10.8% working interest (7.77% net revenue interest) in 160 gross acres containing five (5) wells in the Fuhrman-Mascho Field of Andrews County, Texas, for an approximate cash purchase price of $670,000 funded from our $4.9 million credit facility.&#160;&#160;During fiscal 2012, we participated in the drilling of two (2) development wells on this acreage.&#160;&#160;Our share of the costs to drill and complete these wells through March 2012 was approximately $135,000.&#160;&#160;This acreage now contains seven (7) wells &#8211; four (4) producing oil from the San Andres formation and three (3) producing oil from the Grayburg and San Andres formations at an approximate depth of 5,000 feet.&#160;&#160;All 7 of these wells are operated by Cone and Petree Oil &amp; Gas Exploration, Inc. This property contains an additional nine (9) potential drill sites in the Grayburg and San Andres formations with more dense spacing of approximately 10 acres per well.&#160;&#160;Six (6) of these potential sites are planned to be drilled in fiscal 2013.&#160;&#160;This new spacing in the Fuhrman-Mascho Field has been shown to increase production.&#160;&#160;In March 2012, we purchased an additional working interest in this acreage for an approximate cash purchase price of $275,000.&#160;&#160;We now own a total approximate 16.2% working interest (11.66% net revenue interest) in this acreage.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In June 2011, we received $450,000 in cash from Energen Corporation for the assignment of a five year term leasehold interest in 200 acres at $2,250 per acre.&#160;&#160;The assignment covers depths of 7,680&#8217; to 11,500&#8217; feet from the surface.&#160;&#160;Mexco retained a royalty of 8.33%.&#160;&#160;This interest has potential for oil production from the Avalon and Bone Springs in separate intervals by horizontal drilling above the prolific Vermejo-Fusselman Gas Field of Loving County, Texas.&#160;&#160;Energen has plans to drill three (3) wells on this acreage during our fiscal 2012, one of these wells began drilling in April 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We participated in 37 infill wells in the Yeso/Paddock formations of the Dodd-Federal Unit in the Grayburg San Andres Jackson Field of Eddy County, New Mexico.&#160;&#160;Twenty-three of these wells have already been drilled with the balance scheduled to be drilled in the next twelve months to a total depth of approximately 5,000 feet.&#160;&#160;The unit, operated by Concho Resources, Inc., currently contains approximately 133 producing wells.&#160;&#160;Mexco&#8217;s working interest in this unit .185% (.14% net revenue interest).&#160;&#160;Our share of the costs to drill and complete these wells through March 2012 was approximately $45,000.&#160;&#160;For the fiscal year ending March 31, 2011, we participated in the drilling of 5 producing wells in this unit.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">25</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">A joint venture in which we are a working interest partner drilled two (2) infill wells in the Strawn formation on a 160-acre tract in Andrews County, Texas.&#160;&#160;The section in which this tract is located currently contains 12 completed wells on 40-acre spacing.&#160;&#160;Our share of the costs to drill and complete these wells through March 2012 for our approximately 1% working interest was approximately $64,000.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">A joint venture in which we are a working interest partner drilled two (2) development wells in the Delaware and Bone Spring Sand formations on a 160-acre tract in Eddy County, New Mexico which currently contains four (4) producing wells.&#160;&#160;Our share of the costs to drill and complete the first of these wells through March 2012 for our approximately 1% working interest was approximately $29,000.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We participated in the drilling of two (2) development wells in the Cotton Valley-Bossier formation in the Teague Field of Freestone County, Texas.&#160;&#160;The 680-acre unit, operated by Valence Operating Company, currently contains 2 producing wells.&#160;&#160;Mexco&#8217;s working interest in this unit is 4.2% (3.7% net revenue interest).&#160;&#160;Our share of the costs to drill and complete these wells through March 2012 was approximately $142,000.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">A joint venture in which we are a working interest partner drilled two (2) infill wells in the Strawn formation on a 160-acre tract in Glasscock County, Texas.&#160;&#160;The immediate offsetting sections in which this tract is located currently contains 14 completed wells.&#160;&#160;Our share of the costs to drill and complete these wells through March 2012 for our approximately 1% working interest was approximately $64,000.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Two joint ventures in which we are a working interest partner began drilling three (3) development wells in Lea County, New Mexico.&#160;&#160;One well is on a 560-acre tract and is to be completed in the Abo formation.&#160;&#160;The other two wells are on a 640-acre tract which contains six wells currently producing and are to be completed in Bone Spring Sand formation.&#160;&#160;Our share of the costs to drill and complete these wells through March 2012 for our approximately 1% working interest was approximately $90,000.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We acted as operator and drilled a development well in Pecos County, Texas in which Mexco owns 100% working interest (78.8% net revenue interest).&#160;&#160;This well is currently being completed.&#160;&#160;Our costs to drill this well through March 31, 2012 were approximately $735,000.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">At March 31, 2012, we reported estimated PUDs of 4.0 bcfe, which accounted for 38% of our total estimated proved oil and gas reserves.&#160;&#160;This figure primarily consists of a projected 18 new wells, 5 of which we operate, and 1 new zone behind pipe from a currently producing wellbore that we also operate.&#160;&#160;We project two&#160;&#160;operated wells to be drilled in fiscal 2013 with the three remaining in fiscal 2014.&#160;&#160;Regarding the remaining 13 PUD locations operated by others, a location is currently being prepared to drill one well with plans for seven wells to follow in 2013 and five in 2014.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We are participating in other projects and are reviewing 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 and, if appropriate, sales of our common stock.&#160;&#160;See Note 5 of Notes to Consolidated Financial Statements for a description of our revolving credit agreement with Bank of America, N.A.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Crude oil and natural gas prices have fluctuated significantly in recent years.&#160;&#160;The effect of declining product prices on our business is significant.&#160;&#160;Lower product prices reduce our cash flow from operations and diminish the present value of our oil and gas reserves.&#160;&#160;Lower product prices also offer us less incentive to assume the drilling risks that are inherent in our business. The volatility of the energy markets makes it extremely difficult to predict future oil and natural gas price movements with any certainty.&#160;&#160;For example in the last twelve months, the West Texas Intermediate (&#8220;WTI&#8221;) posted price for crude oil has ranged from a low of $75.75 per bbl in September 2011 to a high of $110.50 per bbl in April 2011.&#160;&#160;The Henry Hub Spot Market Price (&#8220;Henry Hub&#8221;) for natural gas has ranged from a low of $2.00 per MMBtu in March 2012 to a high of $4.92 per MMBtu in June 2011.&#160;On March 31, 2012 the WTI posted price for crude oil was $99.50 per bbl and the Henry Hub spot price for natural gas was $2.00 per MMBtu.&#160;&#160;Management is of the opinion that cash flow from operations and funds available from financing will be sufficient to provide adequate liquidity for the next fiscal year.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">26</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div>&#160;</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Results of Operations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fiscal 2012 Compared to Fiscal 2011</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Net income was $329,993 for the year ended March 31, 2012, a 112% increase from $155,696 for the year ended March 31, 2011.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Oil and gas sales.</font>&#160;&#160;Revenue from oil and gas sales was $3,223,659 for the year ended March 31, 2012, a&#160;2% increase from $3,145,247 for the year ended March 31, 2011.&#160;&#160;This resulted from an increase in oil price and production partially offset by a decrease in gas price and production.&#160;&#160;The following table sets forth our oil and gas revenues, production quantities and average prices received during the fiscal years ended March 31:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">% Difference</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,810,459</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,332,395</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">35.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Volume (bbls)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">19,442</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">17,040</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">14.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Average Price (per bbl)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">93.12</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">78.19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">19.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Gas:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,413,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,812,852</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(22.0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Volume (mcf)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">395,649</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">459,446</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(13.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Average Price (per mcf)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3.57</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3.95</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(9.6</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%)</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Production and exploration.</font>&#160;&#160;Production costs were $926,215 in fiscal 2012, a 10% decrease from $1,025,932 in fiscal 2011.&#160;&#160;This was primarily the result of last year&#8217;s workover and repairs on one of our operated wells in Hutchinson County, Texas in which we own a 100% working interest.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Depreciation, depletion and amortization.&#160;&#160;</font>Depreciation, depletion and amortization (&#8220;DD&amp;A&#8221;) expense was $996,205 in fiscal 2012, a 5% decrease from $1,047,906 in fiscal 2011, primarily due to a decrease in gas production partially offset by an increase to the full cost pool amortization base and a decrease in gas reserves partially offset by an increase in oil reserves.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">General and administrative expenses.</font>&#160;&#160;General and administrative expenses were $950,690 for the year ended March 31, 2012, an 8% increase from $877,790 for the year ended March 31, 2011.&#160;&#160;This was primarily due to an increase in stock option compensation expense.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Interest expense.</font>&#160;&#160;Interest expense was $28,840 in fiscal 2012, a 21% decrease&#160;from $36,361 in fiscal&#160;2011, due to a decrease in borrowings.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Income taxes.</font>&#160;&#160;There was an income tax benefit of $27,960 in fiscal 2012 compared to an income tax benefit of $15,596 in fiscal 2011.&#160;&#160;This benefit was mainly the result of an increase in intangible drilling costs.&#160;&#160;The effective tax rate for fiscal 2012 was (9%) compared to (11%) for fiscal 2011.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Fiscal 2011 Compared to Fiscal 2010</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Net income was $155,696 for the year ended March 31, 2011, as compared to net income of $400,839 for the year ended March 31, 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Oil and gas sales.</font>&#160;&#160;Revenue from oil and gas sales was $3,145,247 for the year ended March 31, 2011, a 2% decrease from $3,220,763 for the year ended March 31, 2010.&#160;&#160;This resulted from a decrease in oil and gas production and partially offset by an increase in oil and gas prices.&#160;&#160;The following table sets forth our oil and gas revenues, production quantities and average prices received the fiscal year ended March 31.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">% Difference</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,332,395</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,194,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">11.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Volume (bbls)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">17,040</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">18,036</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(5.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Average Price (per bbl)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">78.19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">66.23</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">18.1</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%</font></td>
</tr></table>
</div>

<div>&#160;</div>

<div>
<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">27</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div align="center">&#160;</div>

<div align="center">
<table align="center" cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Gas:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,812,852</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,026,263</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(10.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Volume (mcf)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">459,446</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">545,991</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(15.9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Average Price (per mcf)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3.95</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3.71</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.5</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Production and exploration.</font>&#160;&#160;Production costs were $1,025,932 in fiscal 2011, a 3% decrease from $1,054,224 in fiscal 2010. This was primarily the result of a decrease in production taxes due to the decrease in oil and gas sales.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Depreciation, depletion and amortization.&#160;&#160;</font>Depreciation, depletion and amortization (&#8220;DD&amp;A&#8221;) expense was $1,047,906 in fiscal 2011, a 6% decrease from $1,113,141 in fiscal 2010, primarily due to a decrease in production and an increase in reserves partially offset by an increase to the full cost pool amortization base.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">General and administrative expenses.</font>&#160;&#160;General and administrative expenses were $877,790 for the year ended March 31, 2011, a 1% increase from $870,558 for the year ended March 31, 2010.&#160;&#160;This was primarily due to an increase in stock option compensation expense offset by a decrease in legal fees from the previous year for preparation of the Form S-8.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Interest expense.</font>&#160;&#160;Interest expense was $36,361 in fiscal 2011, a 10% increase from $33,082 in fiscal&#160;2010, due to an increase in borrowings.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Income taxes.</font>&#160;&#160;There was an income tax benefit of $15,596 in fiscal 2011 compared to an income tax benefit of $257,235 in fiscal 2010.&#160;&#160;The 2010 benefit was primarily a result of a change in estimate related to the statutory depletion carryforward upon completion of the 2008 tax return.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Contractual Obligations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We have no off-balance sheet debt or unrecorded obligations and have not guaranteed the debt of any other party.&#160;&#160;The following table summarizes our future payments we are obligated to make based on agreements in place as of March 31, 2012:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Payments due in (1):</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">less than 1 year</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1 -3 years</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3 years</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Contractual obligations:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="40%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Secured bank line of credit</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,700,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,700,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(1)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Does not include estimated interest of $46,600 less than 1 year and $139,700 1-3 years.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">These amounts represent the balances outstanding under the bank line of credit.&#160;&#160;These repayments assume that interest will be paid on a monthly basis and that no additional funds will be drawn.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Alternative Capital Resources</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Although we have primarily used cash from operating activities and funding from the line of credit as our primary capital resources, we have in the past, and could in the future, use alternative capital resources.&#160;&#160;These could include joint ventures, carried working interests and the sale of assets and/or issuances of common stock through a private placement or public offering of our common stock.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Other Matters</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Critical Accounting Policies and Estimates</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In preparing financial statements, management makes informed judgments, estimates and assumptions 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;On an ongoing basis, management reviews its estimates, including those related to litigation, environmental liabilities, income taxes, fair value and determination of proved reserves.&#160;&#160;Changes in facts and circumstances may result in revised estimates and actual results may differ from these estimates.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following represents those policies that management believes are particularly important to the financial statements and that require the use of estimates and assumptions to describe matters that are inherently uncertain.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">28</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Full Cost Method of Accounting for Crude Oil and Natural Gas Activities</font>.&#160;&#160;SEC Regulation S-X defines the financial accounting and reporting standards for companies engaged in crude oil and natural gas activities.&#160;&#160;Two methods are prescribed:&#160;&#160;the successful efforts method and the full cost method.&#160;&#160;We have chosen to follow the full cost method under which all costs associated with property acquisition, exploration and development are capitalized.&#160;&#160;We also capitalize internal costs that can be directly identified with acquisition, exploration and development activities and do not include any costs related to production, general corporate overhead or similar activities.&#160;&#160;The carrying amount of oil and gas properties also includes estimated asset retirement costs recorded based on the fair value of the asset retirement obligation ("ARO") when incurred.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Gain or loss on the sale or other disposition of oil and gas properties is not recognized, unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and natural gas attributable to a country.&#160;&#160;Under the successful efforts method, geological and geophysical costs and costs of carrying and retaining undeveloped properties are charged to expense as incurred.&#160;&#160;Costs of drilling exploratory wells that do not result in proved reserves are charged to expense.&#160;&#160;Depreciation, depletion, amortization and impairment of crude oil and natural gas properties are generally calculated on a well by well or lease or field basis versus the "full cost" pool basis.&#160;&#160;Additionally, gain or loss is generally recognized on all sales of crude oil and natural gas properties under the successful efforts method.&#160;&#160;As a result our financial statements will differ from companies that apply the successful efforts method since we will generally reflect a higher level of capitalized costs as well as a higher DD&amp;A rate on our crude oil and natural gas properties.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">At the time it was adopted, management believed that the full cost method would be preferable, as earnings tend to be less volatile than under the successful efforts method.&#160;&#160;However, the full cost method makes us more susceptible to significant non-cash charges during times of volatile commodity prices because the full cost pool may be impaired when prices are low.&#160;&#160;These charges are not recoverable when prices return to higher levels. Our crude oil and natural gas reserves have a relatively long life.&#160;&#160;However, temporary drops in commodity prices can have a material impact on our business including impact from the full cost method of accounting.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Ceiling Test</font>.&#160;&#160;Companies that use the full cost method of accounting for oil and gas exploration and development activities are required to perform a ceiling test each quarter.&#160;&#160;The full cost ceiling test is an impairment test to determine a limit, or ceiling, on the book value of oil and gas properties.&#160;&#160;That limit is basically the after tax present value of the future net cash flows from proved crude oil and natural gas reserves, excluding future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet, plus the lower of cost or fair market value of unproved properties.&#160;&#160;If net capitalized costs of crude oil and natural gas properties exceed the ceiling limit, we must charge the amount of the excess to earnings.&#160;&#160;This is called a "ceiling limitation write-down."&#160;&#160;This charge does not impact cash flow from operating activities, but does reduce our stockholders' equity and reported earnings.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The risk that we will be required to write down the carrying value of crude oil and natural gas properties increases when crude oil and natural gas prices are depressed or volatile.&#160;&#160;In addition, write-downs may occur if we experience substantial downward adjustments to our estimated proved reserves or if purchasers cancel long-term contracts for natural gas production.&#160;&#160;An expense recorded in one period may not be reversed in a subsequent period even though higher crude oil and natural gas prices may have increased the ceiling applicable to the subsequent period.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Estimates of our proved reserves are based on the quantities of oil and gas that engineering and geological analysis demonstrates, with reasonable certainty, to be recoverable from established reservoirs in the future under current operating and economic parameters.&#160;&#160;Our reserve estimates and the projected cash flows are derived from these reserve estimates, in accordance with SEC guidelines by an independent engineering firm based in part on data provided by us.&#160;&#160;The accuracy of a reserve estimate is a function of the quality and quantity of available data, the interpretation of that data, the accuracy of various mandated economic assumptions, and the judgment of the persons preparing the estimate.&#160;&#160;Estimates prepared by other third parties may be higher or lower than those included herein.&#160;&#160;Because these estimates depend on many assumptions, all of which may substantially differ from future actual results, reserve estimates will be different from the quantities of oil and gas that are ultimately recovered.&#160;&#160;In addition, results of drilling, testing and production after the date of an estimate may justify material revisions to the estimate.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">29</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">It should not be assumed that the present value of future net cash flows is the current market value of our estimated proved reserves.&#160;&#160;In accordance with SEC requirements, the cost ceiling represents the present value (discounted at 10%) of net cash flows from sales of future production using the average price over the prior 12-month period.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The estimates of proved reserves materially impact DD&amp;A expense.&#160;&#160;If the estimates of proved reserves decline, the rate at which we record DD&amp;A expense will increase, reducing future net income.&#160;&#160;Such a decline may result from lower market prices, which may make it uneconomic to drill for and produce higher cost projects.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Use of Estimates</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, estimates and assumptions 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;In addition, significant estimates are used in determining year end proved oil and gas reserves.&#160;&#160;Although management believes its estimates and assumptions are reasonable, actual results may differ materially from those estimates.&#160;&#160;The estimate of our oil and natural gas reserves, which is used to compute DD&amp;A and impairment of oil and gas properties, is the most significant of the estimates and assumptions that affect these reported results.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Excluded Costs</font>.&#160;&#160;Oil and gas properties include costs that are excluded from capitalized costs being amortized.&#160;&#160;These amounts represent investments in unproved properties and major development projects. These costs are excluded until proved reserves are found or until it is determined that the costs are impaired. All costs excluded are reviewed at least quarterly to determine if impairment has occurred.&#160;&#160;The amount of any impairment is transferred to the capitalized costs being amortized (the DD&amp;A pool).&#160;&#160;Impairments transferred to the DD&amp;A pool increase the DD&amp;A rate.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Revenue Recognition</font>.&#160;&#160;We recognize crude oil and natural gas revenue from our interest in producing wells as crude oil and natural gas is sold from those wells, net of royalties.&#160;&#160;We utilize the sales method to account for gas production volume imbalances.&#160;&#160;Under this method, income is recorded based on our net revenue interest in production taken for delivery.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Asset Retirement Obligations</font>.&#160;&#160;The estimated costs of plugging, restoration and removal of facilities are accrued.&#160;&#160;The fair value of a liability for an asset's retirement obligation is recorded in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset.&#160;&#160;The liability is accreted to its then present value each period, and the capitalized cost is depreciated by the units of production method.&#160;&#160;If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized.&#160;&#160;For all periods presented, we have included estimated future costs of abandonment and dismantlement in the full cost amortization base and amortize these costs as a component of our depletion expense.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Recent Accounting Pronouncements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In December&#160;2008, the SEC released Final Rule, Modernization of Oil and Gas Reporting.&#160;&#160;The revised rules are intended to provide investors with a more meaningful and comprehensive understanding of oil and gas reserves to help investors evaluate their investments in oil and gas companies.&#160;&#160;In January&#160;2010, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued guidance that aligns the FASB's oil and gas reserve estimation and disclosure requirements with the new SEC rule revisions. The accounting standards revised the definition of proved reserves to permit consideration of new technologies in evaluating oil and natural gas reserves; require the use of an average price based on the prior twelve month period rather than year-end prices; permit the disclosure of probable and possible oil and gas reserves; require the reporting of the qualifications and measures taken to assure the independence and objectivity of any business entity or employee primarily responsible for preparing or auditing the reserves estimates; and, revise the disclosure requirements for oil and gas operations.&#160;&#160;The final rules and new guidance are effective for fiscal years ending on or after December&#160;31,&#160;2009.&#160;&#160;Mexco adopted these requirements as of March 31, 2010 and the results of the adoption are contained herein.<br>
<br>
</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In May 2011, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2011-04, <font style="FONT-STYLE: italic; DISPLAY: inline">Topic 820:</font> <font style="FONT-STYLE: italic; DISPLAY: inline">Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs</font>.&#160;&#160;ASU No. 2011-04 clarifies application of fair value measurements and disclosure requirements and is effective for Mexco as of April 1, 2012.&#160;&#160;We do not believe the guidance will have an impact on our fair value measurement and disclosures.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">30</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">There were various other accounting standards and interpretations issued during our fiscal year, all of which have been determined to be not applicable or significant by management and once adopted are not expected to have a material impact on the Company&#8217;s financial position, operations or cash flows.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 7A.&#160;&#160;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The primary source of market risk for us includes fluctuations in commodity prices and interest rates. All of our financial instruments are for purposes other than trading.&#160;&#160;At March 31, 2012, 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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Interest Rate Risk.</font>&#160;&#160;On March 31, 2012, we had an outstanding loan balance of $1,700,000 under our $4.9 million revolving credit agreement, which bears interest at an annual rate equal to the British Bankers Association London Interbank Offered Rate ("BBA LIBOR") daily floating rate, plus 2.5 percentage points.&#160;&#160;If the interest rate on our bank debt increases or decreases by one percentage point our annual pretax income would change by $17,000 based on borrowings at March 31, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><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 March 31, 2012, our largest credit risk associated with any&#160;single purchaser was $81,397 or 24% of our total oil and gas receivables.&#160;&#160;We are also exposed to credit risk in the event of nonperformance from any of our working interest partners. At March 31, 2012, our largest credit risk associated with any working interest partner was $4,590 or 15% of our total trade receivable. We have not experienced any significant credit losses.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Energy Price Risk</font>.&#160;&#160;Our most significant market risk is the pricing for natural gas and crude oil.&#160;&#160;Our financial condition, results of operations, and capital resources 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. 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. 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. Declines in oil and natural gas prices will materially adversely affect our financial condition, liquidity, ability to obtain financing and operating results.&#160;&#160;Changes in oil and gas prices impact both estimated future net revenue and the estimated quantity of proved reserves. 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&#160;and our ability to obtain additional capital for our acquisition, exploration and development activities. In addition, a noncash write-down of our oil and gas properties could be required under full cost accounting rules if prices declined significantly, even if it is only for a short period of time.&#160;&#160;See Critical Accounting Policies and Estimates &#8212; Ceiling Test under Item 7 of this report on Form 10-K.&#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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Similarly, any improvements in oil and gas prices can have a favorable impact on our financial condition, results of operations and capital resources.&#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. If the average oil price had increased or decreased by one dollar per barrel for fiscal 2012, our oil and gas revenue would have changed by $19,442.&#160;&#160;If the average gas price had increased or decreased by one dollar per mcf for fiscal 2012, oil and gas revenue would have changed by $395,649.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">31</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 8.&#160;&#160;FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The information required by this item appears on pages F1 through F20 hereof and are incorporated herein by reference.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 9.&#160;&#160;CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">None.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 9A.&#160;&#160;CONTROLS AND PROCEDURES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Management&#8217;s Annual Report on Internal Control over Financial Reporting.</font>&#160;&#160;Management is responsible for establishing and maintaining adequate internal control over financial reporting.&#160;&#160;Internal control over financial reporting is a process designed by, or under the supervision of, our principal executive and principal financial officers and implemented by our Board of Directors, management and other personnel, 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 and includes those policies and procedures that: (1)&#160;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2)&#160;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3)&#160;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.&#160;&#160;Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. &#160;Our principal executive officer and principal financial officer evaluate the effectiveness of our internal control over financial reporting based on the framework in &#8220;Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.&#160; Based on our evaluation under that framework and applicable SEC rules, our management concluded that our internal control over financial reporting was effective as of March 31, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">This annual report does not include an attestation of our registered public accounting firm regarding internal control over financial reporting.&#160;&#160;Management&#8217;s report was not subject to audit by our independent registered public accounting firm pursuant to temporary rules of the SEC that permit us to provide only management&#8217;s report in this annual report.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Changes in Internal Control over Financial Reporting.&#160;&#160;</font>No changes in the Company&#8217;s internal control over financial reporting occurred during the year ended March 31, 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Evaluation of Disclosure Controls and Procedures.&#160;&#160;</font>We maintain disclosure controls and procedures to ensure that the information we must disclose in our filings with the SEC is recorded, processed, summarized and reported on a timely basis.&#160;&#160;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(f).&#160;&#160;Based on such evaluation, such officers concluded that, as of March 31, 2012, our disclosure controls and procedures were effective to ensure that information we are required to disclose in the reports that we file or submit under the Exchange Act is disclosed within the time periods specified in the SEC&#8217;s rules and forms and are effective to ensure that information required to be disclosed by us is accumulated and communicated to them to allow timely decisions regarding required disclosure.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 9B.&#160;&#160;OTHER INFORMATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">None</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">32</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">PART III</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 10.&#160;&#160;DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">See "Mexco Energy Corporation Board of Directors&#8221;, &#8220;Named Executive Officers Who Are Not Directors&#8221;, &#8220;Section&#160;16(a) Beneficial Ownership Reporting Compliance&#8221;, &#8220;Corporate Governance and Code of Business Conduct&#8221; and &#8220;Meetings and Committees of the Board of Directors&#8221; in the Proxy Statement of Mexco Energy Corporation for our Annual Meeting of Stockholders to be held September 11, 2012 (&#8220;Proxy Statement&#8221;) to be filed with the SEC within 120&#160;days after the end of our fiscal year ended March 31, 2012, which is incorporated herein by reference.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The information required by this item with respect to executive officers of the Company is also set forth in Part I of this report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 11.&#160;&#160;EXECUTIVE COMPENSATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The information required by this item will be contained in the Proxy Statement under the caption &#8220;Executive Compensation&#8221;, and is hereby incorporated herein by reference.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 54pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 12.</font></div>
</td>
<td align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The information required by this item will be contained in the Proxy Statement under the captions &#8220;Security Ownership of Certain Beneficial Owners and Management&#8221; and &#8220;Employee Incentive Stock Option Plans&#8221;, and is hereby incorporated herein by reference.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 13.&#160;&#160;CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The information required by this item will be contained in the Proxy Statement under the captions &#8220;Certain Relationships and Related Transactions&#8221; and &#8220;Meetings and Committees of the Board of Directors&#8221;, and is hereby incorporated by reference herein.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 14.&#160;&#160;PRINCIPAL ACCOUNTING FEES AND SERVICES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The information required by this item will be contained in the Proxy Statement under the caption &#8220;Audit Fees and Services&#8221;, and is hereby incorporated by reference herein.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">PART IV</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ITEM 15.&#160;&#160;EXHIBITS AND FINANCIAL STATEMENT SCHEDULES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Consolidated Financial Statements.&#160;&#160;</font>For a list of the consolidated financial statements filed as part of this Form 10-K, see the &#8220;Index to Consolidated Financial Statements&#8221; set forth on page F1 of this report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Financial Statement Schedules.&#160;&#160;</font>All schedules have been omitted because they are not applicable, not required under the instructions or the information requested is set forth in the consolidated financial statements or related notes thereto.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibits.&#160;&#160;</font>For a list of the exhibits required by this Item and accompanying this Form 10-K see the &#8220;Index&#160;to Exhibits&#8221; set forth on page F21 of this report.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">33</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SIGNATURES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">MEXCO ENERGY CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">By:</font></div>
</td>
<td valign="top" width="37%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline">/s/ Nicholas C. Taylor</font></font></div>
</td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">By:</font></div>
</td>
<td valign="top" width="37%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline">/s/ Tamala L. McComic</font></font></div>
</td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Chairman of the Board and Chief Executive Officer</font></div>
</td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">President and Chief Financial Officer</font></div>
</td>
<td valign="top" width="10%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -9pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Dated:&#160;&#160;June 29, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below as of June 29, 2012, by the following persons on behalf of the Registrant and in the capacity indicated.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="2" valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline">/s/&#160;&#160;&#160;Nicholas C. Taylor</font></font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Nicholas C. Taylor</font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td colspan="2" valign="top" width="96%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Chief Executive Officer, Chairman of the Board of Directors</font></div>
</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td colspan="2" valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline">/s/&#160;&#160;&#160;Tamala L. McComic</font></font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Tamala L. McComic</font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td colspan="2" valign="top" width="96%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Chief Financial Officer, President, <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Treasurer and Assistant Secretary</font></font></div>
</td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td colspan="2" valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline">/s/&#160;&#160;&#160;Kenneth L. Clayton</font></font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Kenneth L. Clayton</font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Director</font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td colspan="2" valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline">/s/&#160;&#160;&#160;Thomas R. Craddick</font></font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Thomas R. Craddick</font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Director</font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td colspan="2" valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline">/s/&#160;&#160;&#160;Paul G. Hines</font></font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Paul G. Hines</font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Director</font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td colspan="2" valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline">/s/&#160;&#160;&#160;Jack D. Ladd</font></font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Jack D. Ladd</font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="36%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Director</font></div>
</td>
<td valign="top" width="60%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr></table>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">34</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Glossary of Abbreviations and Terms</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following are abbreviations and definitions of terms commonly used in the oil and gas industry and this report.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">BBA LIBOR. </font>British Bankers Association London Interbank Offered Rate.&#160;&#160;BBA Libor is the most widely used rate for short term interest rates worldwide.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Bbl</font>.&#160; One stock tank barrel, or 42 U.S. gallons of liquid volume, used herein in reference to crude oil, condensate or natural gas liquids hydrocarbons.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Bcf</font>.&#160; One billion cubic feet of natural gas at standard atmospheric conditions.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">BTU.&#160;&#160;</font>British thermal unit.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Completion</font>.&#160; The installation of permanent equipment for the production of oil or natural gas.</font></div>
</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Condensate.</font>&#160;&#160;Liquid hydrocarbons associated with the production of a primarily natural gas reserve.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Credit Facility.</font>&#160; A line of credit provided by a group of banks, secured by oil and gas properties.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">DD&amp;A.</font>&#160; Refers to depreciation, depletion and amortization of the Company&#8217;s property and equipment.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Developed acreage</font>.&#160; The number of acres which are allocated or assignable to producing wells or wells capable of production.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Development costs.&#160;&#160;</font>Capital costs incurred in the acquisition, exploitation and exploration of proved oil and natural gas reserves divided by proved reserve additions and revisions to proved reserves.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Development well</font>.&#160; A well drilled into a proved oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Dry hole</font>.&#160; A well found to be incapable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of such production exceed production expenses and taxes.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Exploitation.&#160;&#160;</font>The continuing development of a known producing formation in a previously discovered field.&#160;&#160;To make complete or maximize the ultimate recovery of oil or natural gas from the field by work including development wells, secondary recovery equipment or other suitable processes and technology.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Exploration.&#160;&#160;</font>The search for natural accumulations of oil and natural gas by any geological, geophysical or other suitable means.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Exploratory well</font>.&#160; A well drilled to find and produce oil or natural gas reserves not classified as proved, to find a new reservoir in a field previously found to be productive of oil or natural gas in another reservoir or to extend a known reservoir.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Extensions and discoveries</font>.&#160; As to any period, the increases to proved reserves from all sources other than the acquisition of proved properties or revisions of previous estimates.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Field.&#160;&#160;</font>An area consisting of either a single reservoir or multiple reservoirs, all grouped on or related to the same individual geological structural feature and/or stratigraphic condition.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Formation.&#160;&#160;</font>A layer of rock which has distinct characteristics that differs from nearby rock.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Gross acres or wells.&#160;&#160;</font>Refers to the total acres or wells in which the Company owns any amount of working interest.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Lease.</font>&#160;&#160;An instrument which grants to another (the lessee) the exclusive right to enter and explore for, drill for, produce, store and remove oil and natural gas from the mineral interest, in consideration for which the lessor is entitled to certain rents and royalties payable under the terms of the lease.&#160;&#160;Typically, the duration of the lessee&#8217;s authorization is for a stated term of years and &#8220;for so long thereafter&#8221; as minerals are producing.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">35</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Mcf</font>.&#160; One thousand cubic feet of natural gas at standard atmospheric conditions.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Mcfe.&#160; </font>One thousand cubic feet equivalent of natural gas, calculated by converting oil to equivalent Mcf at a ratio of 6 Mcf for each Bbl of oil.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">MMBtu</font>.&#160; One million British thermal units of energy commonly used to measure heat value or energy content of natural gas.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Natural gas liquids ("NGLs")</font>.&#160; Liquid hydrocarbons that have been extracted from natural gas, such as ethane, propane, butane and natural gasoline.</font></div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
</table>
</div>

<div>&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Net acres or wells.&#160;&#160;</font>Refers to gross acres or wells multiplied, in each case, by the percentage interest owned by the Company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Net production</font>.&#160; Oil and gas production that is owned by the Company, less royalties and production due others.</font></div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Net revenue interest.&#160;&#160;</font>An owner&#8217;s interest in the revenues of a well after deducting proceeds allocated to royalty and overriding interests.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Oil</font>.&#160; Crude oil or condensate.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Operator</font>.&#160; The individual or company responsible for the exploration, development and production of an oil or natural gas well or lease.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Overriding royalty interest (&#8220;ORRI&#8221;).&#160;&#160;</font>A royalty interest that is created out of the operating or working interest. Its term is coextensive with that of the operating interest from which it was created.</font></div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Plugging and abandonment.&#160;&#160;</font>Refers to the sealing off of fluids in the strata penetrated by a well so that the fluids from one stratum will not escape into another or to the surface.&#160;&#160;Regulations of all states require plugging of abandoned wells.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Productive well.&#160;&#160;</font>A well that is found to be capable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of the production exceed operating and production expenses and taxes.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Prospect.&#160;&#160;</font>A specific geographic area which, based on supporting geological, geophysical or other data and also preliminary economic analysis using reasonably anticipated prices and costs, is deemed to have potential for the discovery of commercial hydrocarbons.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Proved developed nonproducing reserves ("PDNP")</font>.&#160; Reserves that consist of (i) proved reserves from wells which have been completed and tested but are not producing due to lack of market or minor completion problems which are expected to be corrected and (ii) proved reserves currently behind the pipe in existing wells and which are expected to be productive due to both the well log characteristics and analogous production in the immediate vicinity of the wells.</font></div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Proved developed producing reserves ("PDP").</font>&#160; Proved reserves that can be expected to be recovered from currently producing zones under the continuation of present operating methods.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Proved developed reserves.</font>&#160; The combination of proved developed producing and proved developed nonproducing reserves.</font></div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Proved reserves.&#160; </font>The estimated quantities of oil, natural gas, and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions.</font></div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Proved undeveloped reserves ("PUD")</font>.&#160; Proved reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">36</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">PV-10.&#160;&#160;</font>When used with respect to oil and natural gas reserves, PV-10 means the estimated future gross revenue to be generated from the production of proved reserves, net of estimated production and future development and abandonment costs, using prices and costs in effect at the determination date, before income taxes, and without giving effect to non-property-related expenses except for specific general and administrative expenses incurred to operate the properties, discounted to a present value using an annual discount rate of 10%.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Recompletion.&#160;&#160;</font>A process of re-entering an existing wellbore that is either producing or not producing and completing new reservoirs in an attempt to establish or increase existing production.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Re-entry.&#160;&#160;</font>Entering an existing well bore to redrill or repair.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Reservoir.&#160;&#160;</font>A porous and permeable underground formation containing a natural accumulation of producible natural gas and/or oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Royalty</font>.&#160; An interest in an oil and natural gas lease that gives the owner of the interest the right to receive a portion of the production from the leased acreage, or of the proceeds of the sale thereof, but generally does not require the owner to pay any portion of the costs of drilling or operating the wells on the leased acreage.&#160; Royalties may be either landowner&#8217;s royalties, which are reserved by the owner of the leased acreage at the time the lease is granted, or overriding royalties, which are usually reserved by an owner of the leasehold in connection with a transfer to a subsequent owner.</font></div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Spacing.&#160;&#160;</font>The distance between wells producing from the same reservoir.&#160;&#160;Spacing is often expressed in terms of acres (e.g., 640-acre spacing) and is often established by regulatory agencies.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Standardized measure of discounted future net cash flows</font>.&#160; The discounted future net cash flows relating to proved reserves based on prices used in estimating the reserves, year-end costs, and statutory tax rates, and a 10% annual discount rate.&#160;&#160;The information for this calculation is included in the note regarding disclosures about oil and gas reserve data contained in the Notes to Consolidated Financial Statements included in this Form 10-K.</font></div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Undeveloped acreage</font>.&#160; Leased acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and natural gas regardless of whether such acreage contains proved reserves.</font></div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Unit.&#160;&#160;</font>The joining of all or substantially all interests in a reservoir or field, rather than a single tract, to provide for development and operation without regard to separate property interests.&#160;&#160;Also, the area covered by a unitization agreement.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Wellbore.&#160;&#160;</font>The hole drilled by the bit that is equipped for crude oil or natural gas production on a completed well.&#160;&#160;Also called well or borehole.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Working interest</font>.&#160; An interest in an oil and gas lease that gives the owner of the interest the right to drill for and produce oil and natural gas on the leased acreage and requires the owner to pay a share of the costs of drilling and production operations.&#160; The share of production to which a working interest is entitled will be smaller than the share of costs that the working interest owner is required to bear to the extent of any royalty burden.</font></div>

<div align="center">
<table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
</table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">37</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr bgcolor="gainsboro">
<td valign="top" width="47%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Report of Independent Registered Public Accounting Firm</font></div>
</td>
<td valign="top" width="4%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">F-2</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="47%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Consolidated Balance Sheets</font></div>
</td>
<td valign="top" width="4%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">F-3</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="47%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Consolidated Statements of Operations</font></div>
</td>
<td valign="top" width="4%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">F-4</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="47%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Consolidated Statements of Changes in Stockholders&#8217; Equity</font></div>
</td>
<td valign="top" width="4%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">F-5</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="47%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Consolidated Statements of Cash Flows</font></div>
</td>
<td valign="top" width="4%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">F-6</font></div>
</td>
</tr><tr bgcolor="white">
<td valign="top" width="47%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Notes to Consolidated Financial Statements</font></div>
</td>
<td valign="top" width="4%" style="TEXT-ALIGN: right">
<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">F-7</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Report of Independent Registered Public Accounting Firm</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Board of Directors and Shareholders</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mexco Energy Corporation</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We have audited the accompanying consolidated balance sheets of Mexco Energy Corporation and Subsidiaries as of March 31, 2012 and 2011 and the related consolidated statements of operations, changes in stockholders&#8217; equity and cash flows for each of the three years in the period ended March 31, 2012.&#160;&#160;These financial statements are the responsibility of the Company&#8217;s management.&#160;&#160;Our responsibility is to express an opinion on these financial statements based on our audits.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).&#160;&#160;Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.&#160;&#160;The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting.&#160;&#160;Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting.&#160;&#160;Accordingly, we express no such opinion.&#160;&#160;An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.&#160;&#160;We believe that our audits provide a reasonable basis for our opinion.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Mexco Energy Corporation and Subsidiaries as of March 31, 2012 and 2011, and the results of their operations and their cash flows for each of the three years in the period ended March 31, 2012, in conformity with accounting principles generally accepted in the United States of America.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">As discussed in Note 2 to the financial statements, the Company adopted the new oil and gas reserve estimation and disclosure requirements as of March 31, 2010.</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">/s/ GRANT THORNTON LLP</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Oklahoma City, Oklahoma</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">June 29, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-2</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="8" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mexco Energy Corporation and Subsidiaries</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">CONSOLIDATED BALANCE SHEETS</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">March 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">March 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">ASSETS</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Current assets</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Cash and cash equivalents</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">498,681</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">179,071</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Accounts receivable:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil and gas sales</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">333,191</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">384,215</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Trade</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">30,404</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">42,432</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Prepaid costs and expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16,782</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">64,479</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total current assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">879,058</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">670,197</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Property and equipment, at cost</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil and gas properties, using the full cost method</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">31,840,059</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">30,426,817</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 20pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Other</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">78,520</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">78,520</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">31,918,579</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">30,505,337</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Less accumulated depreciation, depletion and amortization</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16,223,267</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">15,227,063</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Property and equipment, net</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">15,695,312</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">15,278,274</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16,574,370</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">15,948,471</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">LIABILITIES AND STOCKHOLDERS' EQUITY</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Current liabilities</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Accounts payable and accrued expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">402,098</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">199,944</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Long-term debt</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,700,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,800,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Asset retirement obligations</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">613,279</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">528,911</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Deferred income tax liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">884,703</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">912,663</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Commitments and contingencies</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Stockholders' equity</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Preferred stock - $1.00 par value; <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">10,000,000 shares authorized; none outstanding</font></font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 6%">&#160;</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Common stock - $0.50 par value; 40,000,000 shares authorized; 2,099,116 and 2,089,116 shares issued; </font>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,035,949&#160;and 2,029,949 shares outstanding as of&#160;March 31, 2012 and 2011, respectively</font></font></div>
</div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,049,558&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,044,558&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Additional paid-in capital</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6,608,350</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6,453,226</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Retained earnings</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,641,827</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,311,834</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Treasury stock, at cost (63,167 and 59,167 shares, respectively)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(325,445</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(302,665</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total stockholders' equity</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">12,974,290</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">12,506,953</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16,574,370</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">15,948,471</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The accompanying notes to the consolidated financial statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">are an integral part of these statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-3</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="12" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mexco Energy Corporation and Subsidiaries</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td colspan="12" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">CONSOLIDATED STATEMENTS OF OPERATIONS</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td colspan="12" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Year ended March 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Operating revenues:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil and gas</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,223,659</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,145,247</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,220,763</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Other</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16,380</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16,611</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">24,993</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total operating revenues</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,240,039</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,161,858</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,245,756</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Operating expenses:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Production</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">926,215</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,025,932</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,054,224</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Accretion of asset retirement obligation</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">36,251</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">34,129</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">31,625</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Depreciation, depletion and amortization</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">996,205</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,047,906</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,113,141</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">General and administrative</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">950,690</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">877,790</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">870,558</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total operating expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,909,361</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,985,757</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,069,548</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Operating profit</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">330,678</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">176,101</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">176,208</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Other income (expenses):</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Interest income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">195</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">360</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">478</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Interest expense</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(28,840</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(36,361</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(33,082</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 4%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net other expense</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(28,645</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(36,001</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(32,604</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Earnings before provision for income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">302,033</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">140,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">143,604</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Income tax expense (benefit):</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Current</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(25,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">25,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Deferred</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(27,960</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">9,906</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(282,737</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(27,960</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(15,596</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(257,235</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">329,993</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">155,696</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">400,839</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Earnings per common share:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Basic:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.08</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Diluted:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.08</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Weighted average common shares outstanding:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Basic:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,028,014</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,947,605</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,888,070</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Diluted:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,036,241</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,962,656</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,929,588</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The accompanying notes to the consolidated financial statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">are an integral part of these statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-4</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="20" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mexco Energy Corporation and Subsidiaries</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td colspan="20" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td colspan="20" valign="bottom" style="TEXT-ALIGN: center">
<div>Years ended March 31, 2012, 2011 and 2010</div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Common </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Stock </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Par </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Value</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Treasury </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Stock</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Additional </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Paid-In </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Capital</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Retained </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Earnings</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -3.3pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -3.3pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Stockholders&#8217; </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -3.3pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Equity</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Balance at April 1, 2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">981,308</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(426,617</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,617,620</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4,755,299</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">10,927,610</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">400,839</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">400,839</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Issuance of stock through</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">options exercised</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">20,625</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">238,747</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">259,372</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Excess tax benefits from</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">stock-based compensation</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">25,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">25,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Stock based compensation</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">26,030</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">26,030</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Balance at March 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,001,933</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(426,617</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,907,899</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,156,138</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">11,639,353</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">155,696</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">155,696</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Issuance of stock through</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">properties</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">136,277</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">28,479</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">164,756</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Purchase of stock</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(12,325</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(12,325</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Issuance of stock through</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">options exercised</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">42,625</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">491,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">533,625</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Excess tax benefits from</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">stock-based compensation</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(25,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(25,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Stock based compensation</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">51,350</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">51,350</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Balance at March 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,044,558</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(302,665</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6,453,226</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,311,834</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">12,506,953</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net Income</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">329,993</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">329,993</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Purchase of stock</font></div>
</td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(22,780</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(22,780</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Issuance of stock through</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">options exercised</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">35,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">40,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Stock based compensation</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">120,124</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">120,124</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Balance at March 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,049,558</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(325,445</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6,608,350</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,641,827</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">12,974,290</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="25%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">SHARE ACTIVITY</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="25%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Common stock shares, issued:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">At beginning of year</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,089,116</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,003,866</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,962,616</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Issued</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">10,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">85,250</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">41,250</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">At end of year</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,099,116</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,089,116</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,003,866</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="25%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" colspan="4" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Common stock shares, held in treasury:</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">At beginning of year</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(59,167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(84,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(84,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Exchange for property</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">26,833</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 9pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Acquisitions</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(4,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(2,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">At end of year</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(63,167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(59,167</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(84,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="25%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" colspan="4" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Common stock shares, outstanding</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">At end of year</font></div>
</td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,035,949</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,029,949</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,919,866</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The accompanying notes to the consolidated financial statements</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">are an integral part of these statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-5</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="12" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Mexco Energy Corporation and Subsidiaries</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></td>
</tr><tr>
<td colspan="12" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">CONSOLIDATED STATEMENTS OF CASH FLOWS</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td colspan="12" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Year ended March 31,</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash flows from operating activities:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 1%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">329,993</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">155,696</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">400,839</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Adjustments to reconcile net income to net cash</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">provided by operating activities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Deferred income tax (benefit) expense</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(27,960</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">9,906</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(282,737</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Excess tax benefit (expense) from share based payment</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;arrangement</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">25,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(25,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Stock-based compensation</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">120,124</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">51,350</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">26,030</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Depreciation, depletion and amortization</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">996,205</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,047,906</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,113,141</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Accretion of asset retirement obligations</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">36,251</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">34,129</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">31,625</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Other</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(2,323</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(22,526</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(8,295</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Changes in assets and liabilities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 7%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Decrease (increase) in accounts receivable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">63,052</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">186,157</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(84,393</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 7%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Decrease (increase) in prepaid expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">47,697</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(47,318</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">19,449</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 7%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(Decrease) increase in income taxes payable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(25,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">25,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 7%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Increase (decrease) in accounts payable and accrued</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;expenses</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">10,257</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(79,840</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(52,508</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net cash provided by operating activities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,573,296</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,335,460</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,163,151</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash flows from investing activities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Additions to oil and gas properties</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(1,642,449</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(2,435,374</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(901,156</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Acquisition of business</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(478,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Additions to other property and equipment</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(2,359</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(14,800</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proceeds from sale of oil and gas properties and equipment</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">471,543</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,107</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">104,787</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net cash used in investing activities</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(1,170,906</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(2,912,626</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(811,169</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash flows from financing activities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Acquisition of treasury stock</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(22,780</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(12,325</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proceeds from exercise of stock options</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">40,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">533,625</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">259,372</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Reduction of long-term debt</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(1,200,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(1,395,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(775,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proceeds from long-term debt</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,100,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,495,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">75,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Excess tax (expense) benefit from share based payment</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;arrangement</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(25,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">25,502</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net cash (used in) provided by financing activities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(82,780</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,595,798</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(415,126</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net increase (decrease) in cash and cash equivalents</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">319,610</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">18,632</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(63,144</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Cash and cash equivalents at beginning of period</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">179,071</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">160,439</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">223,583</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Cash and cash equivalents at end of period</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">498,681</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">179,071</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">160,439</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Supplemental disclosure of cash flow information:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Cash paid for interest</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">27,920</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">35,738</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">34,535</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Income taxes paid</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Non-cash investing and financing activities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Asset retirement obligations</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">53,468</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">25,043</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">20,599</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Issuance of common stock in exchange for oil and gas properties</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">164,756</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Acquisition of Southwest Texas Disposal Corporation resulting in</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;the assumption of liabilities as follows:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Fair value of assets</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">487,868</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Cash paid</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(478,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 7%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Liabilities assumed</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">9,868</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The accompanying notes to the consolidated financial statements are an integral part of these statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-6</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">MEXCO ENERGY CORPORATION AND SUBSIDIARIES</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Years Ended March 31, 2012, 2011 and 2010</font></font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">1.&#160;&#160;Nature of Operations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mexco Energy Corporation (a Colorado corporation) and its wholly owned subsidiaries, Forman Energy Corporation (a New York corporation) and Southwest Texas Disposal Corporation (a Texas corporation) (collectively, the &#8220;Company&#8221;) are engaged in the exploration, development and production of natural gas, crude oil, condensate and natural gas liquids (&#8220;NGLs&#8221;).&#160;&#160;Most of the Company&#8217;s oil and gas interests are centered in West Texas; however, we own producing properties and undeveloped acreage in twelve states.&#160;&#160;Although most of our oil and gas interests are operated by others, we operate several properties in which we own an interest.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2.&#160;&#160;Summary of Significant Accounting Policies</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Principles of 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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Estimates and 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, estimates and assumptions 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;In addition, significant estimates are used in determining year end proved oil and gas reserves.&#160;&#160;Although management believes its estimates and assumptions are reasonable, actual results may differ materially from those estimates.&#160;&#160;The estimate of our oil and natural gas reserves, which is used to compute depreciation, depletion, amortization and impairment of oil and gas properties, is the most significant of the estimates and assumptions that affect these reported results.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Cash and Cash Equivalents</font>.&#160;&#160;We consider all highly liquid debt instruments purchased with maturities of three months or less and money market funds to be cash equivalents.&#160;&#160;We maintain our cash in bank deposit accounts and money market funds.&#160;&#160;At March 31, 2012, we had the majority of our cash and cash equivalents with one financial institution.&#160;&#160;We have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Accounts Receivable.</font>&#160;&#160;Our accounts receivable include trade receivables from joint interest owners and oil and gas purchasers.&#160;&#160;Credit is extended based on an evaluation of a customer's financial condition and, generally, is uncollateralized.&#160;&#160;Accounts receivable under joint operating agreements have a right of offset against future oil and gas revenues if a producing well is completed.&#160;&#160;The collectability of receivables is assessed and an allowance is made for any doubtful accounts.&#160;&#160;The allowance for doubtful accounts is determined based on our previous loss history.&#160;&#160;We have not experienced any significant credit losses.&#160;&#160;For the years ending March 31, 2012, 2011 and 2010, no allowance has been made for doubtful accounts.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Oil and Gas Properties</font>.&#160;&#160;Oil and gas properties are accounted for using the full cost method of accounting.&#160;&#160;Under this method of accounting, the costs of unsuccessful, as well as successful, acquisition, exploration and development activities are capitalized as property and equipment.&#160;&#160;This includes any internal costs that are directly related to exploration and development activities but does not include any costs related to production, general corporate overhead or similar activities.&#160;&#160;The carrying amount of oil and gas properties also includes estimated asset retirement costs recorded based on the fair value of the asset retirement obligation (&#8220;ARO&#8221;) when incurred.&#160;&#160;Generally, no gains or losses are recognized on the sale or disposition of oil and gas properties.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Excluded Costs</font>.&#160;&#160;Oil and gas properties include costs that are excluded from capitalized costs being amortized.&#160;&#160;These amounts represent investments in unproved properties and major development projects. These costs are excluded until proved reserves are found or until it is determined that the costs are impaired. All costs excluded are reviewed at least quarterly to determine if impairment has occurred.&#160;&#160;The amount of any impairment is transferred to the capitalized costs being amortized (the depreciation, depletion and amortization (&#8220;DD&amp;A&#8221;) pool).&#160;&#160;Impairments transferred to the DD&amp;A pool increase the DD&amp;A rate.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-7</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Accounting for Long-Lived Assets.&#160;&#160;</font>The Company reviews property and equipment for impairment whenever indicators of impairment are present to determine if the carrying amounts exceed the estimated future net cash flows to be realized. Impairment losses are recognized based on the estimated fair value of the asset.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Ceiling Test</font>.&#160;&#160;Under the full cost method of accounting, a ceiling test is performed each quarter.&#160;&#160;The full cost ceiling test is an impairment test to determine a limit, or ceiling, on the book value of oil and gas properties.&#160;&#160;That limit is basically the after tax present value of the future net cash flows from proved crude oil and natural gas reserves, excluding future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet; and, using an average price over the prior 12-month period held flat for the life of production plus the lower of cost or fair market value of unproved properties.&#160;&#160;If net capitalized costs of crude oil and natural gas properties exceed the ceiling limit, we must charge the amount of the excess to earnings as an expense reflected in additional accumulated DD&amp;A.&#160;&#160;This is called a "ceiling limitation write-down."&#160;&#160;This charge does not impact cash flow from operating activities, but does reduce our stockholders' equity and reported earnings.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Depreciation, Depletion and Amortization</font>.&#160;&#160;The depreciable base for oil and gas properties includes the sum of capitalized costs, net of accumulated DD&amp;A, estimated future development costs and asset retirement costs not accrued in oil and gas properties, less costs excluded from amortization and salvage.&#160;&#160;The depreciable base of oil and gas properties is amortized using the unit-of-production method.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Asset Retirement Obligations</font>.&#160;&#160;We have significant obligations to plug and abandon natural gas and crude oil wells and related equipment at the end of oil and gas production operations.&#160;&#160;We record the fair value of a liability for an ARO in the period in which it is incurred and a corresponding increase in the carrying amount of the related asset.&#160;&#160;Subsequently, the asset retirement costs included in the carrying amount of the related asset are allocated to expense using the units of production method.&#160;&#160;In addition, increases in the discounted ARO liability resulting from the passage of time are reflected as accretion expense in the Consolidated Statement of Operations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Estimating the future ARO requires management to make estimates and judgments regarding timing and existence of a liability, as well as what constitutes adequate restoration.&#160;&#160;We use the present value of estimated cash flows related to the ARO to determine the fair value.&#160;&#160;Inherent in the present value calculation are numerous assumptions and judgments including the ultimate costs, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental and political environments.&#160;&#160;To the extent future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made to the related asset.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><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.&#160;&#160;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 is recognized in net income in the period that includes the enactment date.&#160;&#160;Any interest and penalties are recorded as interest expense and general and administrative expense, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Other Property and Equipment</font>.&#160;&#160;Provisions for depreciation of office furniture and equipment are computed on the straight-line method based on estimated useful lives of three to ten years.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Income Per Common Share</font><font style="DISPLAY: inline; FONT-SIZE: 11pt">.&#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 assumes the exercise of all stock options having exercise prices less than the average market price of the common stock during the period using the treasury stock method and 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;In periods where losses are reported, the weighted-average number of common shares outstanding excludes potential common shares, because their inclusion would be anti-dilutive. </font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">For the year ended March 31, 2012,&#160;40,000 options were excluded from the diluted net income per share&#160;calculations because the options are anti-dilutive.&#160;&#160;Anti-dilutive stock options have a weighted average exercise&#160;price of $6.80 at March 31, 2012.&#160;&#160;For the years ended March 31, 2011 and 2010, no potential common shares relating to stock options were excluded in the computation of diluted net income per share.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-8</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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 periods ended March 31:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">329,993</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">155,696</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">400,839</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Shares outstanding:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Weighted avg. common shares outstanding &#8211; basic</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,028,014</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,947,605</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,888,070</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Effect of the assumed exercise of dilutive stock options</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,227</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">15,051</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">41,518</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Weighted avg. common shares outstanding &#8211; dilutive</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,036,241</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,962,656</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,929,588</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Earnings per common share:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Basic</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.08</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.08</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.21</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Revenue Recognition.&#160;&#160;</font>Oil and gas sales and resulting receivables are recognized when the product is delivered to the purchaser and title has transferred.&#160;&#160;Sales are to credit-worthy energy purchasers with payments generally received within 60 days of transportation from the well site.&#160;&#160;We have historically had little, if any, uncollectible oil and gas receivables.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Gas Balancing</font>.&#160;&#160;Gas imbalances are accounted for under the sales method whereby revenues are recognized based on production sold.&#160;&#160;A liability is recorded when our excess takes of natural gas volumes exceeds our estimated remaining recoverable reserves (over produced).&#160;&#160;No receivables are recorded for those wells where Mexco has taken less than its ownership share of gas production (under produced).&#160;&#160;We do not have any&#160;&#160;significant gas imbalances.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Stock-based Compensation</font>.&#160;&#160;We use the Binomial option pricing model to estimate the fair value of stock based compensation expenses at grant date.&#160;&#160;This expense is recognized as compensation expense in our financial statements over the vesting period.&#160;&#160;We recognize the fair value of stock based compensation awards as wages in the Consolidated Statements of Operations based on a graded-vesting schedule over the vesting period.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Recent Accounting Pronouncements. </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In December&#160;2008, the SEC released Final Rule, Modernization of Oil and Gas Reporting.&#160;&#160;The revised rules are intended to provide investors with a more meaningful and comprehensive understanding of oil and gas reserves to help investors evaluate their investments in oil and gas companies.&#160;&#160;In January&#160;2010, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued guidance that aligns the FASB's oil and gas reserve estimation and disclosure requirements with the new SEC rule revisions. The accounting standards revised the definition of proved reserves to permit consideration of new technologies in evaluating oil and natural gas reserves; require the use of an average price based on the prior twelve month period rather than year-end prices; permit the disclosure of probable and possible oil and gas reserves; require the reporting of the qualifications and measures taken to assure the independence and objectivity of any business entity or employee primarily responsible for preparing or auditing the reserves estimates; and, revise the disclosure requirements for oil and gas operations.&#160;&#160;The final rules and new guidance are effective for fiscal years ending on or after December&#160;31,&#160;2009.&#160;&#160;Mexco adopted these requirements as of March 31, 2010 and the results of the adoption are contained herein.</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In May 2011, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2011-04, <font style="FONT-STYLE: italic; DISPLAY: inline">Topic 820:</font> <font style="FONT-STYLE: italic; DISPLAY: inline">Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs</font>.&#160;&#160;ASU No. 2011-04 clarifies application of fair value measurements and disclosure requirements and is effective for Mexco as of April 1, 2012.&#160;&#160;We do not believe the guidance will have an impact on our fair value measurement and disclosures.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">There were various other accounting standards and interpretations issued during our fiscal year, all of which have been determined to be not applicable or significant by management and once adopted are not expected to have a material impact on the Company&#8217;s financial position, operations or cash flows.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0.7pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-9</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">3.&#160;&#160;Business Combinations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">On September 30, 2010, Mexco purchased all of the outstanding stock of Southwest Texas Disposal Corporation (&#8220;STDC&#8221;), a Texas corporation which owns primarily royalties producing primarily natural gas, expanding our royalty revenues.&#160;&#160;The cash purchase price of $478,000 was funded from our $4.9 million credit facility.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The purchase price was allocated to the assets acquired and liabilities assumed at estimated fair values as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify">&#160;</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr bgcolor="gainsboro">
<td valign="bottom" width="83%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved oil and gas properties</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">477,018</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="83%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Accounts receivable</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">10,850</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="83%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total assets acquired</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">487,868</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="83%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="83%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Accounts payable</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(7,850</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="83%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Asset retirement obligations assumed</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(2,018</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="83%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net purchase price</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">478,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We have not disclosed the pro forma information for this acquisition because the revenue and expenses for this acquisition are immaterial to our consolidated financial statements.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">4.&#160;&#160;Fair Value of Financial Instruments.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Fair value as defined by authoritative literature is the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date.&#160;&#160;Fair value measurements are classified and disclosed in one of the following categories:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Level 1 &#8211; Quoted prices in active markets for identical assets and liabilities.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 48.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Level 2 &#8211; Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable or whose significant value drivers are observable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Level 3 &#8211; Significant inputs to the valuation model are unobservable.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.&#160;&#160;In accordance with the reporting requirements of FASB ASC Topic 825, <font style="FONT-STYLE: italic; DISPLAY: inline">Financial Instruments</font>, the Company calculates the fair value of its assets and liabilities which qualify as financial instruments.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The initial measurement of asset retirement obligations&#8217; fair value is calculated using discounted cash flow techniques and is based on internal estimates of future retirement costs associated with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the ARO liability is deemed to use Level 3 inputs.&#160;&#160;See the Company&#8217;s note on AROs for further discussion.&#160;&#160;AROs incurred during the year ended March 31, 2012 were approximately $53,000.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The carrying amount reported in the accompanying consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable and accrued expenses approximates fair value because of the immediate or short-term maturity of these financial instruments.&#160;&#160;The carrying amount reported in the accompanying consolidated balance sheets for long term debt approximates fair value because the actual interest rates do not significantly differ from current rates offered for instruments with similar characteristics.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">5.&#160;&#160;Credit Facility</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mexco has a revolving credit agreement with Bank of America, N.A. (the &#8220;Agreement&#8221;), which provides for a credit facility of $4,900,000 with no monthly commitment reductions and a borrowing base evaluated annually, currently set at $4,900,000.&#160;&#160;Amounts borrowed under the Agreement are collateralized by the common stock of the Company&#8217;s wholly owned subsidiaries and substantially all of the Company&#8217;s oil and gas properties.&#160;&#160;Availability of this line of credit at March 31, 2012 was $3,200,000.&#160;&#160;No principal payments are anticipated to be required through November 30, 2013.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-10</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The Agreement was renewed five times with the fifth amendment on December 28, 2011, which revised the maturity date to November 30, 2013.&#160;&#160;Under the original and renewed agreements, interest on the facility accrues at an annual rate equal to the British Bankers Association London Interbank Offered Rate ("BBA LIBOR") daily floating rate, plus 2.50 percentage points, which was 2.74% on March 31, 2012.&#160;&#160;Interest on the outstanding amount under the credit agreement is payable monthly.&#160;&#160;In addition, we 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 is payable quarterly in arrears on the last day of each calendar quarter.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The Agreement contains customary covenants for credit facilities of this type including limitations on disposition of assets, mergers and reorganizations.&#160;&#160;We are also obligated to meet certain financial covenants under the Agreement.&#160;&#160;Mexco is in compliance with all covenants as of March 31, 2012.&#160;&#160;In addition, this Agreement prohibits us from paying cash dividends on our common stock.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">At the end of fiscal 2012, a letter of credit for $50,000, in lieu of a plugging bond with the Texas Railroad Commission covering the properties the Company operates is also outstanding under the facility.&#160;&#160;This letter of credit renews annually.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The balance outstanding on the line of credit was $1,700,000 as of March 31, 2012 and $1,475,000 as of June 29, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 21.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table is a summary of activity on the Bank of America, N.A. line of credit for the year ended March 31, 2012:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="83%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Principal</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="83%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Balance at April 1, 2011:</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,800,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="83%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Borrowings</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,100,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="83%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Repayments</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(1,200,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="83%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Balance at March 31, 2012:</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,700,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">6.&#160;&#160;Asset Retirement Obligations</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mexco&#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;The fair value of a liability for an ARO is recorded in the period in which it is incurred, discounted to its present value using the credit adjusted risk-free interest rate, and a corresponding amount capitalized by increasing the carrying amount of the related long-lived asset.&#160;&#160;The liability is accreted each period, and the capitalized cost is depreciated over the useful life of the related asset.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table provides a rollforward of the asset retirement obligations for fiscal years ended March 31:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Carrying amount of asset retirement obligations as of April 1</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">578,911</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">536,305</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Liabilities incurred</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">53,468</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">25,043</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Liabilities settled</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(5,351</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(16,566</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Accretion expense</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">36,251</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">34,129</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Carrying amount of asset retirement obligations as of March 31</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">663,279</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">578,911</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Less: Current portion</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">50,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">50,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Non-Current asset retirement obligation</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">613,279</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">528,911</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The ARO is included on the consolidated balance sheets with the current portion being included in the accounts payable and accrued expenses.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-11</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">7.&#160;&#160;Income Taxes</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mexco and its subsidiaries file a consolidated federal income tax return and various state income tax returns.&#160;&#160;The amount of income taxes we record requires the interpretation of complex rules and regulations of federal and state taxing jurisdictions.&#160;&#160;With few exceptions, Mexco is no longer subject to U.S. federal and state income tax examinations by tax authorities for years prior to 2007.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Significant components of net deferred tax assets (liabilities) at March 31 are as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Deferred tax assets:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Percentage depletion carryforwards</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,336,630</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,180,896</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,124,820</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Deferred stock-based compensation</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">13,844</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,872</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">7,536</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Asset retirement obligation</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">205,616</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">179,462</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">166,255</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net operating loss</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">171,411</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">125,848</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Other</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,695</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">7,311</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,731,196</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,495,278</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,305,922</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Deferred tax liabilities:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Excess financial accounting bases over tax bases of&#160;property and equipment</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(2,615,899</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(2,407,941</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(2,208,679</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net deferred tax liabilities</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(884,703</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(912,663</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(902,757</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">As of March 31, 2012, we have a statutory depletion carryforward of approximately $4,312,000, which does not expire.&#160;&#160;At March 31, 2012, we had a net operating loss carryforward for regular income tax reporting purposes of approximately $2,736,000, which will begin expiring in 2021.&#160;&#160;Our ability to use some of our net operating loss carryforwards and certain other tax attributes to reduce current and future U.S. federal taxable income is subject to limitations under the Internal Revenue Code.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">For the year ended March 31, 2012, there was a deferred income tax benefit of $27,960.&#160;&#160;There was no current income tax for the year ended March 31, 2012.&#160;&#160;For the year ended March 31, 2011, there was a current income tax benefit of $25,502 and a deferred income tax expense of $9,906.&#160;&#160;For the year ended March 31, 2010, current income tax expense was $25,502 and deferred income tax was a benefit of $282,737.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">A reconciliation of the provision for income taxes to income taxes computed using the federal statutory rate for years ended March 31 follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Tax expense at federal statutory rate <font style="DISPLAY: inline; FONT-SIZE: 11pt">(1)</font></font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">102,691</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">47,634</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">48,825</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Statutory depletion carryforward</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(155,734</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(86,221</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(127,253</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Effect of graduated rates</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(16,940</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(3,074</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,271</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Revision of prior year estimates</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4,314</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">44,503</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(171,736</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Permanent differences</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">30,210</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(17,309</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,319</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Other</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">7,499</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(1,129</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(13,661</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total income tax benefit</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(27,960</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(15,596</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(257,235</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Effective income tax rate</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(9</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(11</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(179</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%)</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The federal statutory rate was 34% for fiscal years ending March 31, 2012, 2011 and 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">For the years ended March 31, 2012, 2011 and 2010, we did not have any uncertain tax positions.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">For the years ended March 31, 2012, 2011 and 2010, the amount of unrecognized tax benefits was approximately $677,000, $670,000 and $524,000, respectively.&#160;&#160;While it is expected the amount of unrecognized tax benefits will change in the next 12 months, we do not expect any change to have a significant impact on our results of operations.&#160;&#160;The recognition of the total amount of the unrecognized tax benefits of&#160;$677,000 would have an impact on the effective tax rate.&#160;&#160;If these unrecognized tax benefits are disallowed, we will be required to pay additional taxes.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-12</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Unrecognized tax benefits at beginning of period</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">670,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">524,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">549,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Additions based on tax positions related to the current year</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">146,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Changes to tax positions of prior years</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">7,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Settlements</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">25,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Expirations</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Unrecognized tax benefits at end of period</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">677,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">670,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">524,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">8.&#160;&#160;Major Customers</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Currently, we operate exclusively within the United States and our revenues and operating profit are derived predominately from the oil and gas industry.&#160;&#160;Oil and gas production is sold to various purchasers and the receivables are unsecured.&#160;&#160;Historically, we have not experienced significant credit losses on our oil and gas accounts and management is of the opinion that significant credit risk does not exist.&#160;&#160;Management is of the opinion that the loss of any one purchaser would not have an adverse effect on our ability to sell our oil and gas production.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In fiscal 2012, one customer accounted for 22% of the total oil and gas revenues and 24% of the total oil and gas accounts receivable.&#160;&#160;In fiscal 2011 and 2010, two customers accounted for 28% and 32% of the total oil and gas revenues and 25% and 23% of the total oil and gas accounts receivable, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">9.&#160;&#160;Oil and Gas Costs</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The costs related to our oil and gas activities were incurred as follows for the year ended March 31:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Property acquisition costs:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">368,444</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,147,892</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">80,154</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Unproved</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Exploration</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">9,910</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">29,292</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">22,246</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Development</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,455,993</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">394,381</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">596,660</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Capitalized asset retirement obligations</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">53,468</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">25,043</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">20,599</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 4px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total costs incurred for oil and gas properties</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,887,815</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,596,608</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">719,659</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We had the following aggregate capitalized costs relating to our oil and gas property activities at March 31:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved oil and gas properties</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">31,669,572</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">30,256,330</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">27,182,529</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Unproved oil and gas properties:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">subject to amortization</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">170,487</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">170,487</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">170,487</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">not subject to amortization</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">31,840,059</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">30,426,817</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">27,353,016</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Less accumulated DD&amp;A</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16,154,203</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">15,161,524</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">14,119,129</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">15,685,856</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">15,265,293</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">13,233,887</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">DD&amp;A amounted to $1.94, $1.87 and $1.70 per mcfe of production for the years ended March 31, 2012, 2011 and 2010, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">10.&#160;&#160;Stockholders&#8217; Equity</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In June 2011, the board of directors authorized the use of up to $250,000 to repurchase shares of our common stock for the treasury account.&#160;&#160;During fiscal 2012, we repurchased 4,000 shares for the treasury at an aggregate cost of $22,780.&#160;&#160;During fiscal 2011, we repurchased 2,000 shares for the treasury at an aggregate cost of $12,325.&#160;&#160;No shares of our common stock were repurchased for the treasury account during fiscal 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-13</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In August 2010, we purchased overriding royalty interests averaging .28% in 5,120 gross acres covering eight sections in the Haynesville trend area of DeSoto Parish, Louisiana, for an approximate purchase price of $1.65 million, prior to closing adjustments.&#160;&#160;We paid $1.46 million in cash and the remainder was paid as 26,833 shares of common stock issued from treasury shares.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">11.&#160;&#160;Stock Options</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We adopted an employee incentive stock plan effective September 15, 1997 (&#8220;1997 Plan&#8221;).&#160;&#160;Under the 1997 Plan, 350,000 shares were available for distribution.&#160;&#160;Awards, granted at the discretion of the compensation committee of the board of directors, include stock options or restricted stock.&#160;&#160;Stock options may be an incentive stock option or a nonqualified stock option.&#160;&#160;Options to purchase common stock under the plan are granted at the fair market value of the common stock at the date of grant, become exercisable to the extent of 25% of the shares optioned on each of four anniversaries of the date of grant, expire ten years from the date of grant and are subject to forfeiture if employment terminates.&#160;&#160;Restricted stock awards may be granted with a condition to attain a specified goal.&#160;&#160;The purchase price was at least $5.00 per share of restricted stock.&#160;&#160;The awards of restricted stock must be accepted within 60 days and vest as determined by agreement.&#160;&#160;Holders of restricted stock have all rights of a shareholder of the Company.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In September 2004, we adopted the 2004 Incentive Stock Plan (&#8220;2004 Plan&#8221;) to replace, modify and extend the termination date of the 1997 Plan to September 14, 2009.&#160;&#160;The 2004 Plan provided for the award of stock options up to 375,000 shares of which 125,000 may have been subject of stock grants without restrictions and without payment by the recipient and stock awards of up to 125,000 shares with restrictions including payment for the shares and employment of not less than three years from the date of the award.&#160;&#160;The terms of the stock options were similar to those of the 1997 Plan except that the term of the options was five years from the date of grant.&#160;&#160;Although shares were remaining unissued at the termination date of the 2004 Plan, the shares are no longer eligible to be granted.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In September 2009, we adopted the 2009 Employee Incentive Stock Plan (&#8220;2009 Plan&#8221;) to replace the 1997 and 2004 Plans.&#160;&#160;The 2009 Plan provides for the award of stock options up to 200,000 shares and includes option awards as well as stock awards.&#160;&#160;Option awards are granted with the restriction of requiring payment for the shares.&#160;&#160;Stock awards are granted without restrictions and without payment by the recipient.&#160;&#160;Neither option awards nor stock awards may exceed 25,000 shares granted to any one individual in any fiscal year.&#160;&#160;The 2009 Plan expires ten years from the date of adoption.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">According to our employee stock incentive plans, new shares will be issued upon the exercise of stock options and the Company can repurchase shares exercised under these plans.&#160;&#160;The plans also provide for the granting of stock awards.&#160;&#160;No stock awards were granted during fiscal 2012, 2011 and 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We recognized compensation expense of $120,124, $51,350 and $26,030 in general and administrative expense in the Consolidated Statements of Operations for fiscal 2012, 2011 and 2010, respectively.&#160;&#160;The total cost related to non-vested awards not yet recognized at March 31, 2012 totals $249,947, which is expected to be recognized over a weighted average of 3.1 years.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The fair value of each stock option is estimated on the date of grant using the Binomial valuation model.&#160;&#160;Expected volatilities are based on historical volatility of the Company&#8217;s stock <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">over the contractual term of 120 months </font>and other factors.&#160;&#160;We use historical data to estimate option exercise and employee termination within the valuation model.&#160;&#160;The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding.&#160;&#160;The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.&#160;&#160;As the Company has never declared dividends, no dividend yield is used in the calculation.&#160;&#160;Actual value realized, if any, is dependent on the future performance of the Company&#8217;s common stock and overall stock market conditions.&#160;&#160;There is no assurance the value realized by an optionee will be at or near the value estimated by the Binomial model.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-14</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">During the year ended March 31, 2012, the Compensation Committee of the Board of Directors approved and we issued 40,000 stock options to board members, officers and employees of Mexco exercisable at $6.80 per share.&#160;&#160;During the year ended March 31, 2011, the Compensation Committee of the Board of Directors approved and we issued 42,500 stock options to board members, officers and employees of Mexco exercisable at prices ranging from $6.06 to $6.29 per share.&#160;&#160;No stock options were granted during the year ended March 31, 2010.&#160;&#160;These options are exercisable at a price not less than the fair market value of the stock at the date of grant, have an&#160;exercise period of ten years and generally vest over four years.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Included in the following table is a summary of the grant-date fair value of stock options granted and the related assumptions used in the Binomial models for stock options granted in fiscal 2012, 2011 and 2010.&#160;&#160;All such amounts represent the weighted average amounts for each period.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="49%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="10" valign="bottom" width="49%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">For the year ended March 31,</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="49%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="49%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Grant-date fair value</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.69</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="49%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Volatility factor</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">85.92</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">82.83</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="49%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Dividend yield</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="49%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Risk-free interest rate</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1.49</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2.07</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">%</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="49%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Expected term (in years)</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">7.25</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">7</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="14%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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;There were no stock options forfeited or expired during the year ended March 31, 2012.&#160;&#160;During the year ended March 31, 2011, 1,000 vested stock options expired because they were not exercised prior to the end of their ten-year term and 10,000 unvested stock options were forfeited due to the termination of a consulting agreement with a consultant and the resignation of an employee.&#160;&#160;There were no stock options forfeited or expired during the year ended March 31, 2010.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">For the year ended March 31, 2012, employees and directors exercised options on a total of 10,000 shares at exercise prices of $4.00 per share.&#160;&#160;We received proceeds of $40,000 from these exercises. The total intrinsic value of the exercised options was $38,600.&#160;&#160;No tax deduction is recorded when options are awarded.&#160;&#160;Mexco issued new shares of common stock to settle these option exercises.&#160;&#160;For the years ended March 31, 2011 and 2010, stock options covering 85,250 and 41,250 shares were exercised, respectively, with 29,950 and 4,750 of these exercised options resulted in a disqualifying disposition.&#160;&#160;We received proceeds of $533,625 and $259,372 from these option exercises for the years ended March 31, 2011 and 2010, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table is a summary of activity of stock options for the year ended March 31, 2012, 2011 and 2010:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Number of </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Shares</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Weighted </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Average </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Exercise Price </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Per Share</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="14%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Weighted Aggregate Average Remaining Contract Life</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;in Years</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Intrinsic </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Value</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Outstanding at April 1, 2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">148,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.04</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3.04</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">813,703</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="39%" style="PADDING-LEFT: 6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Granted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="39%" style="PADDING-LEFT: 6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Exercised</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(41,250</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.29</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="39%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Forfeited or Expired</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Outstanding at March 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">107,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.94</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2.51</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">237,088</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="39%" style="PADDING-LEFT: 6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Granted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">42,500</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.24</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="39%" style="PADDING-LEFT: 6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Exercised</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(85,250</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.26</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="39%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Forfeited or Expired</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(11,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.89</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Outstanding at March 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">53,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.69</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">7.33</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">401,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="39%" style="PADDING-LEFT: 6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Granted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">40,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.80</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="39%" style="PADDING-LEFT: 6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Exercised</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(10,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="39%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 6%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Forfeited or Expired</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="39%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Outstanding at March 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">83,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.42</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8.65</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">127,363</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Vested at March 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">13,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.72</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.30</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">30,538</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Exercisable at March 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">13,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.72</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="13%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.30</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">30,538</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-15</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Other information pertaining to option activity was as follows during the year ended March 31:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Weighted average grant-date fair value of stock</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;options granted (per share)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.69</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.15</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total fair value of options vested</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">59,875</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">37,200</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">343,663</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total intrinsic value of options exercised</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">38,600</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">533,831</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">130,051</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table summarizes information about options outstanding at March 31, 2012:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Range of Exercise Prices</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Number of </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Options</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Weighted Average Exercise Price Per Share</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Weighted Average Remaining </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Contract </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Life in Years</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Aggregate </font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Intrinsic Value</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4.00 &#8211; 5.24</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,750</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4.35</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5.25 &#8211; 6.29</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">40,000</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.23</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.30 &#8211; 6.80</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">40,000</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.80</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4.00 &#8211; 6.29</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">83,750</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6.42</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8.65</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">127,363</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Outstanding options at March 31, 2012 expire between December 2012 and November 2021 and have exercise prices ranging from $4.35 to $6.80.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">12.&#160;&#160;Related Party Transactions</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Related party transactions for the fiscal year ended March 31, 2012 relate to shared office expenditures in addition to administrative and operating expenses paid on behalf of the majority stockholder.&#160;&#160;The total billed to and reimbursed by the stockholder for the years ended March 31, 2012, 2011 and 2010 were $123,932,&#160;$137,652 and $75,178, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Thomas Craddick is a member of the board of directors and Company employee.&#160;&#160;Mr. Craddick invested his personal funds, on the same basis as an unrelated third party investor, in a 5.0% working interest in our well in Ward County, Texas.&#160;&#160;Effective January 1, 2010, we purchased Mr. Craddick&#8217;s 5.0% working interest in this well for a purchase price of approximately $78,000.&#160;&#160;Mr. Craddick maintained a .125% override in this well.&#160;Revenues paid to Mr. Craddick from this well were $0, $100 and $3,360 for the years ended March 31, 2012, 2011 and 2010, respectively.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">13.&#160;&#160;Oil and Gas Reserve Data (Unaudited)</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><br>
</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">The estimates of our proved oil and gas reserves, which are located entirely within the United States, were prepared in accordance with the guidelines established by the SEC.&#160;&#160;The estimates as of March 31, 2012, 2011, and 2010 are based on evaluations prepared by Joe C. Neal and Associates, Petroleum Consultants.&#160;&#160;Management emphasizes that reserve estimates are inherently imprecise and are expected to change as new information becomes available and as economic conditions in the industry change.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Proved reserves are estimated quantities of oil, natural gas, and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions.</font><br>
</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">F-16</font></font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Changes in Proved Reserves</font>:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><br>
</font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(Bbls)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Natural Gas</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(Mcf)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved Developed and Undeveloped Reserves:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">As of April 1, 2009</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">207,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">9,477,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Revision of previous estimates</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">39,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(575,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Purchase of minerals in place</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Extensions and discoveries</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">12,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">44,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Sales of minerals in place</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Production</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(18,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(546,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">As of March 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">240,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,405,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Revision of previous estimates</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">22,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">130,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Purchase of minerals in place</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">45,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">545,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Extensions and discoveries</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">136,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Sales of minerals in place</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Production</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(17,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(459,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">As of March 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">290,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,757,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Revision of previous estimates</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">33,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(183,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Purchase of minerals in place</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">19,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Extensions and discoveries</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">23,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">267,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%" style="PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Sales of minerals in place</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">-</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%" style="PADDING-BOTTOM: 2px; PADDING-LEFT: 2%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Production</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(19,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(396,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">As of March 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">346,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,445,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><br>
</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Proved developed reserves are those expected to be recovered through existing wells, equipment and operating methods.&#160; Proved undeveloped reserves ("PUD") are proved reserves are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Summary of Proved Developed and Undeveloped Reserves as of March 31, 2012, 2011 and 2010</font>:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><br>
</font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(Bbls)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Natural Gas</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(Mcf)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved Developed Reserves:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">As of April 1, 2009</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">111,691</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,989,498</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">As of March 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">141,980</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,017,342</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">As of March 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">159,975</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4,964,061</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">As of March 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">194,619</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,359,665</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved Undeveloped Reserves:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">As of April 1, 2009</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">95,694</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,487,579</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">As of March 31, 2010</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">98,088</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,388,248</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">As of March 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">130,187</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,792,974</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">As of March 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">151,733</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,085,064</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><br>
</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">As of March 31, 2012, 2011 and 2010 reserves were computed using the 12-month unweighted average of the first-day-of-the-month prices, in accordance with revised guidelines of the SEC applicable to reserves estimates as of year-end&#160;&#160;2010.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">F-17</font></font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">At March 31, 2012, we reported estimated PUDs of 4.0 bcfe, which accounted for 38% of our total estimated proved oil and gas reserves.&#160;This figure primarily consists of a projected 18 new wells (2.6 bcfe), 5 of which we operate, and 1 new zone behind pipe from a currently producing wellbore (.4 bcfe) that we also operate.&#160;&#160;Our timetable for this well is totally dependent on the life of the currently producing zone.&#160;&#160;After the current zone has depleted, we will open the new productive zone.&#160;Of the 5 wells we operate (2.1 bcfe), 4 have additional productive zones behind pipe (.6 bcfe).&#160;&#160;Also, there is potential to commingle the new zones in the new wells with prior permission from the Railroad Commission.&#160;&#160;We drilled 1 operated well during fiscal 2012 and are in the process of completing the well for production. &#160;We project 1 operated well will be drilled in fiscal 2013, 3 wells in fiscal 2014 and 1 well in fiscal 2015.&#160;&#160;Regarding the remaining 13 PUD locations operated by others (.6 bcfe), a location is currently being prepared to drill 1 well with plans for 8 wells to follow in 2013 and 4 in 2014.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Included in proved undeveloped reserves at March 31, 2012 are approximately 1.9 bcfe of material reserves which have remained undeveloped for more than five years.&#160;&#160;These primarily consist of two drilling locations in an area where we have long-standing operations and these locations are currently held by production from other wells in which Mexco owns.&#160;&#160;As of March 31, 2011, these material reserves consisted of three drilling locations projected to be drilled one per year during the fiscal years of 2012, 2013 and 2014.&#160;&#160;We drilled 1 of these wells during fiscal 2012 and are in the process of completing the well for production. &#160;Our timetable for the two remaining wells is to drill one during fiscal 2013 and one during fiscal 2014.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">The following table discloses our progress toward the conversion of PUDs during fiscal 2012.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><br>
</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Progress of Converting Proved Undeveloped Reserves</font>:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><br>
</font></div>

<div align="center">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil &amp; Natural Gas</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Future</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(Mcfe)</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Development Costs</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">PUDs, beginning of year</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4,574,096</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,745,830</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Revision of previous estimates</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(23,894</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,116,340</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Conversions to PD reserves</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(974,105</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(871,650</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Additional PUDs added</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">419,365</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">317,030</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">PUDs, end of year</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,995,462</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4,307,550</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><br>
</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-WEIGHT: normal">Estimated future net cash flows represent an estimate of future net revenues from the production of proved reserves using average prices for 2012, 2011 and 2010 along with estimates of the operating</font><a name="gmnh1page_fy48401_1_34"><!--EFPlaceholder--></a><font style="FONT-WEIGHT: normal">&#160;costs, production taxes and future development and abandonment costs (less salvage value) necessary to produce such reserves. No deduction has been made for depreciation, depletion or any indirect costs such as general corporate overhead or interest expense.</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Operating costs and production taxes are estimated based on current costs with respect to producing oil and natural gas properties.&#160;&#160;Future development costs including abandonment costs are based on the best estimate of such costs assuming current economic and operating conditions. The future cash flows estimated to be spent to develop our share of proved undeveloped properties through March 31, 2015 are $4,255,130.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Income tax expense is computed based on applying the appropriate statutory tax rate to the excess of future cash inflows less future production and development costs over the current tax basis of the properties involved, less applicable carryforwards.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">The future net revenue information assumes no escalation of costs or prices, except for oil and natural gas sales made under terms of contracts which include fixed and determinable escalation. Future costs and prices could significantly vary from current amounts and, accordingly, revisions in the future could be significant.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">In December 2008, the SEC issued its final rule, Modernization of Oil and Gas Reporting, which is effective for reporting reserve information for fiscal years ending December 2009.&#160;&#160;In January 2010, the FASB issued its authoritative guidance on extractive activities for oil and gas to align its requirements with the SEC&#8217;s final rule.&#160;&#160;We adopted the guidance as of March 31, 2010 in conjunction with our year-end reserve report as a change in accounting principle that is inseparable from a change in accounting estimate.&#160;&#160;Under the SEC&#8217;s final rule, prior period reserves were not restated.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><br>
</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">F-18</font></font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">The current reporting rules require that year end reserve calculations and future cash inflows be based on the 12-month average market prices for sales of oil and gas on the first calendar day of each month during the fiscal year discounted at 10% per year and assuming continuation of existing economic conditions.&#160;&#160;The average prices used for fiscal 2012 were $93.75 per bbl of oil and $3.83 per mcf of natural gas.&#160;&#160;The average prices used for fiscal 2011 were $77.27 per bbl of oil and $3.88 per mcf of natural gas.&#160;&#160;The average prices used for fiscal 2010 were $66.21 per bbl of oil and $3.77 per mcf of natural gas.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">If we had used the March 31, 2010 prices in our fiscal 2010 calculations as in previous years, our total reserves would have decreased 52,000 Mcfe.&#160;&#160;This decrease in reserves would have had an effect on our DD&amp;A and net income for the fourth quarter of 2010.&#160;&#160;The effect on DD&amp;A was an increase of approximately $5,500 and a decrease in net income of approximately $3,800.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">The standardized measure of discounted future net cash flows were computed by applying 12-month average prices for oil and gas (with consideration of price changes only to the extent provided by contractual arrangements in existence at year end) to the estimated future production of proved oil and gas reserves, less estimated future expenditures (based on year end costs) to be incurred in developing and producing the proved reserves, less estimated future income tax expenses (based on the year end statutory tax rates with consideration of future tax rates already legislated) to be incurred on pretax net cash flows less tax basis of the properties and available credits and assuming continuation of existing economic conditions.&#160;&#160;The estimated future net cash flows are then discounted using a rate of 10%.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">The basis for this table is the reserve studies prepared by an independent petroleum engineering consultant, which contain imprecise estimates of quantities and rates of production of reserves.&#160;&#160;Revisions of previous year estimates can have a significant impact on these results.&#160;&#160;Also, exploration costs in one year may lead to significant discoveries in later years and may significantly change previous estimates of proved reserves and their valuation.&#160;&#160;Therefore, the standardized measure of discounted future net cash flow is not necessarily indicative of the fair value of our proved oil and gas properties.</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-WEIGHT: normal">The standardized measure of discounted future cash flows at March 31, 2012, 2011 and 2010, which represents the present value of estimated future cash flows using a discount rate of 10% a year, follows:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><br>
</font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">March 31</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Future cash inflows</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">64,783,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">56,413,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">47,638,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Future production costs and taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(16,031,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(11,086,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(10,101,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Future development costs</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(4,530,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(4,029,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(3,265,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Future income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(9,920,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(9,118,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(7,439,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Future net cash flows</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">34,302,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">32,180,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">26,833,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Annual 10% discount for estimated timing </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">of cash flows</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(14,946,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(14,528,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(12,673,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Standardized measure of discounted future</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;net cash flows</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">19,356,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">17,652,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">14,160,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><br>
</font></div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: normal">F-19</font></font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves:</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><br>
</font></div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="10" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">March 31</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2010</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Sales of oil and gas produced, net of</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;production costs</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(2,298,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(2,119,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(2,167,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net changes in price and production costs</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(375,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,590,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4,287,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Changes in previously estimated development costs</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,353,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">830,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(35,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Revisions of quantity estimates</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,344,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,088,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">397,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net change due to purchases and sales of</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;minerals in place</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">390,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,976,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">11,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Extensions and discoveries, less related costs</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,449,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">165,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">345,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net change in income taxes</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(596,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(1,076,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(1,085,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Accretion of discount</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,265,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,809,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,435,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Changes in timing of estimated cash flows </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">and other</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(1,828,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(771,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(536,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Changes in standardized measure</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,704,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,492,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,652,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Standardized measure, beginning of year</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">17,652,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">14,160,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">11,508,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="55%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Standardized measure, end of year</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">19,356,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">17,652,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">14,160,000</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">14.&#160;&#160;Selected Quarterly Financial Data (Unaudited)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">FISCAL 2012</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> QTR</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">rd</font> QTR</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font> QTR</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font> QTR</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil and gas revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">753,875</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">753,789</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">810,655</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">905,340</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Operating profit (loss)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(1,305</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">63,837</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">111,466</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">156,680</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net income</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">95,375</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">50,961</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">79,272</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">104,385</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net income per share &#8211; basic</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.04</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.03</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.04</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.05</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net income per share &#8211; diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.04</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.03</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.04</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.05</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">FISCAL 2011</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> QTR</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">rd</font> QTR</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font> QTR</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">st</font> QTR</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil and gas revenue</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">776,469</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">752,778</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">783,990</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">832,010</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Operating profit (loss)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">88,177</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">68,100</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">59,722</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(39,898</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net income (loss)</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">52,982</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">26,898</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">70,040</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,776</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net income (loss) per share &#8211; basic</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.03</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.01</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.04</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net income (loss) per share &#8211; diluted</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.03</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.01</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.04</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0.00</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">F-20</font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">INDEX TO EXHIBITS</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Number</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3.1*</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Articles of Incorporation</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3.2***</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Amended Bylaws as amended on September 13, 2011</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">10.1**</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Stock Option Plan</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">10.2*</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Bank Line of Credit</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">10.3****</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2004 Incentive Stock Option Plan</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">10.4*****</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2009 Employee Incentive Stock Plan</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">14.1******</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Code of Business Conduct and Ethics</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">21.1</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Subsidiaries of the Company</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">23.1</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Consent of Independent Registered Public Accounting Firm</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">23.2</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Consent of Independent Petroleum Engineers</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">31.1</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Certification of the Chief Executive Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">31.2</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Certification of the Chief Financial Officer of the Company pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">32.1</font></div>
</td>
<td valign="top" width="92%" style="PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt">
<div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></div>
</td>
</tr><tr bgcolor="gainsboro">
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="92%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr bgcolor="white">
<td valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">99.1</font></div>
</td>
<td valign="top" width="92%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 49.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Report of Joe C. Neal &amp; Associates, Independent Petroleum Engineer</font></div>
</td>
</tr></table>

<div>&#160;</div>

<div>
<hr style="COLOR: black" align="left" noshade size="1" width="20%">
</div>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">*</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Incorporated by reference to the Company&#8217;s Annual Report on Form 10-K dated June 24, 1998.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">**</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Incorporated by reference to the Amendment to Schedule 14C Information Statement filed on August 13, 1998.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">***</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Filed as Exhibit 3.1 with the Company&#8217;s Current Report on Form 8-K dated September 14, 2011.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">****</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Filed with the Company&#8217;s Proxy Statement filed July 9, 2004.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">*****</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Filed with the Company&#8217;s Proxy Statement filed July 16, 2009.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">******</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Filed with the Company&#8217;s Quarterly Report on Form 10-Q filed on November 15, 2004.</font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: center"><font size="2">F-21</font></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>2
<FILENAME>fp0005036_ex21-1.htm
<TEXT>
<html>
<head>
    <title>fp0005036_ex21-1.htm</title>
    <!--Licensed to: FilePoint Investment Services-->
    <!--Document Created using EDGARizerAgent 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">
<div>&#160;</div>

<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">EXHIBIT 21.1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SUBSIDIARIES OF MEXCO ENERGY CORPORATION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">1.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Forman Energy Corporation, a New York corporation</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">2.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Southwest Texas Disposal Corporation, a Texas corporation</font></div>
</td>
</tr></table>
</div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>fp0005036_ex23-1.htm
<TEXT>
<html>
<head>
    <title>fp0005036_ex23-1.htm</title>
    <!--Licensed to: FilePoint EDGAR Services, LLC-->
    <!--Document Created using EDGARizerAgent 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">
<div>&#160;</div>

<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">EXHIBIT 23.1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We have issued our report dated June 29, 2012 with respect to the consolidated financial statements included in the Annual Report of Mexco Energy Corporation on Form 10-K for the year ended March 31, 2012.&#160;&#160;We hereby consent to the incorporation by reference of said report in the Registration Statements of Mexco Energy Corporation on Form S-8 (File No. 333-131835, effective February 14, 2006) and on Form S-8 (File No. 333-165296, effective March 5, 2010).</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">/s/ GRANT THORNTON LLP</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Oklahoma City, Oklahoma</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">June 29, 2012</font></div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>fp0005036_ex23-2.htm
<TEXT>
<html>
<head>
    <title>fp0005036_ex23-2.htm</title>
    <!--Licensed to: FilePoint EDGAR Services, LLC-->
    <!--Document Created using EDGARizerAgent 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">
<div>&#160;</div>

<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">EXHIBIT 23.2</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">CONSENT OF INDEPENDENT PETROLEUM ENGINEERS</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">As independent engineering consultants, Joe C. Neal &amp; Associates, hereby consents to the use of the name Joe C. Neal &amp; Associates and references to Joe C. Neal &amp; Associates and to the inclusion of and references to our report, or information contained therein, entitled &#8220;Evaluation of Oil and Gas Reserves, Mexco Energy Corporation Annual Report Effective Date: March 31, 2012&#8221; prepared for Mexco Energy Corporation in the Annual Report on Form 10-K of Mexco Energy Corporation for the filing dated on or about June 29, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">/s/ Joe C. Neal &amp; Associates</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">JOE C. NEAL &amp; ASSOCIATES,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">PETROLEUM AND ENVIRONMENTAL ENGINEERING CONSULTANTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Midland, Texas</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">June 29, 2012</font></div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>5
<FILENAME>fp0005036_ex31-1.htm
<TEXT>
<html>
<head>
    <title>fp0005036_ex31-1.htm</title>
    <!--Licensed to: FilePoint EDGAR Services, LLC-->
    <!--Document Created using EDGARizerAgent 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">
<div>&#160;</div>

<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Exhibit 31.1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PURSUANT TO SECTION&#160;302 OF THE SARBANES-OXLEY ACT OF 2002</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 21.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">I, Nicholas C. Taylor, certify that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">1.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">I have reviewed this annual report on Form 10-K of Mexco Energy Corporation;</font></div>
</td>
</tr></table>
</div>

<br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">2.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">3.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">4.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">a)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">b)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">c)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">d)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">5.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">a)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">b)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 21.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">June 29, 2012</font></div>
</td>
<td valign="top" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 21.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">/s/ Nicholas C. Taylor</font></font></div>
</td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 21.6pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Nicholas C. Taylor</font></div>
</td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Chief Executive Officer</font></div>
</td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>6
<FILENAME>fp0005036_ex31-2.htm
<TEXT>
<html>
<head>
    <title>fp0005036_ex31-2.htm</title>
    <!--Licensed to: FilePoint EDGAR Services, LLC-->
    <!--Document Created using EDGARizerAgent 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">
<div>&#160;</div>

<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Exhibit 31.2</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CERTIFICATION OF THE CHIEF FINANCIAL OFFICER</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PURSUANT TO SECTION&#160;302 OF THE SARBANES-OXLEY ACT OF 2002</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">I, Tamala L. McComic, certify that:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">1.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">I have reviewed this annual report on Form 10-K of Mexco Energy Corporation;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">2.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">3.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">4.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">a)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">b)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">c)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">d)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">5.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">a)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">b)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">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="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">June 29, 2012</font></div>
</td>
<td valign="top" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">/s/ Tamala L. McComic</font></font></div>
</td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Tamala L. McComic</font></div>
</td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Chief Financial Officer, President, Treasurer, and Assistant Secretary</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>7
<FILENAME>fp0005036_ex32-1.htm
<TEXT>
<html>
<head>
    <title>fp0005036_ex32-1.htm</title>
    <!--Licensed to: FilePoint EDGAR Services, LLC-->
    <!--Document Created using EDGARizerAgent 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">
<div>&#160;</div>

<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Exhibit 32.1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">CERTIFICATION OF CEO AND CFO PURSUANT TO</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">18 U.S.C. SECTION 1350,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">AS ADOPTED PURSUANT TO</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In connection with the Annual Report of Mexco Energy Corporation (the &#8220;Company&#8221;) on Form 10-K for the year ending March 31, 2012, as filed with the SEC on the date hereof (the &#8220;Report&#8221;), we, Nicholas C. Taylor, Chief Executive Officer and Tamala L. McComic, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(1)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(2)</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Dated:&#160;&#160;June 29, 2012</font></div>
</td>
<td align="left" valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline">/s/&#160;&#160;Nicholas C. Taylor</font></font></div>
</td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Chairman of the Board and</font></div>
</td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Chief Executive Officer</font></div>
</td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="30%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Dated:&#160;&#160;June 29, 2012</font></div>
</td>
<td align="left" valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline">/s/&#160;&#160;Tamala L. McComic</font></font></div>
</td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Chief Financial Officer, President,</font></div>
</td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="30%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="left" valign="top" width="35%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Treasurer and Assistant Secretary</font></div>
</td>
<td valign="top" width="35%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>8
<FILENAME>fp0005036_ex99-1.htm
<TEXT>
<html>
<head>
    <title>fp0005036_ex99-1.htm</title>
    <!--Licensed to: FilePoint EDGAR Services, LLC-->
    <!--Document Created using EDGARizerAgent 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">
<div>&#160;</div>

<div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Exhibit 99.1</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">JOE C. NEAL &amp; ASSOCIATES</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">PETROLEUM AND ENVIRONMENTAL ENGINEERING CONSUTLANTS</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">300 NORTH MARIENFIELD, SUITE 200</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">MIDLAND, TX 79701</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">PHONE:&#160;&#160;432-683-4371 FAX: 432-683-9379</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">E-Mail: <font style="DISPLAY: inline; TEXT-DECORATION: underline">info@joecneal.com</font></font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">June 6, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 306.3pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mexco Energy Corporation</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 283.8pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Tammy McComic, President</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 283.8pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">214 West Texas Avenue, Suite 1101</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 283.8pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Midland, Texas 79701</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Re: Evaluation of Oil and Gas Reserves of Mexco Energy Corporation effective March 31, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mrs. McComic,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In accordance with your request, we have estimated the extent and value of domestic proved crude oil, condensate and gas reserves owned by Mexco Energy Corporation as of March 31, 2012.&#160;&#160;The properties to which proved reserves are attributable are located in the states of Louisiana, Montana, New Mexico, North Dakota, Oklahoma and Texas with the majority of the value in Texas.&#160;&#160;The estimated reserves are based on a detailed study of properties owned by Mexco Energy Corporation.&#160;&#160;During this study, we consulted freely with the officers and employees of Mexco Energy Corporation and were given access to such records, geological and engineering reports, and other data as were desired for examination.&#160;&#160;In preparation of this report, we have relied, without independent verification, upon information furnished by Mexco Energy Corporation with respect to property interests owned by it, production from such properties, current costs of operation, current prices for production agreements relating to current and future operation and various other information and data which were accepted as represented.&#160;&#160;The results of our third party study, completed on May 29, 2012, are presented herein.&#160;&#160;The properties reviewed by Joe C. Neal &amp; Associates represent 98% of the total net proved reserves of Mexco Energy Corporation.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The summary below includes Mexco Energy Corporation, Forman Energy Corporation and South West Texas Disposal Corporation which are wholly owned subsidiaries of Mexco Energy Corporation.&#160;&#160;Four (4) Minor Net Income Streams have been evaluated in this report by projecting an oil and gas stream and applying an oil and gas price.&#160;&#160;The Mexco Energy Corporation Royalty Income Stream has been limited to twenty five (25) years lifetime.&#160;&#160;The Mexco Energy Corporation Minor and Royalty Income Streams were declined at ten percent (10%) per year.&#160;&#160;The Foreman Income Stream was declined at the rate of eight&#160;&#160;&#160;percent (8%) annually for a period of sixteen point three (16.3) years.&#160;&#160;Seven (7) joint ventures have been projected as income streams because it was not economical to project all the properties on an individual basis.&#160;&#160;The seven other minor income properties have also been projected as income streams.&#160;&#160;Income streams have been converted to barrels of oil and MCF&#8217;S of gas based on their ratio of income.&#160;&#160;Where multiple gas wells with small interests exist, production has been summarized to reduce the cost of the evaluation.&#160;&#160;It was not considered necessary to make a field examination of the physical condition and operation of the properties in which Mexco Energy Corporation owns an interest.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">We estimate the Net Proved Reserves, Future Net Revenue, and the Present Value of Future Net Revenue from the properties of Mexco Energy Corporation as of March 31, 2012 to be as follows:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Classification of Reserves</font></div>
</td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Oil and Condensate</font></div>

<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(MBBL)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Gas</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(MMCF)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Future Net Revenue</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(M$)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Present Value Discounted at 10 %</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(M$)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved Developed:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="40%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Producing</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">178</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,492</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">20,830</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">11,594</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Non-Producing</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">1,868</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">6,553</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4,514</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">194</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,360</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">27,383</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16,108</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved Undeveloped</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">151</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,085</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16,838</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,845</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 36pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total Proved</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">345</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,445</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">44,221</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">24,953</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 22.3pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The following table sets forth the changes in total Proved Reserves owned by Mexco Energy Corporation as of March 31, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net Liquid</font></div>

<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(MBBL)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net Gas</font></div>

<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(MMCF)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Total Proved Reserves Developed and Undeveloped:</font></div>
</td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Beginning of Period March 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">263</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,606</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Revisions of Previous Estimates</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">362</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(40</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Beginning of Period as Revised</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">625</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,566</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Additions from Drilling and Purchase</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">37</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Extensions</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">25</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">275</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Sales of Minerals-in-Place</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">0</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Production</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(19</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">(396</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">)</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;End of Period March 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">668</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">8,445</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="70%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved Developed Reserves:</font></div>
</td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;Beginning of Period March 31, 2011</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">160</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">4,964</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td align="left" valign="bottom" width="70%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 4.05pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;End of Period March 31, 2012</font></div>
</td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">195</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">5,360</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The proved reserves included herein conform to the definition as set forth in the Securities and Exchange Commission&#8217;s (&#8220;SEC&#8221;) Regulations Part 210.4-10(a).&#160;&#160;An abridged version of the SEC reserves definitions from 210.4-10(a) entitled &#8220;Definitions of Oil and Gas Reserves&#8221; is included as an attachment to this report.&#160;&#160;Reserves for the producing properties were determined by extrapolation of the production decline trends, where applicable, analogy with similar offset wells, by volumetric calculations using basic reservoir parameters such as porosity, water saturation, net pay thickness, and estimated areal extent of the reservoir, or by material balance calculations. Reserves for the Proved Developed Non-Producing and Proved Undeveloped properties were determined by volumetric calculations and/or by analogy with offset wells.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward.&#160;&#160;Moreover, estimates of reserves may increase or decrease as a result of future operations, effects of regulation by governmental agencies or geopolitical risks.&#160;&#160;As a result, the estimates of oil and gas reserves have an intrinsic uncertainty.&#160;&#160;The reserves included in this report are therefore estimates only and should not be construed as being exact quantities.&#160;&#160;They may or may not be actually recovered, and if recovered, the revenues therefrom and the actual costs related thereto could be more or less than the estimated amounts.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The estimates of reserves presented herein were based upon a detailed study of the properties in which Mexco owns an interest; however, we have not made any field examination of the properties.&#160;&#160;No consideration was given in this report to potential environmental liabilities that may exist nor were any costs included for potential liability to restore and clean up damages, if any, caused by past operating practices.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Where wells did not have significant income to Mexco during 2012, wells have been combined into an income stream in their respective Joint Venture and evaluated as a single projection.&#160;&#160;This eliminated a significant amount of paper in the Report without detracting from the accuracy of the numbers.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mexco Energy Corporation joined the Dodd Federal Unit in Eddy County, New Mexico in 2004. This unit became effective January 1, 2005.&#160;&#160;COG Operating, LLC is the operator of this unit.&#160;&#160;This should enhance Mexco's position in Eddy County, New Mexico. Significant development is projected by COG Operating, LLC in the future.&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">COG drilled 12 wells in the&#160;Dodd Federal Unit in 2011 and 27 wells in the first quarter of 2012.</font></font><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">&#160;</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Mexco Energy Corporation purchased an interest in the Limpia (San Andres) Lease in the Fuhrman Mascho Field, Andrews County, Texas in February 2011. There were 3 marginal oil producers and 1 recently drilled well. The new well was producing at the rate of approximately 50 barrels of oil per day at the last report. Wells numbers 7 and 8 have been drilled during 2012 and additional wells are scheduled to be drilled on the acreage in the future. Mexco Energy Corporation has approximately a sixteen point two percent (16.2%) working interest in the Limpia Lease.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 446pt"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">To estimate economically recoverable oil and gas reserves and related future net cash flows, we consider many factors and assumptions including, but not limited to, the use of reservoir parameters derived from geological, geophysical and engineering data which cannot be measured directly, economic criteria based on current costs and SEC pricing requirements, and forecasts of future production rates.&#160;&#160;Under the SEC regulations 210.4-10(a)(22)(v) and (26), proved reserves must be demonstrated to be economically producible based on existing economic conditions including the prices and costs at which economic producibility from a reservoir is to be determined as of the effective date of the report.&#160;&#160;Mexco has informed us that they have furnished us all of the accounts, records, geological and engineering data, and reports and other data required for this investigation.&#160;&#160;In preparing our forecast of future production and income, we have relied upon data furnished by Mexco with respect to property interests owned, production and well tests from examined wells, normal direct costs of operating the wells or leases, other costs such as transportation and/or processing fees, ad valorem and production taxes, recompletion and development costs, abandonment costs after salvage, product prices based on the SEC regulations, geological structural and isochore maps, well logs, core analyses, and pressure measurements.&#160;&#160;Joe C. Neal &amp; Associates reviewed such factual data for its reasonableness; however, we have not conducted an independent verification of the data supplied by Mexco.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The value estimated in this report is based on the assumptions that the properties are not negatively affected by the existence of hazardous substances or detrimental environmental conditions.&#160;&#160;We are experts in the identification of hazardous substances or detrimental environmental conditions, but have not been asked to perform an environmental study.&#160;&#160;It is possible that tests and inspections conducted by a qualified hazardous substance and environmental expert could reveal the existence of hazardous material and environmental conditions on or around the properties that would negatively affect the properties' value.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: -0.2pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Property identification, expense and revenue interests, actual product prices, and operating expenses were provided by Mexco Energy Corporation.&#160;&#160;This data was not verified by inspection of internal records and files, nor was a physical inspection made of the properties.&#160;&#160;Information regarding prices and the particular pricing categories under current governmental regulations was supplied by Mexco Energy Corporation.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Net oil and gas reserves are estimated quantities of crude oil, natural gas, and natural gas liquids attributed to the revenue interests of Mexco Energy Corporation.&#160;&#160;Net income to the interests of Mexco Energy Corporation is the future net revenue after deduction of state and county taxes, operating expenses, and investments, if applicable.&#160;&#160;The resulting net income is before federal income tax and does not consider any encumbrances against the properties, if such exist.&#160;&#160;Minor variations in composite columns totals result from computer rounding.&#160;&#160;Values of the estimated net proved reserves are expressed in terms of future net revenue and present value of future net revenue.&#160;&#160;Future net revenues are calculated by deducting estimated operating expenses, capital costs, and severance and ad Valorem taxes from the future gross revenue.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Present value of future net revenue is calculated by discounting the future net revenue at the rate of ten percent (10%) per annum compounded monthly over the expected period of realization.&#160;&#160;The present value set forth in this report does not necessarily represent the fair market value of the evaluated interests.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: -0.2pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">A summary projection of the estimated future net revenue and present value of future net revenue as of March 31, 2012 is as follows:</font></div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="30%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Year</font></div>
</td>
<td align="right" colspan="4" valign="bottom" width="54%">
<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Proved Developed Future </font></div>

<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Net Revenue</font> </div>

<div><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" width="13%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 1.9pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Discounted at 10%</font></div>

<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 1.9pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">$</font></div>
</td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="30%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2013</font></div>
</td>
<td align="right" valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,354,497</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,199,080</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="30%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2014</font></div>
</td>
<td align="right" valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">3,302,260</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,864,700</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="30%">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2015</font></div>
</td>
<td align="right" valign="bottom" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,765,450</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">2,183,140</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="white">
<td valign="bottom" width="30%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.9pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Remaining</font></div>
</td>
<td align="right" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">17,960,933</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">7,861,050</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr><tr bgcolor="gainsboro">
<td valign="bottom" width="30%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160; </font></td>
<td align="right" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">27,383,140</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">16,107,970</font></td>
<td nowrap valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">&#160;</font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">The future net revenue set forth above reflects estimated capital expenditures in the amount of $222,960.00 necessary to develop those reserves classified as Proved Developed Producing and Proved Developed Non-Producing.&#160;&#160;Proved Undeveloped net revenue reflects estimated capital costs of $4,307,550.00 to drill and complete those wells and install water floods.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Estimated reserves and future net income amounts presented in this report, as of March 31, 2012, are related to hydrocarbon prices.&#160;&#160;The hydrocarbon prices used in the preparation of this report are based on the average prices during the twelve (12) month period prior to the ending date of the period covered in this report (determined as unweighted arithmetic averages of the prices in effect on the first-day-of-the-month for each month within such period, unless prices were defined by contractual arrangements as required by the SEC regulations).&#160;&#160;The benchmark price of $94.65 per barrel has been adjusted by lease for gravity, transportation fees and regional price differentials to an average of $93.75.&#160;&#160;Gas prices per thousand cubic feet (MCF) are based on a benchmark price of $3.73 per MCF and have been adjusted by lease for BTU content, transportation fees and regional price differentials to an average of $3.83.&#160;&#160;The oil and gas prices were held constant for the economic life of the properties as specified by the SEC.&#160;&#160;Oil volumes shown herein are expressed in barrels, which are equivalent to forty-two (42) United States gallons.&#160;&#160;Gas volumes are expressed at standard conditions of sixty degrees (60&#176;) Fahrenheit and at the standard pressure base of the respective area in which the reserves are located.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Operating expenses including direct and indirect overhead expenses were held constant for the life of the properties.&#160;&#160;Severance and ad valorem taxes were deducted in the lease reserves and economics projections at the standard state rates.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div>&#160;</div>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Joe C. Neal &amp; Associates is an Independent Petroleum and Environmental Engineering Consulting Firm that has been providing Petroleum Consulting Services throughout the world for thirty seven (37) years.&#160;&#160;Joe C. Neal &amp; Associates does not have any financial interest, including stock ownership in Mexco.&#160;&#160;Our fees were not contingent on the results of our evaluation.&#160;&#160;Joe C. Neal &amp; Associates has used all procedures and methods that it considered necessary to prepare this report.&#160;&#160;The technical persons responsible for preparing the reserve estimates presented herein meet the requirements regarding qualification, independence, objectivity, and confidentiality set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">This report is solely for the information of and assistance to Mexco Energy Corporation for their use in SEC filings.&#160;&#160;It is not to be used, circulated, quoted, or otherwise referred to for any purpose without the express written consent of the undersigned except as required by law.&#160;&#160;Data utilized in this report will be maintained in our files and is available for your use.&#160;&#160;It has been our privilege to serve you by preparing this evaluation.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">In summary, we consider the assumptions, data, methods and analytical procedures used in this report appropriate for the purpose hereof, and we have used all such methods and procedures that we consider necessary and appropriate to prepare the estimates of reserves herein.&#160;&#160;The proved reserves included herein were determined in conformance with the SEC Modernization of Oil and Gas Reporting; Final Rule, including all references to Regulation S-X and Regulation S-K, referred to herein collectively as the &#8220;SEC Regulations.&#8221;&#160;&#160;In our opinion, the proved reserves presented in this report comply with the definitions, guidelines and disclosure requirements as required by the SEC regulations.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div align="center">
<table bgcolor="white" cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 11pt; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">
<tr>
<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></td>
<td width="50%">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Yours Very Truly,</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Joe C. Neal &amp; Associates<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Joe C. Neal &amp; Associates</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Licensed Professional Engineer</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Registration Number:&#160;&#160;23238</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Registered Professional Engineering Firm</font></font></div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 11pt">Registration Number:&#160;&#160;F-001308</font></font></div>
</td>
</tr></table>
</div>

<div>&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><br>
<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">DEFINITIONS&#160;OF&#160;OIL&#160;AND&#160;GAS&#160;RESERVES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">17 CFR&#160;&#167; 210.4-10 Federal Register Dated December 31, 2008/Filed January 13, 2009</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Developed oil and gas reserves</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Developed oil and gas reserves are reserves of any category that can be expected to be recovered:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(i) Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(ii) Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Undeveloped oil and gas reserves</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(i) Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(ii) Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(iii) Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, or by other evidence using reliable technology establishing reasonable certainty.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Proved oil and gas reserves </font><font style="FONT-SIZE: 11pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible - from a given date forward from known reservoirs, and under existing economic conditions, operating methods, and government regulations &#8211; prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(i) The area of the reservoir considered as proved includes:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(A) The area identified by drilling and limited by fluid contacts, if any, and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: dimgray" noshade size="1">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(B) The project has been approved for development by all necessary parties and entities, including government entities.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-date-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt"><font style="FONT-SIZE: 11pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font> Joe C. Neal &amp; Associates separates proved developed reserves into proved developed producing and proved developed nonproducing reserves. This is to identify proved developed producing reserves as those to be recovered from actively producing wells; proved developed nonproducing reserves as those to be recovered from wells or intervals within wells, which are completed but shut in waiting on equipment or pipeline connections, or wells where a relatively minor expenditure is required for recompletion to another zone.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>9
<FILENAME>mxc-20120331.xml
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Created by FilePoint's XBRLinator http://www.edgarfilepoint.com -->
<xbrli:xbrl xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2011-01-31" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:us-gaap="http://fasb.org/us-gaap/2011-01-31" xmlns:us-roles="http://fasb.org/us-roles/2011-01-31" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:us-types="http://fasb.org/us-types/2011-01-31" xmlns:MXC="http://mexcoenergy.com/20120331">
	<link:schemaRef xlink:href="mxc-20120331.xsd" xlink:type="simple"/>
	<xbrli:context id="AsOf2010-03-31">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2010-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2011-03-31">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2011-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2012-06-29">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2012-06-29</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2011-09-30">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2011-09-30</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2012-03-31">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2012-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2009-03-31">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2009-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2009-04-01to2010-03-31">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2009-04-01</xbrli:startDate>
			<xbrli:endDate>2010-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2010-04-01to2011-03-31">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2010-04-01</xbrli:startDate>
			<xbrli:endDate>2011-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2011-04-01to2012-03-31">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2011-04-01</xbrli:startDate>
			<xbrli:endDate>2012-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2011-03-31_CommonStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2011-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2009-04-01to2010-03-31_CommonStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2009-04-01</xbrli:startDate>
			<xbrli:endDate>2010-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2009-03-31_CommonStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2009-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2010-04-01to2011-03-31_CommonStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2010-04-01</xbrli:startDate>
			<xbrli:endDate>2011-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2010-03-31_CommonStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2010-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2011-04-01to2012-03-31_CommonStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2011-04-01</xbrli:startDate>
			<xbrli:endDate>2012-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2012-03-31_CommonStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2012-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2011-03-31_TreasuryStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2011-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2009-04-01to2010-03-31_TreasuryStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2009-04-01</xbrli:startDate>
			<xbrli:endDate>2010-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2009-03-31_TreasuryStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2009-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2010-04-01to2011-03-31_TreasuryStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2010-04-01</xbrli:startDate>
			<xbrli:endDate>2011-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2010-03-31_TreasuryStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2010-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2011-04-01to2012-03-31_TreasuryStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2011-04-01</xbrli:startDate>
			<xbrli:endDate>2012-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2012-03-31_TreasuryStockMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2012-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2011-03-31_AdditionalPaidInCapitalMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2011-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2009-04-01to2010-03-31_AdditionalPaidInCapitalMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2009-04-01</xbrli:startDate>
			<xbrli:endDate>2010-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2009-03-31_AdditionalPaidInCapitalMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2009-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2010-04-01to2011-03-31_AdditionalPaidInCapitalMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2010-04-01</xbrli:startDate>
			<xbrli:endDate>2011-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2010-03-31_AdditionalPaidInCapitalMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2010-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2011-04-01to2012-03-31_AdditionalPaidInCapitalMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2011-04-01</xbrli:startDate>
			<xbrli:endDate>2012-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2012-03-31_AdditionalPaidInCapitalMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2012-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2011-03-31_RetainedEarningsMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2011-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2009-04-01to2010-03-31_RetainedEarningsMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2009-04-01</xbrli:startDate>
			<xbrli:endDate>2010-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2009-03-31_RetainedEarningsMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2009-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2010-04-01to2011-03-31_RetainedEarningsMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2010-04-01</xbrli:startDate>
			<xbrli:endDate>2011-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2010-03-31_RetainedEarningsMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2010-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="From2011-04-01to2012-03-31_RetainedEarningsMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:startDate>2011-04-01</xbrli:startDate>
			<xbrli:endDate>2012-03-31</xbrli:endDate>
		</xbrli:period>
	</xbrli:context>
	<xbrli:context id="AsOf2012-03-31_RetainedEarningsMember">
		<xbrli:entity>
			<xbrli:identifier scheme="http://www.sec.gov/CIK">0000066418</xbrli:identifier>
			<xbrli:segment>
				<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
			</xbrli:segment>
		</xbrli:entity>
		<xbrli:period>
			<xbrli:instant>2012-03-31</xbrli:instant>
		</xbrli:period>
	</xbrli:context>
	<xbrli:unit id="USD">
		<xbrli:measure>iso4217:USD</xbrli:measure>
	</xbrli:unit>
	<xbrli:unit id="Shares">
		<xbrli:measure>xbrli:shares</xbrli:measure>
	</xbrli:unit>
	<xbrli:unit id="USDPShares">
		<xbrli:divide>
			<xbrli:unitNumerator>
				<xbrli:measure>iso4217:USD</xbrli:measure>
			</xbrli:unitNumerator>
			<xbrli:unitDenominator>
				<xbrli:measure>xbrli:shares</xbrli:measure>
			</xbrli:unitDenominator>
		</xbrli:divide>
	</xbrli:unit>
	<dei:DocumentFiscalYearFocus contextRef="From2011-04-01to2012-03-31">2011</dei:DocumentFiscalYearFocus>
	<dei:DocumentFiscalPeriodFocus contextRef="From2011-04-01to2012-03-31">FY</dei:DocumentFiscalPeriodFocus>
	<dei:EntityFilerCategory contextRef="From2011-04-01to2012-03-31">Smaller Reporting Company</dei:EntityFilerCategory>
	<dei:EntityCurrentReportingStatus contextRef="From2011-04-01to2012-03-31">Yes</dei:EntityCurrentReportingStatus>
	<dei:EntityVoluntaryFilers contextRef="From2011-04-01to2012-03-31">No</dei:EntityVoluntaryFilers>
	<dei:EntityWellKnownSeasonedIssuer contextRef="From2011-04-01to2012-03-31">No</dei:EntityWellKnownSeasonedIssuer>
	<dei:CurrentFiscalYearEndDate contextRef="From2011-04-01to2012-03-31">--03-31</dei:CurrentFiscalYearEndDate>
	<dei:AmendmentFlag contextRef="From2011-04-01to2012-03-31">false</dei:AmendmentFlag>
	<dei:DocumentPeriodEndDate contextRef="From2011-04-01to2012-03-31">2012-03-31</dei:DocumentPeriodEndDate>
	<dei:DocumentType contextRef="From2011-04-01to2012-03-31">10-K</dei:DocumentType>
	<dei:EntityCentralIndexKey contextRef="From2011-04-01to2012-03-31">0000066418</dei:EntityCentralIndexKey>
	<dei:EntityRegistrantName contextRef="From2011-04-01to2012-03-31">MEXCO ENERGY CORPORATION</dei:EntityRegistrantName>
	<dei:EntityCommonStockSharesOutstanding contextRef="AsOf2012-06-29" unitRef="Shares" decimals="0">2035949</dei:EntityCommonStockSharesOutstanding>
	<dei:EntityPublicFloat contextRef="AsOf2011-09-30" unitRef="USD" decimals="0">4911304</dei:EntityPublicFloat>
	<us-gaap:DueFromRelatedPartiesCurrent contextRef="AsOf2011-03-31" unitRef="USD" xsi:nil="true"/>
	<!--Balance Sheet Assets-->
	<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">498681</us-gaap:CashAndCashEquivalentsAtCarryingValue>
	<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">179071</us-gaap:CashAndCashEquivalentsAtCarryingValue>
	<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2010-03-31" unitRef="USD" decimals="0">160439</us-gaap:CashAndCashEquivalentsAtCarryingValue>
	<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2009-03-31" unitRef="USD" decimals="0">223583</us-gaap:CashAndCashEquivalentsAtCarryingValue>
	<MXC:OilAndGasSales contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">333191</MXC:OilAndGasSales>
	<MXC:OilAndGasSales contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">384215</MXC:OilAndGasSales>
	<us-gaap:AccountsReceivableNetCurrent contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">30404</us-gaap:AccountsReceivableNetCurrent>
	<us-gaap:AccountsReceivableNetCurrent contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">42432</us-gaap:AccountsReceivableNetCurrent>
	<us-gaap:PrepaidExpenseCurrent contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">16782</us-gaap:PrepaidExpenseCurrent>
	<us-gaap:PrepaidExpenseCurrent contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">64479</us-gaap:PrepaidExpenseCurrent>
	<us-gaap:AssetsCurrent contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">879058</us-gaap:AssetsCurrent>
	<us-gaap:AssetsCurrent contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">670197</us-gaap:AssetsCurrent>
	<us-gaap:OilAndGasPropertyFullCostMethodGross contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">31840059</us-gaap:OilAndGasPropertyFullCostMethodGross>
	<us-gaap:OilAndGasPropertyFullCostMethodGross contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">30426817</us-gaap:OilAndGasPropertyFullCostMethodGross>
	<us-gaap:PropertyPlantAndEquipmentOther contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">78520</us-gaap:PropertyPlantAndEquipmentOther>
	<us-gaap:PropertyPlantAndEquipmentOther contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">78520</us-gaap:PropertyPlantAndEquipmentOther>
	<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">31918579</us-gaap:PropertyPlantAndEquipmentGross>
	<us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">30505337</us-gaap:PropertyPlantAndEquipmentGross>
	<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">16223267</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
	<us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">15227063</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
	<us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">15695312</us-gaap:PropertyPlantAndEquipmentNet>
	<us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">15278274</us-gaap:PropertyPlantAndEquipmentNet>
	<us-gaap:Assets contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">16574370</us-gaap:Assets>
	<us-gaap:Assets contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">15948471</us-gaap:Assets>
	<!--Balance Sheet Liabilities-->
	<us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">402098</us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent>
	<us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">199944</us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent>
	<us-gaap:LongTermDebtNoncurrent contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">1700000</us-gaap:LongTermDebtNoncurrent>
	<us-gaap:LongTermDebtNoncurrent contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">1800000</us-gaap:LongTermDebtNoncurrent>
	<us-gaap:AssetRetirementObligationsNoncurrent contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">613279</us-gaap:AssetRetirementObligationsNoncurrent>
	<us-gaap:AssetRetirementObligationsNoncurrent contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">528911</us-gaap:AssetRetirementObligationsNoncurrent>
	<us-gaap:DeferredTaxLiabilitiesNoncurrent contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">884703</us-gaap:DeferredTaxLiabilitiesNoncurrent>
	<us-gaap:DeferredTaxLiabilitiesNoncurrent contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">912663</us-gaap:DeferredTaxLiabilitiesNoncurrent>
	<us-gaap:PreferredStockValue contextRef="AsOf2012-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:PreferredStockValue contextRef="AsOf2011-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:CommonStockValue contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">1049558</us-gaap:CommonStockValue>
	<us-gaap:CommonStockValue contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">1044558</us-gaap:CommonStockValue>
	<us-gaap:AdditionalPaidInCapitalCommonStock contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">6608350</us-gaap:AdditionalPaidInCapitalCommonStock>
	<us-gaap:AdditionalPaidInCapitalCommonStock contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">6453226</us-gaap:AdditionalPaidInCapitalCommonStock>
	<us-gaap:RetainedEarningsAccumulatedDeficit contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">5641827</us-gaap:RetainedEarningsAccumulatedDeficit>
	<us-gaap:RetainedEarningsAccumulatedDeficit contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">5311834</us-gaap:RetainedEarningsAccumulatedDeficit>
	<us-gaap:TreasuryStockValue contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">325445</us-gaap:TreasuryStockValue>
	<us-gaap:TreasuryStockValue contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">302665</us-gaap:TreasuryStockValue>
	<us-gaap:StockholdersEquity contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">12974290</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">12506953</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2010-03-31" unitRef="USD" decimals="0">11639353</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2009-03-31" unitRef="USD" decimals="0">10927610</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2012-03-31_CommonStockMember" unitRef="USD" decimals="0">1049558</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2011-03-31_CommonStockMember" unitRef="USD" decimals="0">1044558</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2010-03-31_CommonStockMember" unitRef="USD" decimals="0">1001933</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2009-03-31_CommonStockMember" unitRef="USD" decimals="0">981308</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2012-03-31_TreasuryStockMember" unitRef="USD" decimals="0">-325445</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2011-03-31_TreasuryStockMember" unitRef="USD" decimals="0">-302665</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2010-03-31_TreasuryStockMember" unitRef="USD" decimals="0">-426617</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2009-03-31_TreasuryStockMember" unitRef="USD" decimals="0">-426617</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2012-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0">6608350</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2011-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0">6453226</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2010-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0">5907899</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2009-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0">5617620</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2012-03-31_RetainedEarningsMember" unitRef="USD" decimals="0">5641827</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2011-03-31_RetainedEarningsMember" unitRef="USD" decimals="0">5311834</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2010-03-31_RetainedEarningsMember" unitRef="USD" decimals="0">5156138</us-gaap:StockholdersEquity>
	<us-gaap:StockholdersEquity contextRef="AsOf2009-03-31_RetainedEarningsMember" unitRef="USD" decimals="0">4755299</us-gaap:StockholdersEquity>
	<us-gaap:LiabilitiesAndStockholdersEquity contextRef="AsOf2012-03-31" unitRef="USD" decimals="0">16574370</us-gaap:LiabilitiesAndStockholdersEquity>
	<us-gaap:LiabilitiesAndStockholdersEquity contextRef="AsOf2011-03-31" unitRef="USD" decimals="0">15948471</us-gaap:LiabilitiesAndStockholdersEquity>
	<!--Balance Sheet Parentheticals-->
	<us-gaap:TreasuryStockShares contextRef="AsOf2012-03-31" unitRef="Shares" decimals="0">63167</us-gaap:TreasuryStockShares>
	<us-gaap:TreasuryStockShares contextRef="AsOf2011-03-31" unitRef="Shares" decimals="0">59167</us-gaap:TreasuryStockShares>
	<us-gaap:CommonStockSharesOutstanding contextRef="AsOf2012-03-31" unitRef="Shares" decimals="0">2035949</us-gaap:CommonStockSharesOutstanding>
	<us-gaap:CommonStockSharesOutstanding contextRef="AsOf2011-03-31" unitRef="Shares" decimals="0">2029949</us-gaap:CommonStockSharesOutstanding>
	<us-gaap:CommonStockSharesIssued contextRef="AsOf2012-03-31" unitRef="Shares" decimals="0">2099116</us-gaap:CommonStockSharesIssued>
	<us-gaap:CommonStockSharesIssued contextRef="AsOf2011-03-31" unitRef="Shares" decimals="0">2089116</us-gaap:CommonStockSharesIssued>
	<us-gaap:CommonStockSharesAuthorized contextRef="AsOf2012-03-31" unitRef="Shares" decimals="0">40000000</us-gaap:CommonStockSharesAuthorized>
	<us-gaap:CommonStockSharesAuthorized contextRef="AsOf2011-03-31" unitRef="Shares" decimals="0">40000000</us-gaap:CommonStockSharesAuthorized>
	<us-gaap:CommonStockParOrStatedValuePerShare contextRef="AsOf2012-03-31" unitRef="USDPShares" decimals="0">0.5</us-gaap:CommonStockParOrStatedValuePerShare>
	<us-gaap:CommonStockParOrStatedValuePerShare contextRef="AsOf2011-03-31" unitRef="USDPShares" decimals="0">0.5</us-gaap:CommonStockParOrStatedValuePerShare>
	<us-gaap:PreferredStockSharesOutstanding contextRef="AsOf2012-03-31" unitRef="Shares" decimals="0">0</us-gaap:PreferredStockSharesOutstanding>
	<us-gaap:PreferredStockSharesOutstanding contextRef="AsOf2011-03-31" unitRef="Shares" decimals="0">0</us-gaap:PreferredStockSharesOutstanding>
	<us-gaap:PreferredStockSharesIssued contextRef="AsOf2012-03-31" unitRef="Shares" decimals="0">0</us-gaap:PreferredStockSharesIssued>
	<us-gaap:PreferredStockSharesIssued contextRef="AsOf2011-03-31" unitRef="Shares" decimals="0">0</us-gaap:PreferredStockSharesIssued>
	<us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2012-03-31" unitRef="Shares" decimals="0">10000000</us-gaap:PreferredStockSharesAuthorized>
	<us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2011-03-31" unitRef="Shares" decimals="0">10000000</us-gaap:PreferredStockSharesAuthorized>
	<us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2012-03-31" unitRef="USDPShares" decimals="0">1</us-gaap:PreferredStockParOrStatedValuePerShare>
	<us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2011-03-31" unitRef="USDPShares" decimals="0">1</us-gaap:PreferredStockParOrStatedValuePerShare>
	<!--STATEMENTS OF OPERATIONS-->
	<us-gaap:OilAndGasSalesRevenue contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">3223659</us-gaap:OilAndGasSalesRevenue>
	<us-gaap:OilAndGasSalesRevenue contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">3145247</us-gaap:OilAndGasSalesRevenue>
	<us-gaap:OilAndGasSalesRevenue contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">3220763</us-gaap:OilAndGasSalesRevenue>
	<us-gaap:OtherSalesRevenueNet contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">16380</us-gaap:OtherSalesRevenueNet>
	<us-gaap:OtherSalesRevenueNet contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">16611</us-gaap:OtherSalesRevenueNet>
	<us-gaap:OtherSalesRevenueNet contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">24993</us-gaap:OtherSalesRevenueNet>
	<us-gaap:SalesRevenueNet contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">3240039</us-gaap:SalesRevenueNet>
	<us-gaap:SalesRevenueNet contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">3161858</us-gaap:SalesRevenueNet>
	<us-gaap:SalesRevenueNet contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">3245756</us-gaap:SalesRevenueNet>
	<us-gaap:CostOfGoodsSoldOilAndGas contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">926215</us-gaap:CostOfGoodsSoldOilAndGas>
	<us-gaap:CostOfGoodsSoldOilAndGas contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">1025932</us-gaap:CostOfGoodsSoldOilAndGas>
	<us-gaap:CostOfGoodsSoldOilAndGas contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">1054224</us-gaap:CostOfGoodsSoldOilAndGas>
	<us-gaap:AssetRetirementObligationAccretionExpense contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">36251</us-gaap:AssetRetirementObligationAccretionExpense>
	<us-gaap:AssetRetirementObligationAccretionExpense contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">34129</us-gaap:AssetRetirementObligationAccretionExpense>
	<us-gaap:AssetRetirementObligationAccretionExpense contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">31625</us-gaap:AssetRetirementObligationAccretionExpense>
	<us-gaap:DepreciationDepletionAndAmortization contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">996205</us-gaap:DepreciationDepletionAndAmortization>
	<us-gaap:DepreciationDepletionAndAmortization contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">1047906</us-gaap:DepreciationDepletionAndAmortization>
	<us-gaap:DepreciationDepletionAndAmortization contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">1113141</us-gaap:DepreciationDepletionAndAmortization>
	<us-gaap:GeneralAndAdministrativeExpense contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">950690</us-gaap:GeneralAndAdministrativeExpense>
	<us-gaap:GeneralAndAdministrativeExpense contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">877790</us-gaap:GeneralAndAdministrativeExpense>
	<us-gaap:GeneralAndAdministrativeExpense contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">870558</us-gaap:GeneralAndAdministrativeExpense>
	<us-gaap:CostsAndExpenses contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">2909361</us-gaap:CostsAndExpenses>
	<us-gaap:CostsAndExpenses contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">2985757</us-gaap:CostsAndExpenses>
	<us-gaap:CostsAndExpenses contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">3069548</us-gaap:CostsAndExpenses>
	<us-gaap:OperatingIncomeLoss contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">330678</us-gaap:OperatingIncomeLoss>
	<us-gaap:OperatingIncomeLoss contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">176101</us-gaap:OperatingIncomeLoss>
	<us-gaap:OperatingIncomeLoss contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">176208</us-gaap:OperatingIncomeLoss>
	<us-gaap:InvestmentIncomeInterest contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">195</us-gaap:InvestmentIncomeInterest>
	<us-gaap:InvestmentIncomeInterest contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">360</us-gaap:InvestmentIncomeInterest>
	<us-gaap:InvestmentIncomeInterest contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">478</us-gaap:InvestmentIncomeInterest>
	<us-gaap:InterestExpense contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">28840</us-gaap:InterestExpense>
	<us-gaap:InterestExpense contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">36361</us-gaap:InterestExpense>
	<us-gaap:InterestExpense contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">33082</us-gaap:InterestExpense>
	<us-gaap:NonoperatingIncomeExpense contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">-28645</us-gaap:NonoperatingIncomeExpense>
	<us-gaap:NonoperatingIncomeExpense contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">-36001</us-gaap:NonoperatingIncomeExpense>
	<us-gaap:NonoperatingIncomeExpense contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">-32604</us-gaap:NonoperatingIncomeExpense>
	<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">302033</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
	<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">140100</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
	<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">143604</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments>
	<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="From2011-04-01to2012-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">-25502</us-gaap:CurrentIncomeTaxExpenseBenefit>
	<us-gaap:CurrentIncomeTaxExpenseBenefit contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">25502</us-gaap:CurrentIncomeTaxExpenseBenefit>
	<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">-27960</us-gaap:DeferredIncomeTaxExpenseBenefit>
	<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">9906</us-gaap:DeferredIncomeTaxExpenseBenefit>
	<us-gaap:DeferredIncomeTaxExpenseBenefit contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">-282737</us-gaap:DeferredIncomeTaxExpenseBenefit>
	<us-gaap:IncomeTaxExpenseBenefit contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">-27960</us-gaap:IncomeTaxExpenseBenefit>
	<us-gaap:IncomeTaxExpenseBenefit contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">-15596</us-gaap:IncomeTaxExpenseBenefit>
	<us-gaap:IncomeTaxExpenseBenefit contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">-257235</us-gaap:IncomeTaxExpenseBenefit>
	<us-gaap:NetIncomeLoss contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="INF">329993</us-gaap:NetIncomeLoss>
	<us-gaap:NetIncomeLoss contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">155696</us-gaap:NetIncomeLoss>
	<us-gaap:NetIncomeLoss contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="INF">400839</us-gaap:NetIncomeLoss>
	<us-gaap:NetIncomeLoss contextRef="From2011-04-01to2012-03-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:NetIncomeLoss contextRef="From2010-04-01to2011-03-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:NetIncomeLoss contextRef="From2009-04-01to2010-03-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:NetIncomeLoss contextRef="From2011-04-01to2012-03-31_TreasuryStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:NetIncomeLoss contextRef="From2010-04-01to2011-03-31_TreasuryStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:NetIncomeLoss contextRef="From2009-04-01to2010-03-31_TreasuryStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:NetIncomeLoss contextRef="From2011-04-01to2012-03-31_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:NetIncomeLoss contextRef="From2010-04-01to2011-03-31_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:NetIncomeLoss contextRef="From2009-04-01to2010-03-31_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:NetIncomeLoss contextRef="From2011-04-01to2012-03-31_RetainedEarningsMember" unitRef="USD" decimals="INF">329993</us-gaap:NetIncomeLoss>
	<us-gaap:NetIncomeLoss contextRef="From2010-04-01to2011-03-31_RetainedEarningsMember" unitRef="USD" decimals="INF">155696</us-gaap:NetIncomeLoss>
	<us-gaap:NetIncomeLoss contextRef="From2009-04-01to2010-03-31_RetainedEarningsMember" unitRef="USD" decimals="INF">400839</us-gaap:NetIncomeLoss>
	<us-gaap:EarningsPerShareBasic contextRef="From2011-04-01to2012-03-31" unitRef="USDPShares" decimals="0">0.16</us-gaap:EarningsPerShareBasic>
	<us-gaap:EarningsPerShareBasic contextRef="From2010-04-01to2011-03-31" unitRef="USDPShares" decimals="0">0.08</us-gaap:EarningsPerShareBasic>
	<us-gaap:EarningsPerShareBasic contextRef="From2009-04-01to2010-03-31" unitRef="USDPShares" decimals="0">0.21</us-gaap:EarningsPerShareBasic>
	<us-gaap:EarningsPerShareDiluted contextRef="From2011-04-01to2012-03-31" unitRef="USDPShares" decimals="0">0.16</us-gaap:EarningsPerShareDiluted>
	<us-gaap:EarningsPerShareDiluted contextRef="From2010-04-01to2011-03-31" unitRef="USDPShares" decimals="0">0.08</us-gaap:EarningsPerShareDiluted>
	<us-gaap:EarningsPerShareDiluted contextRef="From2009-04-01to2010-03-31" unitRef="USDPShares" decimals="0">0.21</us-gaap:EarningsPerShareDiluted>
	<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="From2011-04-01to2012-03-31" unitRef="Shares" decimals="0">2028014</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
	<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="From2010-04-01to2011-03-31" unitRef="Shares" decimals="0">1947605</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
	<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="From2009-04-01to2010-03-31" unitRef="Shares" decimals="0">1888070</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
	<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="From2011-04-01to2012-03-31" unitRef="Shares" decimals="0">2036241</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
	<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="From2010-04-01to2011-03-31" unitRef="Shares" decimals="0">1962656</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
	<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="From2009-04-01to2010-03-31" unitRef="Shares" decimals="0">1929588</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
	<!--CASH FLOWS-->
	<us-gaap:ExcessTaxBenefitFromShareBasedCompensationOperatingActivities contextRef="From2011-04-01to2012-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:ExcessTaxBenefitFromShareBasedCompensationOperatingActivities contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">25502</us-gaap:ExcessTaxBenefitFromShareBasedCompensationOperatingActivities>
	<us-gaap:ExcessTaxBenefitFromShareBasedCompensationOperatingActivities contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">-25502</us-gaap:ExcessTaxBenefitFromShareBasedCompensationOperatingActivities>
	<us-gaap:ShareBasedCompensation contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="INF">120124</us-gaap:ShareBasedCompensation>
	<us-gaap:ShareBasedCompensation contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">51350</us-gaap:ShareBasedCompensation>
	<us-gaap:ShareBasedCompensation contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="INF">26030</us-gaap:ShareBasedCompensation>
	<us-gaap:ShareBasedCompensation contextRef="From2011-04-01to2012-03-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:ShareBasedCompensation contextRef="From2010-04-01to2011-03-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:ShareBasedCompensation contextRef="From2009-04-01to2010-03-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:ShareBasedCompensation contextRef="From2011-04-01to2012-03-31_TreasuryStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:ShareBasedCompensation contextRef="From2010-04-01to2011-03-31_TreasuryStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:ShareBasedCompensation contextRef="From2009-04-01to2010-03-31_TreasuryStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:ShareBasedCompensation contextRef="From2011-04-01to2012-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="INF">120124</us-gaap:ShareBasedCompensation>
	<us-gaap:ShareBasedCompensation contextRef="From2010-04-01to2011-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="INF">51350</us-gaap:ShareBasedCompensation>
	<us-gaap:ShareBasedCompensation contextRef="From2009-04-01to2010-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="INF">26030</us-gaap:ShareBasedCompensation>
	<us-gaap:ShareBasedCompensation contextRef="From2011-04-01to2012-03-31_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:ShareBasedCompensation contextRef="From2010-04-01to2011-03-31_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:ShareBasedCompensation contextRef="From2009-04-01to2010-03-31_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:OtherNoncashExpense contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">-2323</us-gaap:OtherNoncashExpense>
	<us-gaap:OtherNoncashExpense contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">-22526</us-gaap:OtherNoncashExpense>
	<us-gaap:OtherNoncashExpense contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">-8295</us-gaap:OtherNoncashExpense>
	<us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">63052</us-gaap:IncreaseDecreaseInAccountsReceivable>
	<us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">186157</us-gaap:IncreaseDecreaseInAccountsReceivable>
	<us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">-84393</us-gaap:IncreaseDecreaseInAccountsReceivable>
	<us-gaap:IncreaseDecreaseInPrepaidExpense contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">47697</us-gaap:IncreaseDecreaseInPrepaidExpense>
	<us-gaap:IncreaseDecreaseInPrepaidExpense contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">-47318</us-gaap:IncreaseDecreaseInPrepaidExpense>
	<us-gaap:IncreaseDecreaseInPrepaidExpense contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">19449</us-gaap:IncreaseDecreaseInPrepaidExpense>
	<us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable contextRef="From2011-04-01to2012-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">-25502</us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>
	<us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">25502</us-gaap:IncreaseDecreaseInAccruedIncomeTaxesPayable>
	<us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">10257</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
	<us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">-79840</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
	<us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">-52508</us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>
	<us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">1573296</us-gaap:NetCashProvidedByUsedInOperatingActivities>
	<us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">1335460</us-gaap:NetCashProvidedByUsedInOperatingActivities>
	<us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">1163151</us-gaap:NetCashProvidedByUsedInOperatingActivities>
	<us-gaap:PaymentsToAcquireOilAndGasProperty contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">1642449</us-gaap:PaymentsToAcquireOilAndGasProperty>
	<us-gaap:PaymentsToAcquireOilAndGasProperty contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">2435374</us-gaap:PaymentsToAcquireOilAndGasProperty>
	<us-gaap:PaymentsToAcquireOilAndGasProperty contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">901156</us-gaap:PaymentsToAcquireOilAndGasProperty>
	<us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates contextRef="From2011-04-01to2012-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">478000</us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates>
	<us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates contextRef="From2009-04-01to2010-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment contextRef="From2011-04-01to2012-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">2359</us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment>
	<us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="INF">14800</us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment>
	<us-gaap:ProceedsFromSaleOfOilAndGasPropertyAndEquipment contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">471543</us-gaap:ProceedsFromSaleOfOilAndGasPropertyAndEquipment>
	<us-gaap:ProceedsFromSaleOfOilAndGasPropertyAndEquipment contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">3107</us-gaap:ProceedsFromSaleOfOilAndGasPropertyAndEquipment>
	<us-gaap:ProceedsFromSaleOfOilAndGasPropertyAndEquipment contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">104787</us-gaap:ProceedsFromSaleOfOilAndGasPropertyAndEquipment>
	<us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">-1170906</us-gaap:NetCashProvidedByUsedInInvestingActivities>
	<us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">-2912626</us-gaap:NetCashProvidedByUsedInInvestingActivities>
	<us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">-811169</us-gaap:NetCashProvidedByUsedInInvestingActivities>
	<us-gaap:PaymentsForRepurchaseOfEquity contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">22780</us-gaap:PaymentsForRepurchaseOfEquity>
	<us-gaap:PaymentsForRepurchaseOfEquity contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">12325</us-gaap:PaymentsForRepurchaseOfEquity>
	<us-gaap:PaymentsForRepurchaseOfEquity contextRef="From2009-04-01to2010-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:ProceedsFromStockOptionsExercised contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="INF">40000</us-gaap:ProceedsFromStockOptionsExercised>
	<us-gaap:ProceedsFromStockOptionsExercised contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">533625</us-gaap:ProceedsFromStockOptionsExercised>
	<us-gaap:ProceedsFromStockOptionsExercised contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="INF">259372</us-gaap:ProceedsFromStockOptionsExercised>
	<us-gaap:RepaymentsOfLongTermDebt contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="INF">1200000</us-gaap:RepaymentsOfLongTermDebt>
	<us-gaap:RepaymentsOfLongTermDebt contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">1395000</us-gaap:RepaymentsOfLongTermDebt>
	<us-gaap:RepaymentsOfLongTermDebt contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="INF">775000</us-gaap:RepaymentsOfLongTermDebt>
	<us-gaap:ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="INF">1100000</us-gaap:ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities>
	<us-gaap:ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">2495000</us-gaap:ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities>
	<us-gaap:ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="INF">75000</us-gaap:ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities>
	<us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities contextRef="From2011-04-01to2012-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">-25502</us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities>
	<us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">25502</us-gaap:ExcessTaxBenefitFromShareBasedCompensationFinancingActivities>
	<us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="INF">-82780</us-gaap:NetCashProvidedByUsedInFinancingActivities>
	<us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">1595798</us-gaap:NetCashProvidedByUsedInFinancingActivities>
	<us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="INF">-415126</us-gaap:NetCashProvidedByUsedInFinancingActivities>
	<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="INF">319610</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
	<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">18632</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
	<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="INF">-63144</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
	<us-gaap:InterestPaid contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">27920</us-gaap:InterestPaid>
	<us-gaap:InterestPaid contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">35738</us-gaap:InterestPaid>
	<us-gaap:InterestPaid contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">34535</us-gaap:InterestPaid>
	<us-gaap:IncomeTaxesPaid contextRef="From2011-04-01to2012-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:IncomeTaxesPaid contextRef="From2010-04-01to2011-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:IncomeTaxesPaid contextRef="From2009-04-01to2010-03-31" unitRef="USD" xsi:nil="true"/>
	<MXC:AssetRetirementObligations contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">53468</MXC:AssetRetirementObligations>
	<MXC:AssetRetirementObligations contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">25043</MXC:AssetRetirementObligations>
	<MXC:AssetRetirementObligations contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="0">20599</MXC:AssetRetirementObligations>
	<us-gaap:TransferOfInvestments contextRef="From2011-04-01to2012-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:TransferOfInvestments contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">164756</us-gaap:TransferOfInvestments>
	<us-gaap:TransferOfInvestments contextRef="From2009-04-01to2010-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:FairValueOfAssetsAcquired contextRef="From2011-04-01to2012-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:FairValueOfAssetsAcquired contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">487868</us-gaap:FairValueOfAssetsAcquired>
	<us-gaap:FairValueOfAssetsAcquired contextRef="From2009-04-01to2010-03-31" unitRef="USD" xsi:nil="true"/>
	<MXC:CashPaidForSouthwestTexas contextRef="From2011-04-01to2012-03-31" unitRef="USD" xsi:nil="true"/>
	<MXC:CashPaidForSouthwestTexas contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">478000</MXC:CashPaidForSouthwestTexas>
	<MXC:CashPaidForSouthwestTexas contextRef="From2009-04-01to2010-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:LiabilitiesAssumed contextRef="From2011-04-01to2012-03-31" unitRef="USD" xsi:nil="true"/>
	<us-gaap:LiabilitiesAssumed contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">9868</us-gaap:LiabilitiesAssumed>
	<us-gaap:LiabilitiesAssumed contextRef="From2009-04-01to2010-03-31" unitRef="USD" xsi:nil="true"/>
	<!--Stockholders Equity-->
	<us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">-25502</us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation>
	<us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="INF">25502</us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation>
	<us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="From2010-04-01to2011-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="INF">-25502</us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation>
	<us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="From2009-04-01to2010-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="INF">25502</us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation>
	<us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="From2011-04-01to2012-03-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="From2009-04-01to2010-03-31_CommonStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="From2011-04-01to2012-03-31_TreasuryStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="From2009-04-01to2010-03-31_TreasuryStockMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="From2011-04-01to2012-03-31_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation contextRef="From2009-04-01to2010-03-31_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
	<us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="INF">40000</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
	<us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">533625</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
	<us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="From2009-04-01to2010-03-31" unitRef="USD" decimals="INF">259372</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
	<us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="From2011-04-01to2012-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="INF">35000</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
	<us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="From2010-04-01to2011-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="INF">491000</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
	<us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="From2009-04-01to2010-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="INF">238747</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
	<us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="From2011-04-01to2012-03-31_CommonStockMember" unitRef="USD" decimals="INF">5000</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
	<us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="From2010-04-01to2011-03-31_CommonStockMember" unitRef="USD" decimals="INF">42625</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
	<us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised contextRef="From2009-04-01to2010-03-31_CommonStockMember" unitRef="USD" decimals="INF">20625</us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised>
	<us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="INF">164756</us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets>
	<us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets contextRef="From2010-04-01to2011-03-31_TreasuryStockMember" unitRef="USD" decimals="INF">136277</us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets>
	<us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets contextRef="From2010-04-01to2011-03-31_AdditionalPaidInCapitalMember" unitRef="USD" decimals="INF">28479</us-gaap:StockIssuedDuringPeriodValuePurchaseOfAssets>
	<us-gaap:SharesIssued contextRef="AsOf2010-03-31" unitRef="Shares" decimals="0">1919866</us-gaap:SharesIssued>
	<us-gaap:SharesIssued contextRef="AsOf2011-03-31" unitRef="Shares" decimals="0">2029949</us-gaap:SharesIssued>
	<us-gaap:SharesIssued contextRef="AsOf2012-03-31" unitRef="Shares" decimals="0">2035949</us-gaap:SharesIssued>
	<us-gaap:SharesIssued contextRef="AsOf2012-03-31_CommonStockMember" unitRef="Shares" decimals="0">2099116</us-gaap:SharesIssued>
	<us-gaap:SharesIssued contextRef="AsOf2011-03-31_CommonStockMember" unitRef="Shares" decimals="0">2089116</us-gaap:SharesIssued>
	<us-gaap:SharesIssued contextRef="AsOf2010-03-31_CommonStockMember" unitRef="Shares" decimals="0">2003866</us-gaap:SharesIssued>
	<us-gaap:SharesIssued contextRef="AsOf2009-03-31_CommonStockMember" unitRef="Shares" decimals="0">1962616</us-gaap:SharesIssued>
	<us-gaap:SharesIssued contextRef="AsOf2012-03-31_TreasuryStockMember" unitRef="Shares" decimals="0">-63167</us-gaap:SharesIssued>
	<us-gaap:SharesIssued contextRef="AsOf2011-03-31_TreasuryStockMember" unitRef="Shares" decimals="0">-59167</us-gaap:SharesIssued>
	<us-gaap:SharesIssued contextRef="AsOf2010-03-31_TreasuryStockMember" unitRef="Shares" decimals="0">-84000</us-gaap:SharesIssued>
	<us-gaap:SharesIssued contextRef="AsOf2009-03-31_TreasuryStockMember" unitRef="Shares" decimals="0">-84000</us-gaap:SharesIssued>
	<us-gaap:StockRepurchasedDuringPeriodShares contextRef="From2010-04-01to2011-03-31_TreasuryStockMember" unitRef="Shares" decimals="0">-2000</us-gaap:StockRepurchasedDuringPeriodShares>
	<us-gaap:StockRepurchasedDuringPeriodShares contextRef="From2011-04-01to2012-03-31_TreasuryStockMember" unitRef="Shares" decimals="0">-4000</us-gaap:StockRepurchasedDuringPeriodShares>
	<us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets contextRef="From2010-04-01to2011-03-31_TreasuryStockMember" unitRef="Shares" decimals="0">26833</us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets>
	<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2011-04-01to2012-03-31_CommonStockMember" unitRef="Shares" decimals="INF">10000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
	<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2010-04-01to2011-03-31_CommonStockMember" unitRef="Shares" decimals="INF">85250</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
	<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2009-04-01to2010-03-31_CommonStockMember" unitRef="Shares" decimals="INF">41250</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
	<us-gaap:StockRepurchasedDuringPeriodValue contextRef="From2011-04-01to2012-03-31" unitRef="USD" decimals="0">-22780</us-gaap:StockRepurchasedDuringPeriodValue>
	<us-gaap:StockRepurchasedDuringPeriodValue contextRef="From2010-04-01to2011-03-31" unitRef="USD" decimals="0">-12325</us-gaap:StockRepurchasedDuringPeriodValue>
	<us-gaap:StockRepurchasedDuringPeriodValue contextRef="From2011-04-01to2012-03-31_TreasuryStockMember" unitRef="USD" decimals="0">-22780</us-gaap:StockRepurchasedDuringPeriodValue>
	<us-gaap:StockRepurchasedDuringPeriodValue contextRef="From2010-04-01to2011-03-31_TreasuryStockMember" unitRef="USD" decimals="0">-12325</us-gaap:StockRepurchasedDuringPeriodValue>
	<us-gaap:NatureOfOperations contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Mexco Energy Corporation (a Colorado corporation) and its wholly
owned subsidiaries, Forman Energy Corporation (a New York corporation) and Southwest Texas Disposal Corporation (a Texas corporation)
(collectively, the &amp;ldquo;Company&amp;rdquo;) are engaged in the exploration, development and production of natural gas, crude oil,
condensate and natural gas liquids (&amp;ldquo;NGLs&amp;rdquo;).&amp;nbsp;&amp;nbsp;Most of the Company&amp;rsquo;s oil and gas interests are centered
in West Texas; however, we own producing properties and undeveloped acreage in twelve states.&amp;nbsp;&amp;nbsp;Although most of our oil
and gas interests are operated by others, we operate several properties in which we own an interest.&lt;/p&gt;</us-gaap:NatureOfOperations>
	<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Principles
of Consolidation&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;The consolidated financial statements include the accounts of Mexco Energy Corporation
and its wholly owned subsidiaries.&amp;nbsp;&amp;nbsp;All significant intercompany balances and transactions associated with the consolidated
operations have been eliminated.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Estimates
and Assumptions&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;In preparing financial statements in conformity with accounting principles generally accepted
in the United States of America, management is required to make informed judgments, estimates and assumptions 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.&amp;nbsp;&amp;nbsp;In addition, significant estimates are used in determining year end proved oil and gas
reserves.&amp;nbsp;&amp;nbsp;Although management believes its estimates and assumptions are reasonable, actual results may differ materially
from those estimates.&amp;nbsp;&amp;nbsp;The estimate of our oil and natural gas reserves, which is used to compute depreciation, depletion,
amortization and impairment of oil and gas properties, is the most significant of the estimates and assumptions that affect these
reported results.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash
and Cash Equivalents&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;We consider all highly liquid debt instruments purchased with maturities of three months
or less and money market funds to be cash equivalents.&amp;nbsp;&amp;nbsp;We maintain our cash in bank deposit accounts and money market
funds.&amp;nbsp;&amp;nbsp;At March 31, 2012, we had the majority of our cash and cash equivalents with one financial institution.&amp;nbsp;&amp;nbsp;We
have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Accounts
Receivable.&lt;/b&gt;&lt;/font&gt;&amp;nbsp;&amp;nbsp;Our accounts receivable include trade receivables from joint interest owners and oil and gas
purchasers.&amp;nbsp;&amp;nbsp;Credit is extended based on an evaluation of a customer's financial condition and, generally, is uncollateralized.&amp;nbsp;&amp;nbsp;Accounts
receivable under joint operating agreements have a right of offset against future oil and gas revenues if a producing well is completed.&amp;nbsp;&amp;nbsp;The
collectability of receivables is assessed and an allowance is made for any doubtful accounts.&amp;nbsp;&amp;nbsp;The allowance for doubtful
accounts is determined based on our previous loss history.&amp;nbsp;&amp;nbsp;We have not experienced any significant credit losses.&amp;nbsp;&amp;nbsp;For
the years ending March 31, 2012, 2011 and 2010, no allowance has been made for doubtful accounts.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Oil
and Gas Properties&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;Oil and gas properties are accounted for using the full cost method of accounting.&amp;nbsp;&amp;nbsp;Under
this method of accounting, the costs of unsuccessful, as well as successful, acquisition, exploration and development activities
are capitalized as property and equipment.&amp;nbsp;&amp;nbsp;This includes any internal costs that are directly related to exploration
and development activities but does not include any costs related to production, general corporate overhead or similar activities.&amp;nbsp;&amp;nbsp;The
carrying amount of oil and gas properties also includes estimated asset retirement costs recorded based on the fair value of the
asset retirement obligation (&amp;ldquo;ARO&amp;rdquo;) when incurred.&amp;nbsp;&amp;nbsp;Generally, no gains or losses are recognized on the sale
or disposition of oil and gas properties.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Excluded
Costs&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;Oil and gas properties include costs that are excluded from capitalized costs being amortized.&amp;nbsp;&amp;nbsp;These
amounts represent investments in unproved properties and major development projects. These costs are excluded until proved reserves
are found or until it is determined that the costs are impaired. All costs excluded are reviewed at least quarterly to determine
if impairment has occurred.&amp;nbsp;&amp;nbsp;The amount of any impairment is transferred to the capitalized costs being amortized (the
depreciation, depletion and amortization (&amp;ldquo;DD&amp;amp;A&amp;rdquo;) pool).&amp;nbsp;&amp;nbsp;Impairments transferred to the DD&amp;amp;A pool
increase the DD&amp;amp;A rate.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Accounting
for Long-Lived Assets.&amp;nbsp;&amp;nbsp;&lt;/b&gt;&lt;/font&gt;The Company reviews property and equipment for impairment whenever indicators of impairment
are present to determine if the carrying amounts exceed the estimated future net cash flows to be realized. Impairment losses are
recognized based on the estimated fair value of the asset.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Ceiling
Test&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;Under the full cost method of accounting, a ceiling test is performed each quarter.&amp;nbsp;&amp;nbsp;The
full cost ceiling test is an impairment test to determine a limit, or ceiling, on the book value of oil and gas properties.&amp;nbsp;&amp;nbsp;That
limit is basically the after tax present value of the future net cash flows from proved crude oil and natural gas reserves, excluding
future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet; and, using
an average price over the prior 12-month period held flat for the life of production plus the lower of cost or fair market value
of unproved properties.&amp;nbsp;&amp;nbsp;If net capitalized costs of crude oil and natural gas properties exceed the ceiling limit, we
must charge the amount of the excess to earnings as an expense reflected in additional accumulated DD&amp;amp;A.&amp;nbsp;&amp;nbsp;This is
called a &amp;quot;ceiling limitation write-down.&amp;quot;&amp;nbsp;&amp;nbsp;This charge does not impact cash flow from operating activities,
but does reduce our stockholders' equity and reported earnings.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Depreciation,
Depletion and Amortization&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;The depreciable base for oil and gas properties includes the sum of capitalized
costs, net of accumulated DD&amp;amp;A, estimated future development costs and asset retirement costs not accrued in oil and gas properties,
less costs excluded from amortization and salvage.&amp;nbsp;&amp;nbsp;The depreciable base of oil and gas properties is amortized using
the unit-of-production method.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Asset
Retirement Obligations&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;We have significant obligations to plug and abandon natural gas and crude oil wells
and related equipment at the end of oil and gas production operations.&amp;nbsp;&amp;nbsp;We record the fair value of a liability for an
ARO in the period in which it is incurred and a corresponding increase in the carrying amount of the related asset.&amp;nbsp;&amp;nbsp;Subsequently,
the asset retirement costs included in the carrying amount of the related asset are allocated to expense using the units of production
method.&amp;nbsp;&amp;nbsp;In addition, increases in the discounted ARO liability resulting from the passage of time are reflected as accretion
expense in the Consolidated Statement of Operations.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Estimating the future ARO requires management to make estimates
and judgments regarding timing and existence of a liability, as well as what constitutes adequate restoration.&amp;nbsp;&amp;nbsp;We use
the present value of estimated cash flows related to the ARO to determine the fair value.&amp;nbsp;&amp;nbsp;Inherent in the present value
calculation are numerous assumptions and judgments including the ultimate costs, inflation factors, credit adjusted discount rates,
timing of settlement, and changes in the legal, regulatory, environmental and political environments.&amp;nbsp;&amp;nbsp;To the extent
future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made
to the related asset.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Income
Taxes&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;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.&amp;nbsp;&amp;nbsp;Deferred tax assets
and liabilities are measured using enacted tax rates applicable to the years in which those differences are expected to be settled.&amp;nbsp;&amp;nbsp;The
effect on deferred tax assets and liabilities of a change in tax rates is recognized in net income in the period that includes
the enactment date.&amp;nbsp;&amp;nbsp;Any interest and penalties are recorded as interest expense and general and administrative expense,
respectively.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Other
Property and Equipment&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;Provisions for depreciation of office furniture and equipment are computed on the
straight-line method based on estimated useful lives of three to ten years.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Income
Per Common Share&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;Basic net income per share is computed by dividing net income by the weighted average number
of common shares outstanding during the period.&amp;nbsp;&amp;nbsp;Diluted net income per share assumes the exercise of all stock options
having exercise prices less than the average market price of the common stock during the period using the treasury stock method
and 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.&amp;nbsp;&amp;nbsp;In periods where losses are reported, the weighted-average number of common
shares outstanding excludes potential common shares, because their inclusion would be anti-dilutive.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;For the year ended March 31, 2012,&amp;nbsp;40,000 options were excluded
from the diluted net income per share&amp;nbsp;calculations because the options are anti-dilutive.&amp;nbsp;&amp;nbsp;Anti-dilutive stock options
have a weighted average exercise&amp;nbsp;price of $6.80 at March 31, 2012.&amp;nbsp;&amp;nbsp;For the years ended March 31, 2011 and 2010,
no potential common shares relating to stock options were excluded in the computation of diluted net income per share.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;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 periods ended March 31:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2012&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2011&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2010&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 55%; background-color: gainsboro; padding-bottom: 1.5pt"&gt;Net income&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;329,993&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;155,696&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;400,839&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Shares outstanding:&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Weighted avg. common shares outstanding &amp;ndash; basic&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;2,028,014&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,947,605&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,888,070&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;Effect of the assumed exercise of dilutive stock options&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;8,227&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;15,051&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;41,518&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt"&gt;Weighted avg. common shares outstanding &amp;ndash; dilutive&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;2,036,241&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;1,962,656&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;1,929,588&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Earnings per common share:&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 12.25pt"&gt;Basic&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;0.16&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;0.08&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;0.21&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 12.25pt"&gt;Diluted&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;0.16&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;0.08&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;0.21&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Revenue
Recognition.&amp;nbsp;&amp;nbsp;&lt;/b&gt;&lt;/font&gt;Oil and gas sales and resulting receivables are recognized when the product is delivered to
the purchaser and title has transferred.&amp;nbsp;&amp;nbsp;Sales are to credit-worthy energy purchasers with payments generally received
within 60 days of transportation from the well site.&amp;nbsp;&amp;nbsp;We have historically had little, if any, uncollectible oil and
gas receivables.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Gas
Balancing&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;Gas imbalances are accounted for under the sales method whereby revenues are recognized based
on production sold.&amp;nbsp;&amp;nbsp;A liability is recorded when our excess takes of natural gas volumes exceeds our estimated remaining
recoverable reserves (over produced).&amp;nbsp;&amp;nbsp;No receivables are recorded for those wells where Mexco has taken less than its
ownership share of gas production (under produced).&amp;nbsp;&amp;nbsp;We do not have any&amp;nbsp;&amp;nbsp;significant gas imbalances.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Stock-based
Compensation&lt;/b&gt;&lt;/font&gt;.&amp;nbsp;&amp;nbsp;We use the Binomial option pricing model to estimate the fair value of stock based compensation
expenses at grant date.&amp;nbsp;&amp;nbsp;This expense is recognized as compensation expense in our financial statements over the vesting
period.&amp;nbsp;&amp;nbsp;We recognize the fair value of stock based compensation awards as wages in the Consolidated Statements of Operations
based on a graded-vesting schedule over the vesting period.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;Recent
Accounting Pronouncements. &lt;/b&gt;&lt;/font&gt;&amp;nbsp;In December&amp;nbsp;2008, the SEC released Final Rule, Modernization of Oil and Gas Reporting.&amp;nbsp;&amp;nbsp;The
revised rules are intended to provide investors with a more meaningful and comprehensive understanding of oil and gas reserves
to help investors evaluate their investments in oil and gas companies.&amp;nbsp;&amp;nbsp;In January&amp;nbsp;2010, the Financial Accounting
Standards Board (&amp;ldquo;FASB&amp;rdquo;) issued guidance that aligns the FASB's oil and gas reserve estimation and disclosure requirements
with the new SEC rule revisions. The accounting standards revised the definition of proved reserves to permit consideration of
new technologies in evaluating oil and natural gas reserves; require the use of an average price based on the prior twelve month
period rather than year-end prices; permit the disclosure of probable and possible oil and gas reserves; require the reporting
of the qualifications and measures taken to assure the independence and objectivity of any business entity or employee primarily
responsible for preparing or auditing the reserves estimates; and, revise the disclosure requirements for oil and gas operations.&amp;nbsp;&amp;nbsp;The
final rules and new guidance are effective for fiscal years ending on or after December&amp;nbsp;31,&amp;nbsp;2009.&amp;nbsp;&amp;nbsp;Mexco adopted
these requirements as of March 31, 2010 and the results of the adoption are contained herein.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;In May 2011, the Financial Accounting Standards Board (&amp;ldquo;FASB&amp;rdquo;)
issued Accounting Standards Update (&amp;ldquo;ASU&amp;rdquo;) No. 2011-04, &lt;i&gt;Topic 820:&lt;/i&gt; &lt;i&gt;Amendments to Achieve Common Fair Value
Measurement and Disclosure Requirements in U.S. GAAP and IFRSs&lt;/i&gt;.&amp;nbsp;&amp;nbsp;ASU No. 2011-04 clarifies application of fair value
measurements and disclosure requirements and is effective for Mexco as of April 1, 2012.&amp;nbsp;&amp;nbsp;We do not believe the guidance
will have an impact on our fair value measurement and disclosures.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;There were various other accounting standards and interpretations
issued during our fiscal year, all of which have been determined to be not applicable or significant by management and once adopted
are not expected to have a material impact on the Company&amp;rsquo;s financial position, operations or cash flows.&lt;/p&gt;
</us-gaap:SignificantAccountingPoliciesTextBlock>
	<us-gaap:BusinessCombinationDisclosureTextBlock contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;On September 30, 2010, Mexco purchased all of the outstanding stock
of Southwest Texas Disposal Corporation (&amp;ldquo;STDC&amp;rdquo;), a Texas corporation which owns primarily royalties producing primarily
natural gas, expanding our royalty revenues.&amp;nbsp;&amp;nbsp;The cash purchase price of $478,000 was funded from our $4.9 million credit
facility.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The purchase price was allocated to the assets acquired and liabilities
assumed at estimated fair values as follows:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table align="center" cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 80%"&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 83%; background-color: gainsboro"&gt;Proved oil and gas properties&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 14%; background-color: gainsboro; text-align: right"&gt;477,018&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;Accounts receivable&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;10,850&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 12.25pt"&gt;Total assets acquired&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;487,868&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Accounts payable&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(7,850&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;Asset retirement obligations assumed&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(2,018&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; padding-left: 12.25pt"&gt;Net purchase price&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;478,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;We have not disclosed the pro forma information for this acquisition
because the revenue and expenses for this acquisition are immaterial to our consolidated financial statements.&lt;/p&gt;
</us-gaap:BusinessCombinationDisclosureTextBlock>
	<us-gaap:FairValueDisclosuresTextBlock contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Fair value as defined by authoritative literature is the price that
would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants
at the measurement date.&amp;nbsp;&amp;nbsp;Fair value measurements are classified and disclosed in one of the following categories:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Level 1 &amp;ndash; Quoted prices in active markets for identical assets
and liabilities.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Level 2 &amp;ndash; Quoted prices in active markets for similar assets
and liabilities, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations
whose inputs are observable or whose significant value drivers are observable.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Level 3 &amp;ndash; Significant inputs to the valuation model are unobservable.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Financial assets and liabilities are classified based on the lowest
level of input that is significant to the fair value measurement.&amp;nbsp;&amp;nbsp;In accordance with the reporting requirements of FASB
ASC Topic 825, &lt;i&gt;Financial Instruments&lt;/i&gt;, the Company calculates the fair value of its assets and liabilities which qualify
as financial instruments.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The initial measurement of asset retirement obligations&amp;rsquo; fair
value is calculated using discounted cash flow techniques and is based on internal estimates of future retirement costs associated
with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial
measurement of the ARO liability is deemed to use Level 3 inputs.&amp;nbsp;&amp;nbsp;See the Company&amp;rsquo;s note on AROs for further discussion.&amp;nbsp;&amp;nbsp;AROs
incurred during the year ended March 31, 2012 were approximately $53,000.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The carrying amount reported in the accompanying consolidated balance
sheets for cash and cash equivalents, accounts receivable and accounts payable and accrued expenses approximates fair value because
of the immediate or short-term maturity of these financial instruments.&amp;nbsp;&amp;nbsp;The carrying amount reported in the accompanying
consolidated balance sheets for long term debt approximates fair value because the actual interest rates do not significantly differ
from current rates offered for instruments with similar characteristics.&lt;/p&gt;
</us-gaap:FairValueDisclosuresTextBlock>
	<us-gaap:ScheduleOfLineOfCreditFacilitiesTextBlock contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Mexco has a revolving credit agreement with Bank of America, N.A.
(the &amp;ldquo;Agreement&amp;rdquo;), which provides for a credit facility of $4,900,000 with no monthly commitment reductions and a borrowing
base evaluated annually, currently set at $4,900,000.&amp;nbsp;&amp;nbsp;Amounts borrowed under the Agreement are collateralized by the
common stock of the Company&amp;rsquo;s wholly owned subsidiaries and substantially all of the Company&amp;rsquo;s oil and gas properties.&amp;nbsp;&amp;nbsp;Availability
of this line of credit at March 31, 2012 was $3,200,000.&amp;nbsp;&amp;nbsp;No principal payments are anticipated to be required through
November 30, 2013.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The Agreement was renewed five times with the fifth amendment on
December 28, 2011, which revised the maturity date to November 30, 2013.&amp;nbsp;&amp;nbsp;Under the original and renewed agreements,
interest on the facility accrues at an annual rate equal to the British Bankers Association London Interbank Offered Rate (&amp;quot;BBA
LIBOR&amp;quot;) daily floating rate, plus 2.50 percentage points, which was 2.74% on March 31, 2012.&amp;nbsp;&amp;nbsp;Interest on the outstanding
amount under the credit agreement is payable monthly.&amp;nbsp;&amp;nbsp;In addition, we will pay an unused commitment fee in an amount
equal to &amp;frac12; of 1 percent (.5%) times the daily average of the unadvanced amount of the commitment.&amp;nbsp;&amp;nbsp;The unused
commitment fee is payable quarterly in arrears on the last day of each calendar quarter.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The Agreement contains customary covenants for credit facilities
of this type including limitations on disposition of assets, mergers and reorganizations.&amp;nbsp;&amp;nbsp;We are also obligated to meet
certain financial covenants under the Agreement.&amp;nbsp;&amp;nbsp;Mexco is in compliance with all covenants as of March 31, 2012.&amp;nbsp;&amp;nbsp;In
addition, this Agreement prohibits us from paying cash dividends on our common stock.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;At the end of fiscal 2012, a letter of credit for $50,000, in lieu
of a plugging bond with the Texas Railroad Commission covering the properties the Company operates is also outstanding under the
facility.&amp;nbsp;&amp;nbsp;This letter of credit renews annually.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The balance outstanding on the line of credit was $1,700,000 as
of March 31, 2012 and $1,475,000 as of June 29, 2012.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The following table is a summary of activity on the Bank of America,
N.A. line of credit for the year ended March 31, 2012:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table align="center" cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 80%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;Principal&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 83%; background-color: gainsboro"&gt;Balance at April 1, 2011:&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 14%; background-color: gainsboro; text-align: right"&gt;1,800,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 12.25pt"&gt;Borrowings&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,100,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; padding-left: 12.25pt"&gt;Repayments&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;(1,200,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt"&gt;Balance at March 31, 2012:&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;1,700,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
</us-gaap:ScheduleOfLineOfCreditFacilitiesTextBlock>
	<us-gaap:AssetRetirementObligationDisclosureTextBlock contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Mexco&amp;rsquo;s asset retirement obligations relate to the plugging
of wells, the removal of facilities and equipment, and site restoration on oil and gas properties.&amp;nbsp;&amp;nbsp;The fair value of
a liability for an ARO is recorded in the period in which it is incurred, discounted to its present value using the credit adjusted
risk-free interest rate, and a corresponding amount capitalized by increasing the carrying amount of the related long-lived asset.&amp;nbsp;&amp;nbsp;The
liability is accreted each period, and the capitalized cost is depreciated over the useful life of the related asset.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The following table provides a rollforward of the asset retirement
obligations for fiscal years ended March 31:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2012&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2011&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 70%; background-color: gainsboro"&gt;Carrying amount of asset retirement obligations as of April 1&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;578,911&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;536,305&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Liabilities incurred&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;53,468&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;25,043&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Liabilities settled&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(5,351&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(16,566&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;Accretion expense&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;36,251&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;34,129&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Carrying amount of asset retirement obligations as of March 31&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;663,279&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;578,911&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;Less: Current portion&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;50,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;50,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt"&gt;Non-Current asset retirement obligation&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;613,279&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;528,911&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The ARO is included on the consolidated balance sheets with the
current portion being included in the accounts payable and accrued expenses.&lt;/p&gt;
</us-gaap:AssetRetirementObligationDisclosureTextBlock>
	<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Mexco and its subsidiaries file a consolidated federal income tax
return and various state income tax returns.&amp;nbsp;&amp;nbsp;The amount of income taxes we record requires the interpretation of complex
rules and regulations of federal and state taxing jurisdictions.&amp;nbsp;&amp;nbsp;With few exceptions, Mexco is no longer subject to
U.S. federal and state income tax examinations by tax authorities for years prior to 2007.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Significant components of net deferred tax assets (liabilities)
at March 31 are as follows:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2012&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2011&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2010&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;Deferred tax assets:&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 55%; background-color: gainsboro; padding-left: 12.25pt"&gt;Percentage depletion carryforwards&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;1,336,630&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;1,180,896&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;1,124,820&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 12.25pt"&gt;Deferred stock-based compensation&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;13,844&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;2,872&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;7,536&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 12.25pt"&gt;Asset retirement obligation&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;205,616&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;179,462&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;166,255&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 12.25pt"&gt;Net operating loss&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;171,411&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;125,848&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; padding-left: 12.25pt"&gt;Other&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;3,695&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;6,200&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;7,311&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,731,196&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,495,278&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,305,922&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Deferred tax liabilities:&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; padding-left: 12.25pt"&gt;Excess financial accounting bases over tax bases of&amp;nbsp;property and equipment&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(2,615,899&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(2,407,941&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(2,208,679&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; padding-left: 12.25pt"&gt;Net deferred tax liabilities&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;(884,703&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;(912,663&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;(902,757&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;As of March 31, 2012, we have a statutory depletion carryforward
of approximately $4,312,000, which does not expire.&amp;nbsp;&amp;nbsp;At March 31, 2012, we had a net operating loss carryforward for
regular income tax reporting purposes of approximately $2,736,000, which will begin expiring in 2021.&amp;nbsp;&amp;nbsp;Our ability to
use some of our net operating loss carryforwards and certain other tax attributes to reduce current and future U.S. federal taxable
income is subject to limitations under the Internal Revenue Code.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;For the year ended March 31, 2012, there was a deferred income tax
benefit of $27,960.&amp;nbsp;&amp;nbsp;There was no current income tax for the year ended March 31, 2012.&amp;nbsp;&amp;nbsp;For the year ended
March 31, 2011, there was a current income tax benefit of $25,502 and a deferred income tax expense of $9,906.&amp;nbsp;&amp;nbsp;For the
year ended March 31, 2010, current income tax expense was $25,502 and deferred income tax was a benefit of $282,737.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;A reconciliation of the provision for income taxes to income taxes
computed using the federal statutory rate for years ended March 31 follows:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2012&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2011&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2010&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 55%; background-color: gainsboro"&gt;Tax expense at federal statutory rate (1)&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;102,691&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;47,634&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;48,825&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Statutory depletion carryforward&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(155,734&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(86,221&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(127,253&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Effect of graduated rates&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(16,940&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(3,074&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;1,271&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Revision of prior year estimates&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;4,314&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;44,503&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(171,736&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Permanent differences&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;30,210&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(17,309&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;5,319&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;Other&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;7,499&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(1,129&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(13,661&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; padding-left: 12.25pt"&gt;Total income tax benefit&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;(27,960&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;(15,596&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;(257,235&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; padding-left: 12.25pt"&gt;Effective income tax rate&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;(9&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;%)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;(11&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;%)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;(179&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;%)&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;(1)&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;The
federal statutory rate was 34% for fiscal years ending March 31, 2012, 2011 and 2010.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;For the years ended March 31, 2012, 2011 and 2010, we did not have
any uncertain tax positions.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;For the years ended March 31, 2012, 2011 and 2010, the amount of
unrecognized tax benefits was approximately $677,000, $670,000 and $524,000, respectively.&amp;nbsp;&amp;nbsp;While it is expected the
amount of unrecognized tax benefits will change in the next 12 months, we do not expect any change to have a significant impact
on our results of operations.&amp;nbsp;&amp;nbsp;The recognition of the total amount of the unrecognized tax benefits of&amp;nbsp;$677,000
would have an impact on the effective tax rate.&amp;nbsp;&amp;nbsp;If these unrecognized tax benefits are disallowed, we will be required
to pay additional taxes.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;A reconciliation of the beginning and ending balances of unrecognized
tax benefits is as follows:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2012&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2011&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2010&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 55%; background-color: gainsboro"&gt;Unrecognized tax benefits at beginning of period&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;670,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;524,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;549,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Additions based on tax positions related to the current year&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;146,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Changes to tax positions of prior years&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;7,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Settlements&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;25,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;Expirations&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt"&gt;Unrecognized tax benefits at end of period&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;677,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;670,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;524,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
</us-gaap:IncomeTaxDisclosureTextBlock>
	<us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Currently, we operate exclusively within the United States and our
revenues and operating profit are derived predominately from the oil and gas industry.&amp;nbsp;&amp;nbsp;Oil and gas production is sold
to various purchasers and the receivables are unsecured.&amp;nbsp;&amp;nbsp;Historically, we have not experienced significant credit losses
on our oil and gas accounts and management is of the opinion that significant credit risk does not exist.&amp;nbsp;&amp;nbsp;Management
is of the opinion that the loss of any one purchaser would not have an adverse effect on our ability to sell our oil and gas production.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;In fiscal 2012, one customer accounted for 22% of the total oil
and gas revenues and 24% of the total oil and gas accounts receivable.&amp;nbsp;&amp;nbsp;In fiscal 2011 and 2010, two customers accounted
for 28% and 32% of the total oil and gas revenues and 25% and 23% of the total oil and gas accounts receivable, respectively.&lt;/p&gt;
</us-gaap:SegmentReportingDisclosureTextBlock>
	<us-gaap:OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The costs related to our oil and gas activities were incurred as
follows for the year ended March 31:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2012&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2011&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2010&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;Property acquisition costs:&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 55%; background-color: gainsboro; padding-left: 12.25pt"&gt;Proved&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;368,444&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;2,147,892&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;80,154&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 12.25pt"&gt;Unproved&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Exploration&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;9,910&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;29,292&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;22,246&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Development&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,455,993&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;394,381&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;596,660&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;Capitalized asset retirement obligations&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;53,468&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;25,043&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;20,599&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; padding-left: 12.25pt"&gt;Total costs incurred for oil and gas properties&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;1,887,815&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;2,596,608&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;719,659&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;We had the following aggregate capitalized costs relating to our
oil and gas property activities at March 31:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2012&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2011&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2010&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 55%; background-color: gainsboro"&gt;Proved oil and gas properties&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;31,669,572&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;30,256,330&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;27,182,529&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Unproved oil and gas properties:&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 12.25pt"&gt;subject to amortization&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;170,487&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;170,487&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;170,487&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; padding-left: 12.25pt"&gt;not subject to amortization&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;31,840,059&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;30,426,817&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;27,353,016&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;Less accumulated DD&amp;amp;A&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;16,154,203&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;15,161,524&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;14,119,129&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;15,685,856&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;15,265,293&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;13,233,887&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;DD&amp;amp;A amounted to $1.94, $1.87 and $1.70 per mcfe of production
for the years ended March 31, 2012, 2011 and 2010, respectively.&lt;/p&gt;
</us-gaap:OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock>
	<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;In June 2011, the board of directors authorized the use of up to
$250,000 to repurchase shares of our common stock for the treasury account.&amp;nbsp;&amp;nbsp;During fiscal 2012, we repurchased 4,000
shares for the treasury at an aggregate cost of $22,780.&amp;nbsp;&amp;nbsp;During fiscal 2011, we repurchased 2,000 shares for the treasury
at an aggregate cost of $12,325.&amp;nbsp;&amp;nbsp;No shares of our common stock were repurchased for the treasury account during fiscal
2010.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;In August 2010, we purchased overriding royalty interests averaging
..28% in 5,120 gross acres covering eight sections in the Haynesville trend area of DeSoto Parish, Louisiana, for an approximate
purchase price of $1.65 million, prior to closing adjustments.&amp;nbsp;&amp;nbsp;We paid $1.46 million in cash and the remainder was paid
as 26,833 shares of common stock issued from treasury shares.&lt;/p&gt;
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
	<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;We adopted an employee incentive stock plan effective September
15, 1997 (&amp;ldquo;1997 Plan&amp;rdquo;).&amp;nbsp;&amp;nbsp;Under the 1997 Plan, 350,000 shares were available for distribution.&amp;nbsp;&amp;nbsp;Awards,
granted at the discretion of the compensation committee of the board of directors, include stock options or restricted stock.&amp;nbsp;&amp;nbsp;Stock
options may be an incentive stock option or a nonqualified stock option.&amp;nbsp;&amp;nbsp;Options to purchase common stock under the
plan are granted at the fair market value of the common stock at the date of grant, become exercisable to the extent of 25% of
the shares optioned on each of four anniversaries of the date of grant, expire ten years from the date of grant and are subject
to forfeiture if employment terminates.&amp;nbsp;&amp;nbsp;Restricted stock awards may be granted with a condition to attain a specified
goal.&amp;nbsp;&amp;nbsp;The purchase price was at least $5.00 per share of restricted stock.&amp;nbsp;&amp;nbsp;The awards of restricted stock
must be accepted within 60 days and vest as determined by agreement.&amp;nbsp;&amp;nbsp;Holders of restricted stock have all rights of
a shareholder of the Company.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;In September 2004, we adopted the 2004 Incentive Stock Plan (&amp;ldquo;2004
Plan&amp;rdquo;) to replace, modify and extend the termination date of the 1997 Plan to September 14, 2009.&amp;nbsp;&amp;nbsp;The 2004 Plan
provided for the award of stock options up to 375,000 shares of which 125,000 may have been subject of stock grants without restrictions
and without payment by the recipient and stock awards of up to 125,000 shares with restrictions including payment for the shares
and employment of not less than three years from the date of the award.&amp;nbsp;&amp;nbsp;The terms of the stock options were similar
to those of the 1997 Plan except that the term of the options was five years from the date of grant.&amp;nbsp;&amp;nbsp;Although shares
were remaining unissued at the termination date of the 2004 Plan, the shares are no longer eligible to be granted.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;In September 2009, we adopted the 2009 Employee Incentive Stock
Plan (&amp;ldquo;2009 Plan&amp;rdquo;) to replace the 1997 and 2004 Plans.&amp;nbsp;&amp;nbsp;The 2009 Plan provides for the award of stock options
up to 200,000 shares and includes option awards as well as stock awards.&amp;nbsp;&amp;nbsp;Option awards are granted with the restriction
of requiring payment for the shares.&amp;nbsp;&amp;nbsp;Stock awards are granted without restrictions and without payment by the recipient.&amp;nbsp;&amp;nbsp;Neither
option awards nor stock awards may exceed 25,000 shares granted to any one individual in any fiscal year.&amp;nbsp;&amp;nbsp;The 2009 Plan
expires ten years from the date of adoption.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;According to our employee stock incentive plans, new shares will
be issued upon the exercise of stock options and the Company can repurchase shares exercised under these plans.&amp;nbsp;&amp;nbsp;The
plans also provide for the granting of stock awards.&amp;nbsp;&amp;nbsp;No stock awards were granted during fiscal 2012, 2011 and 2010.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;We recognized compensation expense of $120,124, $51,350 and $26,030
in general and administrative expense in the Consolidated Statements of Operations for fiscal 2012, 2011 and 2010, respectively.&amp;nbsp;&amp;nbsp;The
total cost related to non-vested awards not yet recognized at March 31, 2012 totals $249,947, which is expected to be recognized
over a weighted average of 3.1 years.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The fair value of each stock option is estimated on the date of
grant using the Binomial valuation model.&amp;nbsp;&amp;nbsp;Expected volatilities are based on historical volatility of the Company&amp;rsquo;s
stock over the contractual term of 120 months and other factors.&amp;nbsp;&amp;nbsp;We use historical data to estimate option exercise
and employee termination within the valuation model.&amp;nbsp;&amp;nbsp;The expected term of options granted is derived from the output
of the option valuation model and represents the period of time that options granted are expected to be outstanding.&amp;nbsp;&amp;nbsp;The
risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the
time of grant.&amp;nbsp;&amp;nbsp;As the Company has never declared dividends, no dividend yield is used in the calculation.&amp;nbsp;&amp;nbsp;Actual
value realized, if any, is dependent on the future performance of the Company&amp;rsquo;s common stock and overall stock market conditions.&amp;nbsp;&amp;nbsp;There
is no assurance the value realized by an optionee will be at or near the value estimated by the Binomial model.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;During the year ended March 31, 2012, the Compensation Committee
of the Board of Directors approved and we issued 40,000 stock options to board members, officers and employees of Mexco exercisable
at $6.80 per share.&amp;nbsp;&amp;nbsp;During the year ended March 31, 2011, the Compensation Committee of the Board of Directors approved
and we issued 42,500 stock options to board members, officers and employees of Mexco exercisable at prices ranging from $6.06 to
$6.29 per share.&amp;nbsp;&amp;nbsp;No stock options were granted during the year ended March 31, 2010.&amp;nbsp;&amp;nbsp;These options are exercisable
at a price not less than the fair market value of the stock at the date of grant, have an&amp;nbsp;exercise period of ten years and
generally vest over four years.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Included in the following table is a summary of the grant-date fair
value of stock options granted and the related assumptions used in the Binomial models for stock options granted in fiscal 2012,
2011 and 2010.&amp;nbsp;&amp;nbsp;All such amounts represent the weighted average amounts for each period.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table align="center" cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 80%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;For the year ended March 31,&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2012&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2011&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2010&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 49%; background-color: gainsboro"&gt;Grant-date fair value&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 14%; background-color: gainsboro; text-align: right"&gt;5.69&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 14%; background-color: gainsboro; text-align: right"&gt;5.15&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 14%; background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Volatility factor&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;85.92&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;%&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;82.83&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;%&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Dividend yield&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Risk-free interest rate&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1.49&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;%&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;2.07&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;%&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Expected term (in years)&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;7.25&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;7&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;No forfeiture rate is assumed for stock options granted to directors
or employees due to the forfeiture rate history for these types of awards.&amp;nbsp;&amp;nbsp;There were no stock options forfeited or
expired during the year ended March 31, 2012.&amp;nbsp;&amp;nbsp;During the year ended March 31, 2011, 1,000 vested stock options expired
because they were not exercised prior to the end of their ten-year term and 10,000 unvested stock options were forfeited due to
the termination of a consulting agreement with a consultant and the resignation of an employee.&amp;nbsp;&amp;nbsp;There were no stock
options forfeited or expired during the year ended March 31, 2010.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;For the year ended March 31, 2012, employees and directors exercised
options on a total of 10,000 shares at exercise prices of $4.00 per share.&amp;nbsp;&amp;nbsp;We received proceeds of $40,000 from these
exercises. The total intrinsic value of the exercised options was $38,600.&amp;nbsp;&amp;nbsp;No tax deduction is recorded when options
are awarded.&amp;nbsp;&amp;nbsp;Mexco issued new shares of common stock to settle these option exercises.&amp;nbsp;&amp;nbsp;For the years ended
March 31, 2011 and 2010, stock options covering 85,250 and 41,250 shares were exercised, respectively, with 29,950 and 4,750 of
these exercised options resulted in a disqualifying disposition.&amp;nbsp;&amp;nbsp;We received proceeds of $533,625 and $259,372 from
these option exercises for the years ended March 31, 2011 and 2010, respectively.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The following table is a summary of activity of stock options for
the year ended March 31, 2012, 2011 and 2010:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Number of&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Shares&lt;/p&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Weighted&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Average&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Exercise Price&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Per Share&lt;/p&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Weighted Aggregate Average Remaining Contract
        Life&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&amp;nbsp;in Years&lt;/p&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Intrinsic&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value&lt;/p&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 39%; background-color: gainsboro"&gt;Outstanding at April 1, 2009&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;148,750&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;6.04&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 13%; background-color: gainsboro; text-align: right"&gt;3.04&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;813,703&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 36.7pt"&gt;Granted&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 36.7pt"&gt;Exercised&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(41,250&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;6.29&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; padding-left: 36.7pt"&gt;Forfeited or Expired&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Outstanding at March 31, 2010&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;107,500&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;5.94&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;2.51&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;237,088&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 36.7pt"&gt;Granted&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;42,500&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;6.24&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 36.7pt"&gt;Exercised&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(85,250&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;6.26&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; padding-left: 36.7pt"&gt;Forfeited or Expired&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(11,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;5.89&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Outstanding at March 31, 2011&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;53,750&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;5.69&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;7.33&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;401,200&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 36.7pt"&gt;Granted&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;40,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;6.80&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 36.7pt"&gt;Exercised&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(10,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;4.00&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; padding-left: 36.7pt"&gt;Forfeited or Expired&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt"&gt;Outstanding at March 31, 2012&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;83,750&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;6.42&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;8.65&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;127,363&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Vested at March 31, 2012&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;13,750&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;5.72&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;6.30&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;30,538&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Exercisable at March 31, 2012&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;13,750&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;5.72&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;6.30&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;30,538&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Other information pertaining to option activity was as follows during
the year ended March 31:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2012&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2011&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2010&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 55%; background-color: gainsboro"&gt;Weighted average grant-date fair value of stock&amp;nbsp;options granted (per share)&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;5.69&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;5.15&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Total fair value of options vested&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;59,875&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;37,200&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;343,663&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Total intrinsic value of options exercised&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;38,600&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;533,831&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;130,051&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The following table summarizes information about options outstanding
at March 31, 2012:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;Range of Exercise Prices&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Number of&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Options&lt;/p&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;Weighted Average Exercise Price Per Share&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Weighted Average Remaining Contract&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Life in Years&lt;/p&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Aggregate&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Intrinsic Value&lt;/p&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;4.00 &amp;ndash; 5.24&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;3,750&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;4.35&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;5.25 &amp;ndash; 6.29&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;40,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;6.23&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;6.30 &amp;ndash; 6.80&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;40,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;6.80&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;4.00 &amp;ndash; 6.29&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;83,750&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;6.42&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;8.65&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;127,363&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Outstanding options at March 31, 2012 expire between December 2012
and November 2021 and have exercise prices ranging from $4.35 to $6.80.&lt;/p&gt;
</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
	<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Related party transactions for the fiscal year ended March 31, 2012
relate to shared office expenditures in addition to administrative and operating expenses paid on behalf of the majority stockholder.&amp;nbsp;&amp;nbsp;The
total billed to and reimbursed by the stockholder for the years ended March 31, 2012, 2011 and 2010 were $123,932,&amp;nbsp;$137,652
and $75,178, respectively.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Thomas Craddick is a member of the board of directors and Company
employee.&amp;nbsp;&amp;nbsp;Mr. Craddick invested his personal funds, on the same basis as an unrelated third party investor, in a 5.0%
working interest in our well in Ward County, Texas.&amp;nbsp;&amp;nbsp;Effective January 1, 2010, we purchased Mr. Craddick&amp;rsquo;s 5.0%
working interest in this well for a purchase price of approximately $78,000.&amp;nbsp;&amp;nbsp;Mr. Craddick maintained a .125% override
in this well.&amp;nbsp;Revenues paid to Mr. Craddick from this well were $0, $100 and $3,360 for the years ended March 31, 2012, 2011
and 2010, respectively.&lt;/p&gt;
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
	<us-gaap:ProvedOilAndGasReserveQuantitiesDisclosureTextBlock contextRef="From2011-04-01to2012-03-31">&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The estimates of our proved oil and gas reserves, which are located
entirely within the United States, were prepared in accordance with the guidelines established by the SEC.&amp;nbsp;&amp;nbsp;The estimates
as of March 31, 2012, 2011, and 2010 are based on evaluations prepared by Joe C. Neal and Associates, Petroleum Consultants.&amp;nbsp;&amp;nbsp;Management
emphasizes that reserve estimates are inherently imprecise and are expected to change as new information becomes available and
as economic conditions in the industry change.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Proved reserves are estimated quantities of oil, natural gas, and
natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable
in future years from known reservoirs under existing economic and operating conditions.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Changes in Proved Reserves:&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Oil&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;(Bbls)&lt;/p&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Natural Gas&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;(Mcf)&lt;/p&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;Proved Developed and Undeveloped Reserves:&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 70%; background-color: gainsboro"&gt;As of April 1, 2009&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;207,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;9,477,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 12.25pt"&gt;Revision of previous estimates&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;39,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(575,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 12.25pt"&gt;Purchase of minerals in place&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;5,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 12.25pt"&gt;Extensions and discoveries&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;12,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;44,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 12.25pt"&gt;Sales of minerals in place&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; padding-left: 12.25pt"&gt;Production&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(18,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(546,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;As of March 31, 2010&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;240,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;8,405,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 12.25pt"&gt;Revision of previous estimates&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;22,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;130,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 12.25pt"&gt;Purchase of minerals in place&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;45,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;545,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 12.25pt"&gt;Extensions and discoveries&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;136,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 12.25pt"&gt;Sales of minerals in place&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; padding-left: 12.25pt"&gt;Production&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(17,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(459,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;As of March 31, 2011&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;290,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;8,757,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 12.25pt"&gt;Revision of previous estimates&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;33,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(183,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 12.25pt"&gt;Purchase of minerals in place&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;19,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-left: 12.25pt"&gt;Extensions and discoveries&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;23,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;267,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-left: 12.25pt"&gt;Sales of minerals in place&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;-&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; padding-left: 12.25pt"&gt;Production&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(19,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(396,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt"&gt;As of March 31, 2012&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;346,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;8,445,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Proved developed reserves are those expected to be recovered through
existing wells, equipment and operating methods.&amp;nbsp; Proved undeveloped reserves (&amp;quot;PUD&amp;quot;) are proved reserves are expected
to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for
recompletion.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Summary of Proved Developed and Undeveloped Reserves as of March
31, 2012, 2011 and 2010:&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Oil&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;(Bbls)&lt;/p&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Natural Gas&lt;/p&gt;
        &lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;(Mcf)&lt;/p&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;Proved Developed Reserves:&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 70%; background-color: gainsboro; padding-bottom: 3pt"&gt;As of April 1, 2009&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 12%; border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;111,691&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 12%; border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;5,989,498&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt"&gt;As of March 31, 2010&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;141,980&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;5,017,342&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt"&gt;As of March 31, 2011&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;159,975&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;4,964,061&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt"&gt;As of March 31, 2012&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;194,619&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;5,359,665&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Proved Undeveloped Reserves:&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt"&gt;As of April 1, 2009&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;95,694&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;3,487,579&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt"&gt;As of March 31, 2010&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;98,088&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;3,388,248&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt"&gt;As of March 31, 2011&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;130,187&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;3,792,974&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt"&gt;As of March 31, 2012&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;151,733&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;3,085,064&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;As of March 31, 2012, 2011 and 2010 reserves were computed using
the 12-month unweighted average of the first-day-of-the-month prices, in accordance with revised guidelines of the SEC applicable
to reserves estimates as of year-end&amp;nbsp;&amp;nbsp;2010.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;At March 31, 2012, we reported estimated PUDs of 4.0 bcfe, which
accounted for 38% of our total estimated proved oil and gas reserves.&amp;nbsp;This figure primarily consists of a projected 18 new
wells (2.6 bcfe), 5 of which we operate, and 1 new zone behind pipe from a currently producing wellbore (.4 bcfe) that we also
operate.&amp;nbsp;&amp;nbsp;Our timetable for this well is totally dependent on the life of the currently producing zone.&amp;nbsp;&amp;nbsp;After
the current zone has depleted, we will open the new productive zone.&amp;nbsp;Of the 5 wells we operate (2.1 bcfe), 4 have additional
productive zones behind pipe (.6 bcfe).&amp;nbsp;&amp;nbsp;Also, there is potential to commingle the new zones in the new wells with prior
permission from the Railroad Commission.&amp;nbsp;&amp;nbsp;We drilled 1 operated well during fiscal 2012 and are in the process of completing
the well for production. &amp;nbsp;We project 1 operated well will be drilled in fiscal 2013, 3 wells in fiscal 2014 and 1 well in
fiscal 2015.&amp;nbsp;&amp;nbsp;Regarding the remaining 13 PUD locations operated by others (.6 bcfe), a location is currently being prepared
to drill 1 well with plans for 8 wells to follow in 2013 and 4 in 2014.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Included in proved undeveloped reserves at March 31, 2012 are approximately
1.9 bcfe of material reserves which have remained undeveloped for more than five years.&amp;nbsp;&amp;nbsp;These primarily consist of two
drilling locations in an area where we have long-standing operations and these locations are currently held by production from
other wells in which Mexco owns.&amp;nbsp;&amp;nbsp;As of March 31, 2011, these material reserves consisted of three drilling locations
projected to be drilled one per year during the fiscal years of 2012, 2013 and 2014.&amp;nbsp;&amp;nbsp;We drilled 1 of these wells during
fiscal 2012 and are in the process of completing the well for production. &amp;nbsp;Our timetable for the two remaining wells is to
drill one during fiscal 2013 and one during fiscal 2014.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The following table discloses our progress toward the conversion
of PUDs during fiscal 2012.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Progress of Converting Proved Undeveloped Reserves:&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table align="center" cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center"&gt;Oil &amp;amp; Natural Gas&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center"&gt;Future&lt;/td&gt;
    &lt;td nowrap="nowrap"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;(Mcfe)&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;Development Costs&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 70%; background-color: gainsboro"&gt;PUDs, beginning of year&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;4,574,096&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;3,745,830&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Revision of previous estimates&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(23,894&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,116,340&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Conversions to PD reserves&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(974,105&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(871,650&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;Additional PUDs added&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;419,365&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;317,030&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt"&gt;PUDs, end of year&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;3,995,462&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;4,307,550&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Estimated future net cash flows represent an estimate of future
net revenues from the production of proved reserves using average prices for 2012, 2011 and 2010 along with estimates of the operating&lt;/p&gt;

&lt;p style="margin: 0"&gt;&amp;nbsp;costs, production taxes and future development and abandonment costs (less salvage value) necessary
to produce such reserves. No deduction has been made for depreciation, depletion or any indirect costs such as general corporate
overhead or interest expense.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Operating costs and production taxes are estimated based on current
costs with respect to producing oil and natural gas properties.&amp;nbsp;&amp;nbsp;Future development costs including abandonment costs
are based on the best estimate of such costs assuming current economic and operating conditions. The future cash flows estimated
to be spent to develop our share of proved undeveloped properties through March 31, 2015 are $4,255,130.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;Income tax expense is computed based on applying the appropriate
statutory tax rate to the excess of future cash inflows less future production and development costs over the current tax basis
of the properties involved, less applicable carryforwards.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The future net revenue information assumes no escalation of costs
or prices, except for oil and natural gas sales made under terms of contracts which include fixed and determinable escalation.
Future costs and prices could significantly vary from current amounts and, accordingly, revisions in the future could be significant.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;In December 2008, the SEC issued its final rule, Modernization of
Oil and Gas Reporting, which is effective for reporting reserve information for fiscal years ending December 2009.&amp;nbsp;&amp;nbsp;In
January 2010, the FASB issued its authoritative guidance on extractive activities for oil and gas to align its requirements with
the SEC&amp;rsquo;s final rule.&amp;nbsp;&amp;nbsp;We adopted the guidance as of March 31, 2010 in conjunction with our year-end reserve report
as a change in accounting principle that is inseparable from a change in accounting estimate.&amp;nbsp;&amp;nbsp;Under the SEC&amp;rsquo;s
final rule, prior period reserves were not restated.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The current reporting rules require that year end reserve calculations
and future cash inflows be based on the 12-month average market prices for sales of oil and gas on the first calendar day of each
month during the fiscal year discounted at 10% per year and assuming continuation of existing economic conditions.&amp;nbsp;&amp;nbsp;The
average prices used for fiscal 2012 were $93.75 per bbl of oil and $3.83 per mcf of natural gas.&amp;nbsp;&amp;nbsp;The average prices
used for fiscal 2011 were $77.27 per bbl of oil and $3.88 per mcf of natural gas.&amp;nbsp;&amp;nbsp;The average prices used for fiscal
2010 were $66.21 per bbl of oil and $3.77 per mcf of natural gas.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;If we had used the March 31, 2010 prices in our fiscal 2010 calculations
as in previous years, our total reserves would have decreased 52,000 Mcfe.&amp;nbsp;&amp;nbsp;This decrease in reserves would have had
an effect on our DD&amp;amp;A and net income for the fourth quarter of 2010.&amp;nbsp;&amp;nbsp;The effect on DD&amp;amp;A was an increase of approximately
$5,500 and a decrease in net income of approximately $3,800.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The standardized measure of discounted future net cash flows were
computed by applying 12-month average prices for oil and gas (with consideration of price changes only to the extent provided by
contractual arrangements in existence at year end) to the estimated future production of proved oil and gas reserves, less estimated
future expenditures (based on year end costs) to be incurred in developing and producing the proved reserves, less estimated future
income tax expenses (based on the year end statutory tax rates with consideration of future tax rates already legislated) to be
incurred on pretax net cash flows less tax basis of the properties and available credits and assuming continuation of existing
economic conditions.&amp;nbsp;&amp;nbsp;The estimated future net cash flows are then discounted using a rate of 10%.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The basis for this table is the reserve studies prepared by an independent
petroleum engineering consultant, which contain imprecise estimates of quantities and rates of production of reserves.&amp;nbsp;&amp;nbsp;Revisions
of previous year estimates can have a significant impact on these results.&amp;nbsp;&amp;nbsp;Also, exploration costs in one year may lead
to significant discoveries in later years and may significantly change previous estimates of proved reserves and their valuation.&amp;nbsp;&amp;nbsp;Therefore,
the standardized measure of discounted future net cash flow is not necessarily indicative of the fair value of our proved oil and
gas properties.&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;The standardized measure of discounted future cash flows at March
31, 2012, 2011 and 2010, which represents the present value of estimated future cash flows using a discount rate of 10% a year,
follows:&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;nbsp;&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Standardized Measure of Discounted Future Net Cash Flows Relating
to Proved Reserves:&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;March 31&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2012&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2011&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2010&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 55%; background-color: gainsboro"&gt;Future cash inflows&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;64,783,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;56,413,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;47,638,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Future production costs and taxes&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(16,031,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(11,086,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(10,101,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Future development costs&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(4,530,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(4,029,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(3,265,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;Future income taxes&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(9,920,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(9,118,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(7,439,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Future net cash flows&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;34,302,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;32,180,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;26,833,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt"&gt;Annual 10% discount for estimated timing of cash flows&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(14,946,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(14,528,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right"&gt;(12,673,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt"&gt;Standardized measure of discounted future&amp;nbsp;net cash flows&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;19,356,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;17,652,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right"&gt;14,160,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;Changes in Standardized Measure of Discounted Future Net Cash
Flows Relating to Proved Oil and Gas Reserves:&lt;/b&gt;&lt;/p&gt;

&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;March 31&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2012&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2011&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;2010&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 55%; background-color: gainsboro"&gt;Sales of oil and gas produced, net of&amp;nbsp;production costs&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;(2,298,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;(2,119,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;(2,167,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Net changes in price and production costs&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(375,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,590,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;4,287,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Changes in previously estimated development costs&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;1,353,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;830,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(35,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Revisions of quantity estimates&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,344,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,088,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;397,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Net change due to purchases and sales of&amp;nbsp;minerals in place&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;390,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;1,976,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;11,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Extensions and discoveries, less related costs&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,449,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;165,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;345,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Net change in income taxes&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(596,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(1,076,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;(1,085,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Accretion of discount&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;2,265,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,809,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,435,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;Changes in timing of estimated cash flows and other&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;(1,828,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;(771,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;(536,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Changes in standardized measure&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;1,704,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;3,492,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;2,652,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;Standardized measure, beginning of year&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;17,652,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;14,160,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right"&gt;11,508,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt"&gt;Standardized measure, end of year&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;19,356,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;17,652,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; padding-bottom: 3pt; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white"&gt;$&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; background-color: white; text-align: right"&gt;14,160,000&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
</us-gaap:ProvedOilAndGasReserveQuantitiesDisclosureTextBlock>
	<us-gaap:EarningsPerShareTextBlock contextRef="From2011-04-01to2012-03-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"&gt;FISCAL 2012&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;4&lt;/font&gt;&lt;font style="font-size: 7.5pt"&gt;th&lt;/font&gt;&lt;font style="font-size: 11pt"&gt; QTR&lt;/font&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;3&lt;/font&gt;&lt;font style="font-size: 7.5pt"&gt;rd&lt;/font&gt;&lt;font style="font-size: 11pt"&gt; QTR&lt;/font&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;2&lt;/font&gt;&lt;font style="font-size: 7.5pt"&gt;nd&lt;/font&gt;&lt;font style="font-size: 11pt"&gt; QTR&lt;/font&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;1&lt;/font&gt;&lt;font style="font-size: 7.5pt"&gt;st&lt;/font&gt;&lt;font style="font-size: 11pt"&gt; QTR&lt;/font&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 40%; background-color: gainsboro"&gt;Oil and gas revenue&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;753,875&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;753,789&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;810,655&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;905,340&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Operating profit (loss)&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(1,305&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;63,837&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;111,466&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;156,680&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Net income&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;95,375&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;50,961&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;79,272&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;104,385&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Net income per share &amp;ndash; basic&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;0.04&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;0.03&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;0.04&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;0.05&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Net income per share &amp;ndash; diluted&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;0.04&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;0.03&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;0.04&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;0.05&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;nbsp;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"&gt;FISCAL 2011&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;4&lt;/font&gt;&lt;font style="font-size: 7.5pt"&gt;th&lt;/font&gt;&lt;font style="font-size: 11pt"&gt; QTR&lt;/font&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;3&lt;/font&gt;&lt;font style="font-size: 7.5pt"&gt;rd&lt;/font&gt;&lt;font style="font-size: 11pt"&gt; QTR&lt;/font&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;2&lt;/font&gt;&lt;font style="font-size: 7.5pt"&gt;nd&lt;/font&gt;&lt;font style="font-size: 11pt"&gt; QTR&lt;/font&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font: 11pt Times New Roman, Times, Serif"&gt;1&lt;/font&gt;&lt;font style="font-size: 7.5pt"&gt;st&lt;/font&gt;&lt;font style="font-size: 11pt"&gt; QTR&lt;/font&gt;&lt;/td&gt;
    &lt;td nowrap="nowrap" style="padding-bottom: 1.5pt"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="width: 40%; background-color: gainsboro"&gt;Oil and gas revenue&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;776,469&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;752,778&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;783,990&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="width: 1%; background-color: gainsboro"&gt;$&lt;/td&gt;
    &lt;td style="width: 12%; background-color: gainsboro; text-align: right"&gt;832,010&lt;/td&gt;
    &lt;td nowrap="nowrap" style="width: 1%; background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Operating profit (loss)&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;88,177&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;68,100&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;59,722&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;(39,898&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Net income (loss)&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;52,982&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;26,898&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;70,040&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;5,776&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="background-color: white"&gt;Net income (loss) per share &amp;ndash; basic&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;0.03&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;0.01&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;0.04&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: white; text-align: right"&gt;0.00&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: white"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: gainsboro"&gt;
    &lt;td style="background-color: gainsboro"&gt;Net income (loss) per share &amp;ndash; diluted&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;0.03&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;0.01&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;0.04&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;
    &lt;td style="background-color: gainsboro; text-align: right"&gt;0.00&lt;/td&gt;
    &lt;td nowrap="nowrap" style="background-color: gainsboro"&gt;&amp;nbsp;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
</us-gaap:EarningsPerShareTextBlock>
</xbrli:xbrl>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>10
<FILENAME>mxc-20120331.xsd
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII"?>
<!-- Created by FilePoint's XBRLinator http://www.edgarfilepoint.com -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2011-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2011-01-31" xmlns:us-roles="http://fasb.org/us-roles/2011-01-31" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:us-types="http://fasb.org/us-types/2011-01-31" xmlns:MXC="http://mexcoenergy.com/20120331" elementFormDefault="qualified" targetNamespace="http://mexcoenergy.com/20120331">
	<annotation>
		<appinfo>
			<link:roleType roleURI="http://mexcoenergy.com/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
				<link:definition>0001 - Document - Document and Entity Information</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/ConsolidatedBalanceSheets" id="ConsolidatedBalanceSheets">
				<link:definition>0002 - Statement - CONSOLIDATED BALANCE SHEETS</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/ConsolidatedBalanceSheetsParenthetical" id="ConsolidatedBalanceSheetsParenthetical">
				<link:definition>0003 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical)</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/ConsolidatedStatementsOfOperations" id="ConsolidatedStatementsOfOperations">
				<link:definition>0004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/ChangesInStockholdersEquity" id="ChangesInStockholdersEquity">
				<link:definition>0005 - Statement - CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/ConsolidatedStatementsOfCashFlows" id="ConsolidatedStatementsOfCashFlows">
				<link:definition>0006 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/NatureOfOperations" id="NatureOfOperations">
				<link:definition>0007 - Disclosure - Nature of Operations</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/SummaryOfSignificantAccountingPolicies" id="SummaryOfSignificantAccountingPolicies">
				<link:definition>0008 - Disclosure - Summary of Significant Accounting Policies</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/BusinessCombinations" id="BusinessCombinations">
				<link:definition>0009 - Disclosure - Business Combinations</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/FairValueOfFinancialInstruments" id="FairValueOfFinancialInstruments">
				<link:definition>0010 - Disclosure - Fair Value of Financial Instruments</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/CreditFacility" id="CreditFacility">
				<link:definition>0011 - Disclosure - Credit Facility</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/AssetRetirementObligations" id="AssetRetirementObligations">
				<link:definition>0012 - Disclosure - Asset Retirement Obligations</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/IncomeTaxes" id="IncomeTaxes">
				<link:definition>0013 - Disclosure - Income Taxes</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/MajorCustomers" id="MajorCustomers">
				<link:definition>0014 - Disclosure - Major Customers</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/OilandGasCosts" id="OilandGasCosts">
				<link:definition>0015 - Disclosure - Oil and Gas Costs</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/StockholdersEquity" id="StockholdersEquity">
				<link:definition>0016 - Disclosure - Stockholders Equity</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/Stock-BasedCompensation" id="Stock-BasedCompensation">
				<link:definition>0017 - Disclosure - Stock Options</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/RelatedPartyTransactions" id="RelatedPartyTransactions">
				<link:definition>0018 - Disclosure - Related Party Transactions</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/OilandGasReserveData" id="OilandGasReserveData">
				<link:definition>0019 - Disclosure - Oil and Gas Reserve Data (Unaudited)</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/SelectedQuarterlyFinancialData" id="SelectedQuarterlyFinancialData">
				<link:definition>0020 - Disclosure - Selected Quarterly Financial Data (Unaudited)</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:roleType roleURI="http://mexcoenergy.com/role/SubsequentEvents" id="SubsequentEvents">
				<link:definition>0021 - Disclosure - Subsequent Events</link:definition>
				<link:usedOn>link:presentationLink</link:usedOn>
				<link:usedOn>link:calculationLink</link:usedOn>
				<link:usedOn>link:definitionLink</link:usedOn>
			</link:roleType>
			<link:linkbaseRef xlink:type="simple" xlink:href="mxc-20120331_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links"/>
			<link:linkbaseRef xlink:type="simple" xlink:href="mxc-20120331_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links"/>
			<link:linkbaseRef xlink:type="simple" xlink:href="mxc-20120331_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links"/>
			<link:linkbaseRef xlink:type="simple" xlink:href="mxc-20120331_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links"/>
		</appinfo>
	</annotation>
	<import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
	<import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
	<import namespace="http://fasb.org/us-types/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-types-2011-01-31.xsd"/>
	<import namespace="http://xbrl.sec.gov/dei/2011-01-31" schemaLocation="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd"/>
	<import namespace="http://fasb.org/us-gaap/2011-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd"/>
	<import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>
	<import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
	<element id="MXC_DocumentAndEntityInformationAbstract" name="DocumentAndEntityInformationAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item"/>
	<element id="MXC_BalanceSheetsAbstract" name="BalanceSheetsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item"/>
	<element id="MXC_OilAndGasSales" name="OilAndGasSales" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item"/>
	<element id="MXC_StatementsOfOperationsAbstract" name="StatementsOfOperationsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item"/>
	<element id="MXC_StatementsOfCashFlowsAbstract" name="StatementsOfCashFlowsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item"/>
	<element id="MXC_AssetRetirementObligations" name="AssetRetirementObligations" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item"/>
	<element id="MXC_AcquisitionofSouthwestTexasDisposalCorporation" name="AcquisitionofSouthwestTexasDisposalCorporation" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item"/>
	<element id="MXC_CashPaidForSouthwestTexas" name="CashPaidForSouthwestTexas" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item"/>
	<element id="MXC_NotesToFinancialStatementsAbstract" name="NotesToFinancialStatementsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>11
<FILENAME>mxc-20120331_cal.xml
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
<!-- Created by FilePoint's XBRLinator http://www.edgarfilepoint.com -->
<link:linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:link="http://www.xbrl.org/2003/linkbase">
	<link:roleRef roleURI="http://mexcoenergy.com/role/DocumentAndEntityInformation" xlink:type="simple" xlink:href="mxc-20120331.xsd#DocumentAndEntityInformation"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ConsolidatedBalanceSheets" xlink:type="simple" xlink:href="mxc-20120331.xsd#ConsolidatedBalanceSheets"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ConsolidatedBalanceSheetsParenthetical" xlink:type="simple" xlink:href="mxc-20120331.xsd#ConsolidatedBalanceSheetsParenthetical"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ConsolidatedStatementsOfOperations" xlink:type="simple" xlink:href="mxc-20120331.xsd#ConsolidatedStatementsOfOperations"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ChangesInStockholdersEquity" xlink:type="simple" xlink:href="mxc-20120331.xsd#ChangesInStockholdersEquity"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ConsolidatedStatementsOfCashFlows" xlink:type="simple" xlink:href="mxc-20120331.xsd#ConsolidatedStatementsOfCashFlows"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/NatureOfOperations" xlink:type="simple" xlink:href="mxc-20120331.xsd#NatureOfOperations"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/SummaryOfSignificantAccountingPolicies" xlink:type="simple" xlink:href="mxc-20120331.xsd#SummaryOfSignificantAccountingPolicies"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/AssetRetirementObligations" xlink:type="simple" xlink:href="mxc-20120331.xsd#AssetRetirementObligations"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/BusinessCombinations" xlink:type="simple" xlink:href="mxc-20120331.xsd#BusinessCombinations"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/Stock-BasedCompensation" xlink:type="simple" xlink:href="mxc-20120331.xsd#Stock-BasedCompensation"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/FairValueOfFinancialInstruments" xlink:type="simple" xlink:href="mxc-20120331.xsd#FairValueOfFinancialInstruments"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/CreditFacility" xlink:type="simple" xlink:href="mxc-20120331.xsd#CreditFacility"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/IncomeTaxes" xlink:type="simple" xlink:href="mxc-20120331.xsd#IncomeTaxes"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/MajorCustomers" xlink:type="simple" xlink:href="mxc-20120331.xsd#MajorCustomers"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/OilandGasCosts" xlink:type="simple" xlink:href="mxc-20120331.xsd#OilandGasCosts"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/StockholdersEquity" xlink:type="simple" xlink:href="mxc-20120331.xsd#StockholdersEquity"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/RelatedPartyTransactions" xlink:type="simple" xlink:href="mxc-20120331.xsd#RelatedPartyTransactions"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/OilandGasReserveData" xlink:type="simple" xlink:href="mxc-20120331.xsd#OilandGasReserveData"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/SelectedQuarterlyFinancialData" xlink:type="simple" xlink:href="mxc-20120331.xsd#SelectedQuarterlyFinancialData"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/SubsequentEvents" xlink:type="simple" xlink:href="mxc-20120331.xsd#SubsequentEvents"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/DocumentAndEntityInformation" xlink:title="0001 - Document - Document and Entity Information"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ConsolidatedBalanceSheets" xlink:title="0002 - Statement - CONSOLIDATED BALANCE SHEETS">
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_MXCAssetsCurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_MXCCashAndCashEquivalentsAtCarryingValue"/>
		<link:calculationArc order="100.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCAssetsCurrent" xlink:to="loc_MXCCashAndCashEquivalentsAtCarryingValue"/>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_OilAndGasSales" xlink:label="loc_MXCOilAndGasSales"/>
		<link:calculationArc order="200.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCAssetsCurrent" xlink:to="loc_MXCOilAndGasSales"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="loc_MXCPrepaidExpenseCurrent"/>
		<link:calculationArc order="300.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCAssetsCurrent" xlink:to="loc_MXCPrepaidExpenseCurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_MXCAccountsReceivableNetCurrent"/>
		<link:calculationArc order="400.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCAssetsCurrent" xlink:to="loc_MXCAccountsReceivableNetCurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="loc_MXCDueFromRelatedPartiesCurrent"/>
		<link:calculationArc order="500.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCAssetsCurrent" xlink:to="loc_MXCDueFromRelatedPartiesCurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_MXCPropertyPlantAndEquipmentGross"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentOther" xlink:label="loc_MXCPropertyPlantAndEquipmentOther"/>
		<link:calculationArc order="100.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCPropertyPlantAndEquipmentGross" xlink:to="loc_MXCPropertyPlantAndEquipmentOther"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasPropertyFullCostMethodGross" xlink:label="loc_MXCOilAndGasPropertyFullCostMethodGross"/>
		<link:calculationArc order="200.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCPropertyPlantAndEquipmentGross" xlink:to="loc_MXCOilAndGasPropertyFullCostMethodGross"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="loc_MXCAssets"/>
		<link:calculationArc order="100.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCAssets" xlink:to="loc_MXCAssetsCurrent"/>
		<link:calculationArc order="200.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCAssets" xlink:to="loc_MXCPropertyPlantAndEquipmentGross"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="loc_MXCAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"/>
		<link:calculationArc order="300.0" weight="-1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCAssets" xlink:to="loc_MXCAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_MXCStockholdersEquity"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_MXCPreferredStockValue"/>
		<link:calculationArc order="100.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCStockholdersEquity" xlink:to="loc_MXCPreferredStockValue"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_MXCCommonStockValue"/>
		<link:calculationArc order="200.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCStockholdersEquity" xlink:to="loc_MXCCommonStockValue"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_MXCAdditionalPaidInCapitalCommonStock"/>
		<link:calculationArc order="300.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCStockholdersEquity" xlink:to="loc_MXCAdditionalPaidInCapitalCommonStock"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_MXCRetainedEarningsAccumulatedDeficit"/>
		<link:calculationArc order="400.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCStockholdersEquity" xlink:to="loc_MXCRetainedEarningsAccumulatedDeficit"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="loc_MXCTreasuryStockValue"/>
		<link:calculationArc order="500.0" weight="-1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCStockholdersEquity" xlink:to="loc_MXCTreasuryStockValue"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_MXCLiabilitiesAndStockholdersEquity"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:label="loc_MXCAccountsPayableAndAccruedLiabilitiesCurrent"/>
		<link:calculationArc order="100.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCLiabilitiesAndStockholdersEquity" xlink:to="loc_MXCAccountsPayableAndAccruedLiabilitiesCurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="loc_MXCLongTermDebtNoncurrent"/>
		<link:calculationArc order="200.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCLiabilitiesAndStockholdersEquity" xlink:to="loc_MXCLongTermDebtNoncurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetRetirementObligationsNoncurrent" xlink:label="loc_MXCAssetRetirementObligationsNoncurrent"/>
		<link:calculationArc order="300.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCLiabilitiesAndStockholdersEquity" xlink:to="loc_MXCAssetRetirementObligationsNoncurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="loc_MXCDeferredTaxLiabilitiesNoncurrent"/>
		<link:calculationArc order="400.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCLiabilitiesAndStockholdersEquity" xlink:to="loc_MXCDeferredTaxLiabilitiesNoncurrent"/>
		<link:calculationArc order="500.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCLiabilitiesAndStockholdersEquity" xlink:to="loc_MXCStockholdersEquity"/>
	</link:calculationLink>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ConsolidatedBalanceSheetsParenthetical" xlink:title="0003 - Statement - CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical)"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ConsolidatedStatementsOfOperations" xlink:title="0004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)">
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_MXCSalesRevenueNet"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasSalesRevenue" xlink:label="loc_MXCOilAndGasSalesRevenue"/>
		<link:calculationArc order="100.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCSalesRevenueNet" xlink:to="loc_MXCOilAndGasSalesRevenue"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherSalesRevenueNet" xlink:label="loc_MXCOtherSalesRevenueNet"/>
		<link:calculationArc order="200.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCSalesRevenueNet" xlink:to="loc_MXCOtherSalesRevenueNet"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="loc_MXCCostsAndExpenses"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostOfGoodsSoldOilAndGas" xlink:label="loc_MXCCostOfGoodsSoldOilAndGas"/>
		<link:calculationArc order="100.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCCostsAndExpenses" xlink:to="loc_MXCCostOfGoodsSoldOilAndGas"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetRetirementObligationAccretionExpense" xlink:label="loc_MXCAssetRetirementObligationAccretionExpense"/>
		<link:calculationArc order="200.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCCostsAndExpenses" xlink:to="loc_MXCAssetRetirementObligationAccretionExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_MXCDepreciationDepletionAndAmortization"/>
		<link:calculationArc order="300.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCCostsAndExpenses" xlink:to="loc_MXCDepreciationDepletionAndAmortization"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_MXCGeneralAndAdministrativeExpense"/>
		<link:calculationArc order="400.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCCostsAndExpenses" xlink:to="loc_MXCGeneralAndAdministrativeExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="loc_MXCNonoperatingIncomeExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="loc_MXCInvestmentIncomeInterest"/>
		<link:calculationArc order="100.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNonoperatingIncomeExpense" xlink:to="loc_MXCInvestmentIncomeInterest"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpense" xlink:label="loc_MXCInterestExpense"/>
		<link:calculationArc order="200.0" weight="-1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNonoperatingIncomeExpense" xlink:to="loc_MXCInterestExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_MXCIncomeTaxExpenseBenefit"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="loc_MXCCurrentIncomeTaxExpenseBenefit"/>
		<link:calculationArc order="100.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCIncomeTaxExpenseBenefit" xlink:to="loc_MXCCurrentIncomeTaxExpenseBenefit"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_MXCDeferredIncomeTaxExpenseBenefit"/>
		<link:calculationArc order="200.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCIncomeTaxExpenseBenefit" xlink:to="loc_MXCDeferredIncomeTaxExpenseBenefit"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_MXCNetIncomeLoss"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="loc_MXCIncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"/>
		<link:calculationArc order="100.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetIncomeLoss" xlink:to="loc_MXCIncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"/>
		<link:calculationArc order="200.0" weight="-1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetIncomeLoss" xlink:to="loc_MXCIncomeTaxExpenseBenefit"/>
	</link:calculationLink>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ChangesInStockholdersEquity" xlink:title="0005 - Statement - CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS&apos; EQUITY (Unaudited)"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ConsolidatedStatementsOfCashFlows" xlink:title="0006 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)">
		<link:calculationArc order="1001.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_OtherNoncashExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherNoncashExpense" xlink:label="us-gaap_OtherNoncashExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
		<link:calculationArc order="301.0" weight="-1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
		<link:calculationArc order="302.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities1" xlink:to="us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities" xlink:label="us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities1"/>
		<link:calculationArc order="301.0" weight="-1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_PaymentsForRepurchaseOfEquity"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsForRepurchaseOfEquity" xlink:label="us-gaap_PaymentsForRepurchaseOfEquity"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_MXCNetCashProvidedByUsedInOperatingActivities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_MXCNetIncomeLoss"/>
		<link:calculationArc order="100.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_MXCNetIncomeLoss"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_MXCDeferredIncomeTaxExpenseBenefit"/>
		<link:calculationArc order="200.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_MXCDeferredIncomeTaxExpenseBenefit"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" xlink:label="loc_MXCExcessTaxBenefitFromShareBasedCompensationOperatingActivities"/>
		<link:calculationArc order="300.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_MXCExcessTaxBenefitFromShareBasedCompensationOperatingActivities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_MXCShareBasedCompensation"/>
		<link:calculationArc order="400.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_MXCShareBasedCompensation"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_MXCDepreciationDepletionAndAmortization"/>
		<link:calculationArc order="500.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_MXCDepreciationDepletionAndAmortization"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetRetirementObligationAccretionExpense" xlink:label="loc_MXCAssetRetirementObligationAccretionExpense"/>
		<link:calculationArc order="600.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_MXCAssetRetirementObligationAccretionExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_MXCIncreaseDecreaseInAccountsReceivable"/>
		<link:calculationArc order="700.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_MXCIncreaseDecreaseInAccountsReceivable"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:label="loc_MXCIncreaseDecreaseInPrepaidExpense"/>
		<link:calculationArc order="800.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_MXCIncreaseDecreaseInPrepaidExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="loc_MXCIncreaseDecreaseInAccruedIncomeTaxesPayable"/>
		<link:calculationArc order="900.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_MXCIncreaseDecreaseInAccruedIncomeTaxesPayable"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="loc_MXCIncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
		<link:calculationArc order="1000.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_MXCIncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_MXCNetCashProvidedByUsedInInvestingActivities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireOilAndGasProperty" xlink:label="loc_MXCPaymentsToAcquireOilAndGasProperty"/>
		<link:calculationArc order="100.0" weight="-1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInInvestingActivities" xlink:to="loc_MXCPaymentsToAcquireOilAndGasProperty"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:label="loc_MXCPaymentsToAcquireOtherPropertyPlantAndEquipment"/>
		<link:calculationArc order="200.0" weight="-1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInInvestingActivities" xlink:to="loc_MXCPaymentsToAcquireOtherPropertyPlantAndEquipment"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment" xlink:label="loc_MXCProceedsFromSaleOfOilAndGasPropertyAndEquipment"/>
		<link:calculationArc order="300.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInInvestingActivities" xlink:to="loc_MXCProceedsFromSaleOfOilAndGasPropertyAndEquipment"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_MXCNetCashProvidedByUsedInFinancingActivities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_MXCProceedsFromStockOptionsExercised"/>
		<link:calculationArc order="100.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInFinancingActivities" xlink:to="loc_MXCProceedsFromStockOptionsExercised"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="loc_MXCRepaymentsOfLongTermDebt"/>
		<link:calculationArc order="200.0" weight="-1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInFinancingActivities" xlink:to="loc_MXCRepaymentsOfLongTermDebt"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:label="loc_MXCExcessTaxBenefitFromShareBasedCompensationFinancingActivities"/>
		<link:calculationArc order="300.0" weight="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_MXCNetCashProvidedByUsedInFinancingActivities" xlink:to="loc_MXCExcessTaxBenefitFromShareBasedCompensationFinancingActivities"/>
	</link:calculationLink>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/NatureOfOperations" xlink:title="0007 - Disclosure - Nature of Operations"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/SummaryOfSignificantAccountingPolicies" xlink:title="0008 - Disclosure - Summary of Significant Accounting Policies"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/AssetRetirementObligations" xlink:title="0009 - Disclosure - Asset Retirement Obligations"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/Stock-BasedCompensation" xlink:title="0010 - Disclosure - Stock-based Compensation"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/FairValueOfFinancialInstruments" xlink:title="0011 - Disclosure - Fair Value of Financial Instruments"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/CreditFacility" xlink:title="0012 - Disclosure - Credit Facility"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/IncomeTaxes" xlink:title="0013 - Disclosure - Income Taxes"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/RelatedPartyTransactions" xlink:title="0014 - Disclosure - Related Party Transactions"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/SelectedQuarterlyFinancialData" xlink:title="0015 - Disclosure - Income Per Common Share"/>
	<link:calculationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/SubsequentEvents" xlink:title="0016 - Disclosure - Subsequent Events"/>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>12
<FILENAME>mxc-20120331_def.xml
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
<!-- Created by FilePoint's XBRLinator http://www.edgarfilepoint.com -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">

	<link:roleRef roleURI="http://mexcoenergy.com/role/DocumentAndEntityInformation" xlink:href="mxc-20120331.xsd#DocumentAndEntityInformation" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ConsolidatedBalanceSheets" xlink:href="mxc-20120331.xsd#ConsolidatedBalanceSheets" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ConsolidatedBalanceSheetsParenthetical" xlink:href="mxc-20120331.xsd#ConsolidatedBalanceSheetsParenthetical" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ConsolidatedStatementsOfOperations" xlink:href="mxc-20120331.xsd#ConsolidatedStatementsOfOperations" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ChangesInStockholdersEquity" xlink:href="mxc-20120331.xsd#ChangesInStockholdersEquity" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ConsolidatedStatementsOfCashFlows" xlink:href="mxc-20120331.xsd#ConsolidatedStatementsOfCashFlows" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/NatureOfOperations" xlink:href="mxc-20120331.xsd#NatureOfOperations" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/SummaryOfSignificantAccountingPolicies" xlink:href="mxc-20120331.xsd#SummaryOfSignificantAccountingPolicies" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/AssetRetirementObligations" xlink:href="mxc-20120331.xsd#AssetRetirementObligations" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/BusinessCombinations" xlink:href="mxc-20120331.xsd#BusinessCombinations" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/Stock-BasedCompensation" xlink:href="mxc-20120331.xsd#Stock-BasedCompensation" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/FairValueOfFinancialInstruments" xlink:href="mxc-20120331.xsd#FairValueOfFinancialInstruments" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/CreditFacility" xlink:href="mxc-20120331.xsd#CreditFacility" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/IncomeTaxes" xlink:href="mxc-20120331.xsd#IncomeTaxes" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/MajorCustomers" xlink:href="mxc-20120331.xsd#MajorCustomers" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/OilandGasCosts" xlink:href="mxc-20120331.xsd#OilandGasCosts" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/StockholdersEquity" xlink:href="mxc-20120331.xsd#StockholdersEquity" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/RelatedPartyTransactions" xlink:href="mxc-20120331.xsd#RelatedPartyTransactions" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/OilandGasReserveData" xlink:href="mxc-20120331.xsd#OilandGasReserveData" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/SelectedQuarterlyFinancialData" xlink:href="mxc-20120331.xsd#SelectedQuarterlyFinancialData" xlink:type="simple"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/SubsequentEvents" xlink:href="mxc-20120331.xsd#SubsequentEvents" xlink:type="simple"/>

	<link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension"/>
	<link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain"/>
	<link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member"/>
	<link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" arcroleURI="http://xbrl.org/int/dim/arcrole/all"/>
	<link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#notAll" arcroleURI="http://xbrl.org/int/dim/arcrole/notAll"/>
	<link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default"/>

	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/DocumentAndEntityInformation" xlink:title="0001 - Document - Document and Entity Information"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ConsolidatedBalanceSheets" xlink:title="0002 - Statement - CONSOLIDATED BALANCE SHEETS"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ConsolidatedBalanceSheetsParenthetical" xlink:title="0003 - Statement - CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical)"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ConsolidatedStatementsOfOperations" xlink:title="0004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ChangesInStockholdersEquity" xlink:title="0005 - Statement - CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)">
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_MXCStatementLineItems"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_MXCStatementTable"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCStatementTable" xlink:type="arc" order="10" xbrldt:closed="true"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_MXCStatementEquityComponentsAxis"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_MXCStatementTable" xlink:to="loc_MXCStatementEquityComponentsAxis" xlink:type="arc" order="20"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_MXCEquityComponentDomain"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_MXCStatementEquityComponentsAxis" xlink:to="loc_MXCEquityComponentDomain" xlink:type="arc" order="20"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_MXCEquityComponentDomain_10"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_MXCStatementEquityComponentsAxis" xlink:to="loc_MXCEquityComponentDomain_10" xlink:type="arc" order="30"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_MXCCommonStockMember"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_MXCEquityComponentDomain" xlink:to="loc_MXCCommonStockMember" xlink:type="arc" order="1"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="loc_MXCTreasuryStockMember"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_MXCEquityComponentDomain" xlink:to="loc_MXCTreasuryStockMember" xlink:type="arc" order="11"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_MXCAdditionalPaidInCapitalMember"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_MXCEquityComponentDomain" xlink:to="loc_MXCAdditionalPaidInCapitalMember" xlink:type="arc" order="21"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_MXCRetainedEarningsMember"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_MXCEquityComponentDomain" xlink:to="loc_MXCRetainedEarningsMember" xlink:type="arc" order="31"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SharesIssued" xlink:label="loc_MXCSharesIssued"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCSharesIssued" xlink:type="arc" order="1"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_MXCStockholdersEquity"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCStockholdersEquity" xlink:type="arc" order="2"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_MXCNetIncomeLoss"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCNetIncomeLoss" xlink:type="arc" order="3"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="loc_MXCStockRepurchasedDuringPeriodValue"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCStockRepurchasedDuringPeriodValue" xlink:type="arc" order="4"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="loc_MXCStockRepurchasedDuringPeriodShares"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCStockRepurchasedDuringPeriodShares" xlink:type="arc" order="5"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xlink:label="loc_MXCAdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCAdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xlink:type="arc" order="6"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_MXCShareBasedCompensation"/>
		<link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCShareBasedCompensation" xlink:type="arc" order="7"/>
	</link:definitionLink>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ConsolidatedStatementsOfCashFlows" xlink:title="0006 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/NatureOfOperations" xlink:title="0007 - Disclosure - Nature of Operations"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/SummaryOfSignificantAccountingPolicies" xlink:title="0008 - Disclosure - Summary of Significant Accounting Policies"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/AssetRetirementObligations" xlink:title="0009 - Disclosure - Asset Retirement Obligations"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/Stock-BasedCompensation" xlink:title="0010 - Disclosure - Stock-based Compensation"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/FairValueOfFinancialInstruments" xlink:title="0011 - Disclosure - Fair Value of Financial Instruments"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/CreditFacility" xlink:title="0012 - Disclosure - Credit Facility"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/IncomeTaxes" xlink:title="0013 - Disclosure - Income Taxes"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/RelatedPartyTransactions" xlink:title="0014 - Disclosure - Related Party Transactions"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/SelectedQuarterlyFinancialData" xlink:title="0015 - Disclosure - Income Per Common Share"/>
	<link:definitionLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/SubsequentEvents" xlink:title="0016 - Disclosure - Subsequent Events"/>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>13
<FILENAME>mxc-20120331_lab.xml
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
<!-- Created by FilePoint's XBRLinator http://www.edgarfilepoint.com -->
<link:linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:link="http://www.xbrl.org/2003/linkbase">
	<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
	<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
	<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel"/>
	<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
	<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel"/>
	<link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
	<link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_CashPaidForSouthwestTexas1" xlink:to="label27"/>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_CashPaidForSouthwestTexas" xlink:label="MXC_CashPaidForSouthwestTexas1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="label27" xml:lang="en-US">Cash paid</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock2" xlink:to="label26"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock" xlink:label="us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock2"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="label26" xml:lang="en-US">13. Oil and Gas Reserve Data (Unaudited)</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock1" xlink:to="label25"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock" xlink:label="us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label25" xml:lang="en-US">Oil Gas Reserve Data</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock" xlink:label="us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExtractiveIndustriesAbstract1" xlink:to="label24"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ExtractiveIndustriesAbstract" xlink:label="us-gaap_ExtractiveIndustriesAbstract1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label24" xml:lang="en-US">Notes  to Financial Statements [Abstract]</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ExtractiveIndustriesAbstract" xlink:label="us-gaap_ExtractiveIndustriesAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock2" xlink:to="label23"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock2"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="label23" xml:lang="en-US">10. Stockholders&apos; Equity</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock1" xlink:to="label22"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label22" xml:lang="en-US">StockholdersEquityNoteDisclosureTextBlock</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteAbstract1" xlink:to="label21"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="us-gaap_StockholdersEquityNoteAbstract1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label21" xml:lang="en-US">Notes to  Financial Statements [Abstract]</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="us-gaap_StockholdersEquityNoteAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock2" xlink:to="label20"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock" xlink:label="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock2"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="label20" xml:lang="en-US">9. Oil and Gas Costs</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock1" xlink:to="label19"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock" xlink:label="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label19" xml:lang="en-US">OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock" xlink:label="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract1" xlink:to="label18"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract" xlink:label="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label18" xml:lang="en-US">Notes to Financial  Statements [Abstract]</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract" xlink:label="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock2" xlink:to="label17"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock2"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="label17" xml:lang="en-US">8. Major Customers</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock1" xlink:to="label16"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label16" xml:lang="en-US">MajorCustomers</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingAbstract1" xlink:to="label15"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingAbstract" xlink:label="us-gaap_SegmentReportingAbstract1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label15" xml:lang="en-US">Notes to Financial Statements  [Abstract]</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingAbstract" xlink:label="us-gaap_SegmentReportingAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationDisclosureTextBlock2" xlink:to="label14"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessCombinationDisclosureTextBlock" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock2"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label14" xml:lang="en-US">3.  Business Combinations</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessCombinationDisclosureTextBlock" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock1"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessCombinationDisclosureTextBlock" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationsAbstract2" xlink:to="label13"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessCombinationsAbstract" xlink:label="us-gaap_BusinessCombinationsAbstract2"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="label13" xml:lang="en-US">Notes to Statements [Abstract]</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationsAbstract1" xlink:to="label12"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessCombinationsAbstract" xlink:label="us-gaap_BusinessCombinationsAbstract1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label12" xml:lang="en-US">Notes  to  Financial Statements [Abstract]</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessCombinationsAbstract" xlink:label="us-gaap_BusinessCombinationsAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates1" xlink:to="label11"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="label11" xml:lang="en-US">Acquisition of business</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfEquity1" xlink:to="label10"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsForRepurchaseOfEquity" xlink:label="us-gaap_PaymentsForRepurchaseOfEquity1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="label10" xml:lang="en-US">Acquisition of treasury stock</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt2" xlink:to="label9"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt2"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="label9" xml:lang="en-US">Reduction of long-term debt</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt1"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues2" xlink:to="label8"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues2"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="label8" xml:lang="en-US">Common stock shares, issued during period</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues1" xlink:to="label7"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label7" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets2" xlink:to="label6"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets" xlink:label="us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets2"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="label6" xml:lang="en-US">Exchange for property, Shares</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets1" xlink:to="label5"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets" xlink:label="us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label5" xml:lang="en-US">Stock Issued During Period, Shares, Purchase of Assets</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets" xlink:label="us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets2" xlink:to="label4"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets" xlink:label="us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets2"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="label4" xml:lang="en-US">Issuance of stock for properties</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets1" xlink:to="label3"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets" xlink:label="us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label3" xml:lang="en-US">Stock Issued During Period, Value, Purchase of Assets</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets" xlink:label="us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised2" xlink:to="label2"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised2"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="label2" xml:lang="en-US">Issuance of stock through options exercised</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised1" xlink:to="label1"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label1" xml:lang="en-US">Stock Issued During Period, Value Stock Options Exercised</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashExpense2" xlink:to="us-gaap_PropertyPlantAndEquipmentOther_lbl"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherNoncashExpense" xlink:label="us-gaap_OtherNoncashExpense2"/>
		<!--		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="label1" xml:lang="en-US">Other</link:label>
-->
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashExpense1" xlink:to="label"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherNoncashExpense" xlink:label="us-gaap_OtherNoncashExpense1"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="label" xml:lang="en-US">Other</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherNoncashExpense" xlink:label="us-gaap_OtherNoncashExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock Par Value</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Statement, Equity Components [Axis]</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="us-gaap_TreasuryStockMember"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockMember" xlink:to="us-gaap_TreasuryStockMember_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US">Treasury Stock</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid-In Capital</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Retained Earnings</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockMember_2_lbl" xml:lang="en-US">Common Stock</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RetainedEarningsMember_2_lbl" xml:lang="en-US">Retained Earnings / Accumulated Deficit</link:label>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_DocumentAndEntityInformationAbstract" xlink:label="MXC_DocumentAndEntityInformationAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_DocumentAndEntityInformationAbstract" xlink:to="MXC_DocumentAndEntityInformationAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="MXC_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Is Entity a Well-known Seasoned Issuer?</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Is Entity a Voluntary Filer?</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Is Entity&apos;s Reporting Status Current?</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_BalanceSheetsAbstract" xlink:label="MXC_BalanceSheetsAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_BalanceSheetsAbstract" xlink:to="MXC_BalanceSheetsAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="MXC_BalanceSheetsAbstract_lbl" xml:lang="en-US">Consolidated Balance Sheets</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current assets</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrentAbstract" xlink:label="us-gaap_AccountsReceivableNetCurrentAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrentAbstract" xlink:to="us-gaap_AccountsReceivableNetCurrentAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrentAbstract_lbl" xml:lang="en-US">Accounts receivable:</link:label>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_OilAndGasSales" xlink:label="MXC_OilAndGasSales"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_OilAndGasSales" xlink:to="MXC_OilAndGasSales_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="MXC_OilAndGasSales_lbl" xml:lang="en-US">Oil and gas sales</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Trade</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="us-gaap_DueFromRelatedPartiesCurrent"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueFromRelatedPartiesCurrent" xlink:to="us-gaap_DueFromRelatedPartiesCurrent_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueFromRelatedPartiesCurrent_lbl" xml:lang="en-US">Related parties</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="us-gaap_PrepaidExpenseCurrent"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseCurrent" xlink:to="us-gaap_PrepaidExpenseCurrent_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidExpenseCurrent_lbl" xml:lang="en-US">Prepaid costs and expenses</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:label="us-gaap_PropertyPlantAndEquipmentNetAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:to="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl" xml:lang="en-US">Property and equipment, at cost</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasPropertyFullCostMethodGross" xlink:label="us-gaap_OilAndGasPropertyFullCostMethodGross"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasPropertyFullCostMethodGross" xlink:to="us-gaap_OilAndGasPropertyFullCostMethodGross_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OilAndGasPropertyFullCostMethodGross_lbl" xml:lang="en-US">Oil and gas properties, using the full cost method</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentOther" xlink:label="us-gaap_PropertyPlantAndEquipmentOther"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentOther" xlink:to="us-gaap_PropertyPlantAndEquipmentOther_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentOther_lbl" xml:lang="en-US">Other</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="us-gaap_PropertyPlantAndEquipmentGross"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_lbl" xml:lang="en-US">TOTAL</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Less accumulated depreciation, depletion and amortization</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property and equipment, net</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">TOTAL</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">LIABILITIES AND STOCKHOLDERS&apos; EQUITY</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current liabilities</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accounts payable and accrued expenses</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long-term debt</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetRetirementObligationsNoncurrent" xlink:label="us-gaap_AssetRetirementObligationsNoncurrent"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetRetirementObligationsNoncurrent" xlink:to="us-gaap_AssetRetirementObligationsNoncurrent_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetRetirementObligationsNoncurrent_lbl" xml:lang="en-US">Asset retirement obligations</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:to="us-gaap_DeferredTaxLiabilitiesNoncurrent_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US">Deferred income tax liabilities</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and contingencies</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders&apos; equity</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock - $0.50 par value; 40,000,000 shares authorized; 2,099,116 and 2,089,116 shares issued; 2,035,949 and 2,029,949 shares outstanding as of March 31, 2012 and 2011, respectively</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="us-gaap_AdditionalPaidInCapitalCommonStock_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock_lbl" xml:lang="en-US">Additional paid-in capital</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained earnings</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="us-gaap_TreasuryStockValue"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury stock, at cost (63,167 and 59,167 shares, respectively)</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total stockholders&apos; equity</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">TOTAL</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_BalanceSheetsAbstract" xlink:to="MXC_BalanceSheetsAbstract_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="MXC_BalanceSheetsAbstract_2_lbl" xml:lang="en-US">Consolidated Balance Sheets Parenthetical</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred stock par value</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred stock shares authorized</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred stock shares issued</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred stock shares outstanding</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock par value</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock shares authorized</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock shares issued</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock shares outstanding</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="us-gaap_TreasuryStockShares"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockShares" xlink:to="us-gaap_TreasuryStockShares_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US">Treasury stock, shares</link:label>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_StatementsOfOperationsAbstract" xlink:label="MXC_StatementsOfOperationsAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_StatementsOfOperationsAbstract" xlink:to="MXC_StatementsOfOperationsAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="MXC_StatementsOfOperationsAbstract_lbl" xml:lang="en-US">Consolidated Statements Of Operations</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SalesRevenueNetAbstract" xlink:label="us-gaap_SalesRevenueNetAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueNetAbstract" xlink:to="us-gaap_SalesRevenueNetAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalesRevenueNetAbstract_lbl" xml:lang="en-US">Operating revenues:</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasSalesRevenue" xlink:label="us-gaap_OilAndGasSalesRevenue"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasSalesRevenue" xlink:to="us-gaap_OilAndGasSalesRevenue_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OilAndGasSalesRevenue_lbl" xml:lang="en-US">Oil and gas</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherSalesRevenueNet" xlink:label="us-gaap_OtherSalesRevenueNet"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherSalesRevenueNet" xlink:to="us-gaap_OtherSalesRevenueNet_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherSalesRevenueNet_lbl" xml:lang="en-US">Other</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="us-gaap_SalesRevenueNet"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueNet" xlink:to="us-gaap_SalesRevenueNet_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_SalesRevenueNet_lbl" xml:lang="en-US">Total operating revenues</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="us-gaap_CostsAndExpensesAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpensesAbstract" xlink:to="us-gaap_CostsAndExpensesAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US">Operating expenses:</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostOfGoodsSoldOilAndGas" xlink:label="us-gaap_CostOfGoodsSoldOilAndGas"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfGoodsSoldOilAndGas" xlink:to="us-gaap_CostOfGoodsSoldOilAndGas_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfGoodsSoldOilAndGas_lbl" xml:lang="en-US">Production</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetRetirementObligationAccretionExpense" xlink:label="us-gaap_AssetRetirementObligationAccretionExpense"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetRetirementObligationAccretionExpense" xlink:to="us-gaap_AssetRetirementObligationAccretionExpense_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetRetirementObligationAccretionExpense_lbl" xml:lang="en-US">Accretion of asset retirement obligation</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depreciation, depletion, and amortization</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and administrative</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="us-gaap_CostsAndExpenses"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CostsAndExpenses_lbl" xml:lang="en-US">Total operating expenses</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating profit</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Other income (expenses):</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="us-gaap_InvestmentIncomeInterest"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US">Interest income</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US">Net other expense</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Earnings before provision for income taxes</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxExpenseBenefitAbstract" xlink:label="us-gaap_IncomeTaxExpenseBenefitAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefitAbstract" xlink:to="us-gaap_IncomeTaxExpenseBenefitAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefitAbstract_lbl" xml:lang="en-US">Income tax expense (benefit):</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="us-gaap_CurrentIncomeTaxExpenseBenefit_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Current</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Deferred</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">TOTAL</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net income</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="us-gaap_EarningsPerShareAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US">Earnings per common share:</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Basic</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="us-gaap_EarningsPerShareDiluted"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US">Diluted</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xml:lang="en-US">Weighted average common shares outstanding:</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Basic</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">Diluted</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SharesIssued" xlink:label="us-gaap_SharesIssued"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Beginning balance, Shares</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Beginning balance, Amount</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net income</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedDuringPeriodValue_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xml:lang="en-US">Purchase of stock</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedDuringPeriodShares_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US">Common stock acquisitions, Shares</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation_lbl" xml:lang="en-US">Excess tax benefits from stock-based compensation</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Stock based compensation</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesIssued_2_lbl" xml:lang="en-US">Ending balance, Shares</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_3_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_3_lbl" xml:lang="en-US">Ending balance, Amount</link:label>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_StatementsOfCashFlowsAbstract" xlink:label="MXC_StatementsOfCashFlowsAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_StatementsOfCashFlowsAbstract" xlink:to="MXC_StatementsOfCashFlowsAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="MXC_StatementsOfCashFlowsAbstract_lbl" xml:lang="en-US">Consolidated Statements Of Cash Flows</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from operating activities:</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredIncomeTaxExpenseBenefit_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_2_lbl" xml:lang="en-US">Deferred income tax (benefit) expense</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" xlink:to="us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities_lbl" xml:lang="en-US">Excess tax benefit (expense) from share based payment arrangement</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensation_2_lbl" xml:lang="en-US">Stock-based compensation</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DepreciationDepletionAndAmortization_2_lbl" xml:lang="en-US">Depreciation, depletion and amortization</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetRetirementObligationAccretionExpense" xlink:to="us-gaap_AssetRetirementObligationAccretionExpense_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AssetRetirementObligationAccretionExpense_2_lbl" xml:lang="en-US">Accretion of asset retirement obligations</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Changes in assets and liabilities:</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Decrease (increase) in accounts receivable</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:to="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" xml:lang="en-US">Decrease (increase) in prepaid expenses</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:to="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_lbl" xml:lang="en-US">(Decrease) increase in income taxes payable</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Increase (decrease) in accounts payable and accrued expenses</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from investing activities:</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireOilAndGasProperty" xlink:label="us-gaap_PaymentsToAcquireOilAndGasProperty"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireOilAndGasProperty" xlink:to="us-gaap_PaymentsToAcquireOilAndGasProperty_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireOilAndGasProperty_lbl" xml:lang="en-US">Additions to oil and gas properties</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:to="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_lbl" xml:lang="en-US">Acquisition business</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_lbl" xml:lang="en-US">Additions to other property and equipment</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment" xlink:label="us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment" xlink:to="us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment_lbl" xml:lang="en-US">Proceeds from sale of oil and gas properties and equipment</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities:</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="us-gaap_ProceedsFromStockOptionsExercised"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromStockOptionsExercised" xlink:to="us-gaap_ProceedsFromStockOptionsExercised_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromStockOptionsExercised_lbl" xml:lang="en-US">Proceeds from exercise of stock options</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsForRepurchaseOfEquity" xlink:label="us-gaap_PaymentsForRepurchaseOfEquity"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfEquity" xlink:to="us-gaap_PaymentsForRepurchaseOfEquity_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForRepurchaseOfEquity_lbl" xml:lang="en-US">Acquisition treasury stock</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Reduction long-term debt</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities" xlink:label="us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities" xlink:to="us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities_lbl" xml:lang="en-US">Proceeds from long-term debt</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:to="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities_lbl" xml:lang="en-US">Excess tax benefit (expense) from share based payment arrangement</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash (used in) provided by financing activities</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net (decrease) increase in cash and cash equivalents</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xml:lang="en-US">Cash and cash equivalents at beginning of period</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_3_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_3_lbl" xml:lang="en-US">Cash and cash equivalents at end of period</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental disclosure of cash flow information:</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestPaid" xlink:label="us-gaap_InterestPaid"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaid" xlink:to="us-gaap_InterestPaid_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US">Cash paid for interest</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="us-gaap_IncomeTaxesPaid"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxesPaid" xlink:to="us-gaap_IncomeTaxesPaid_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxesPaid_lbl" xml:lang="en-US">Income taxes paid</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US">Non-cash investing and financing activities:</link:label>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_AssetRetirementObligations" xlink:label="MXC_AssetRetirementObligations"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_AssetRetirementObligations" xlink:to="MXC_AssetRetirementObligations_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="MXC_AssetRetirementObligations_lbl" xml:lang="en-US">Asset retirement obligations</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TransferOfInvestments" xlink:label="us-gaap_TransferOfInvestments"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TransferOfInvestments" xlink:to="us-gaap_TransferOfInvestments_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TransferOfInvestments_lbl" xml:lang="en-US">Issuance of common stock in exchange for oil and gas properties</link:label>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_AcquisitionofSouthwestTexasDisposalCorporation" xlink:label="MXC_AcquisitionofSouthwestTexasDisposalCorporation"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_AcquisitionofSouthwestTexasDisposalCorporation" xlink:to="MXC_AcquisitionofSouthwestTexasDisposalCorporation_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="MXC_AcquisitionofSouthwestTexasDisposalCorporation_lbl" xml:lang="en-US">Acquisition of Southwest Texas Disposal Corporation resulting in the assumption of liabilities as follows:</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueOfAssetsAcquired" xlink:label="us-gaap_FairValueOfAssetsAcquired"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOfAssetsAcquired" xlink:to="us-gaap_FairValueOfAssetsAcquired_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOfAssetsAcquired_lbl" xml:lang="en-US">Fair value of assets</link:label>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_CashPaidForSouthwestTexas" xlink:label="MXC_CashPaidForSouthwestTexas"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_CashPaidForSouthwestTexas" xlink:to="MXC_CashPaidForSouthwestTexas_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="MXC_CashPaidForSouthwestTexas_lbl" xml:lang="en-US">Cash paid for SW texas</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAssumed" xlink:label="us-gaap_LiabilitiesAssumed"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAssumed" xlink:to="us-gaap_LiabilitiesAssumed_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAssumed_lbl" xml:lang="en-US">Liabilities assumed</link:label>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_NotesToFinancialStatementsAbstract" xlink:label="MXC_NotesToFinancialStatementsAbstract"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_NotesToFinancialStatementsAbstract" xlink:to="MXC_NotesToFinancialStatementsAbstract_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="MXC_NotesToFinancialStatementsAbstract_lbl" xml:lang="en-US">Notes  to Financial  Statements [Abstract]</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="us-gaap_NatureOfOperations"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NatureOfOperations" xlink:to="us-gaap_NatureOfOperations_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NatureOfOperations_lbl" xml:lang="en-US">1.  Nature of Operations</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">2. Summary of Significant Accounting Policies</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:label="us-gaap_AssetRetirementObligationDisclosureTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:to="us-gaap_AssetRetirementObligationDisclosureTextBlock_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetRetirementObligationDisclosureTextBlock_lbl" xml:lang="en-US">6. Asset Retirement Obligations</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xml:lang="en-US">11. Stock Options</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="us-gaap_FairValueDisclosuresTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl" xml:lang="en-US">4. Fair Value of Financial Instruments</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:label="us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:to="us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock_lbl" xml:lang="en-US">5. Credit Facility</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="us-gaap_IncomeTaxDisclosureTextBlock_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xml:lang="en-US">7.  Income Taxes</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">12. Related Party Transactions</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="us-gaap_EarningsPerShareTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US">14. Selected Quarterly Financial Data (Unaudited)</link:label>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfSubsequentEventsTextBlock" xlink:label="us-gaap_ScheduleOfSubsequentEventsTextBlock"/>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfSubsequentEventsTextBlock" xlink:to="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfSubsequentEventsTextBlock_lbl" xml:lang="en-US">10.  Subsequent Events</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_2_lbl" xml:lang="en-US">Assets, Current</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_2_lbl" xml:lang="en-US">Property, Plant and Equipment, Gross</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Assets</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValue_2_lbl" xml:lang="en-US">Treasury Stock, Value</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_4_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_4_lbl" xml:lang="en-US">Stockholders&apos; Equity Attributable to Parent</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xml:lang="en-US">Liabilities and Equity</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherSalesRevenueNet" xlink:to="us-gaap_OtherSalesRevenueNet_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherSalesRevenueNet_2_lbl" xml:lang="en-US">Other Revenue, Net</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueNet" xlink:to="us-gaap_SalesRevenueNet_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalesRevenueNet_2_lbl" xml:lang="en-US">Revenue, Net</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpenses" xlink:to="us-gaap_CostsAndExpenses_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpenses_2_lbl" xml:lang="en-US">Costs and Expenses</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_2_lbl" xml:lang="en-US">Interest Expense</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpense_2_lbl" xml:lang="en-US">Nonoperating Income (Expense)</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_2_lbl" xml:lang="en-US">Income Tax Expense (Benefit)</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_2_lbl" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Basic</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_2_lbl" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Diluted</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_3_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesIssued_3_lbl" xml:lang="en-US">Shares, Issued</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireOilAndGasProperty" xlink:to="us-gaap_PaymentsToAcquireOilAndGasProperty_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireOilAndGasProperty_2_lbl" xml:lang="en-US">Payments to Acquire Oil and Gas Property</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Payments to Acquire Other Property, Plant, and Equipment</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:to="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities_2_lbl" xml:lang="en-US">Excess tax (expense) benefit from share based payment arrangement</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_AssetRetirementObligations" xlink:to="MXC_AssetRetirementObligations_2_lbl"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="MXC_AssetRetirementObligations_2_lbl" xml:lang="en-US">AssetRetirementObligations</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_AssetRetirementObligations" xlink:to="MXC_AssetRetirementObligations_doc"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="MXC_AssetRetirementObligations_doc" xml:lang="en-US">Asset retirement obligations</link:label>
		<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXC_OilAndGasSales" xlink:to="MXC_OilAndGasSales_doc"/>
		<link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="MXC_OilAndGasSales_doc" xml:lang="en-US">Oil and Gas sales</link:label>
	</link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>14
<FILENAME>mxc-20120331_pre.xml
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
<!-- Created by FilePoint's XBRLinator http://www.edgarfilepoint.com -->
<link:linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:link="http://www.xbrl.org/2003/linkbase">
	<link:roleRef roleURI="http://mexcoenergy.com/role/DocumentAndEntityInformation" xlink:type="simple" xlink:href="mxc-20120331.xsd#DocumentAndEntityInformation"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ConsolidatedBalanceSheets" xlink:type="simple" xlink:href="mxc-20120331.xsd#ConsolidatedBalanceSheets"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ConsolidatedBalanceSheetsParenthetical" xlink:type="simple" xlink:href="mxc-20120331.xsd#ConsolidatedBalanceSheetsParenthetical"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ConsolidatedStatementsOfOperations" xlink:type="simple" xlink:href="mxc-20120331.xsd#ConsolidatedStatementsOfOperations"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ChangesInStockholdersEquity" xlink:type="simple" xlink:href="mxc-20120331.xsd#ChangesInStockholdersEquity"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/ConsolidatedStatementsOfCashFlows" xlink:type="simple" xlink:href="mxc-20120331.xsd#ConsolidatedStatementsOfCashFlows"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/NatureOfOperations" xlink:type="simple" xlink:href="mxc-20120331.xsd#NatureOfOperations"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/SummaryOfSignificantAccountingPolicies" xlink:type="simple" xlink:href="mxc-20120331.xsd#SummaryOfSignificantAccountingPolicies"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/AssetRetirementObligations" xlink:type="simple" xlink:href="mxc-20120331.xsd#AssetRetirementObligations"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/BusinessCombinations" xlink:type="simple" xlink:href="mxc-20120331.xsd#BusinessCombinations"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/Stock-BasedCompensation" xlink:type="simple" xlink:href="mxc-20120331.xsd#Stock-BasedCompensation"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/FairValueOfFinancialInstruments" xlink:type="simple" xlink:href="mxc-20120331.xsd#FairValueOfFinancialInstruments"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/CreditFacility" xlink:type="simple" xlink:href="mxc-20120331.xsd#CreditFacility"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/IncomeTaxes" xlink:type="simple" xlink:href="mxc-20120331.xsd#IncomeTaxes"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/MajorCustomers" xlink:type="simple" xlink:href="mxc-20120331.xsd#MajorCustomers"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/OilandGasCosts" xlink:type="simple" xlink:href="mxc-20120331.xsd#OilandGasCosts"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/StockholdersEquity" xlink:type="simple" xlink:href="mxc-20120331.xsd#StockholdersEquity"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/RelatedPartyTransactions" xlink:type="simple" xlink:href="mxc-20120331.xsd#RelatedPartyTransactions"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/OilandGasReserveData" xlink:type="simple" xlink:href="mxc-20120331.xsd#OilandGasReserveData"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/SelectedQuarterlyFinancialData" xlink:type="simple" xlink:href="mxc-20120331.xsd#SelectedQuarterlyFinancialData"/>
	<link:roleRef roleURI="http://mexcoenergy.com/role/SubsequentEvents" xlink:type="simple" xlink:href="mxc-20120331.xsd#SubsequentEvents"/>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/OilandGasReserveData">
		<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_ExtractiveIndustriesAbstract1" xlink:to="us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock" xlink:label="us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ExtractiveIndustriesAbstract" xlink:label="us-gaap_ExtractiveIndustriesAbstract1"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ExtractiveIndustriesAbstract" xlink:label="us-gaap_ExtractiveIndustriesAbstract"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/StockholdersEquity">
		<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StockholdersEquityNoteAbstract1" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="us-gaap_StockholdersEquityNoteAbstract1"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="us-gaap_StockholdersEquityNoteAbstract"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/OilandGasCosts">
		<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract1" xlink:to="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock" xlink:label="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract" xlink:label="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract1"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract" xlink:label="us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/MajorCustomers">
		<link:presentationArc order="1.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_SegmentReportingAbstract1" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingAbstract" xlink:label="us-gaap_SegmentReportingAbstract1"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SegmentReportingAbstract" xlink:label="us-gaap_SegmentReportingAbstract"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/BusinessCombinations">
		<link:presentationArc order="1.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_BusinessCombinationsAbstract1" xlink:to="us-gaap_BusinessCombinationDisclosureTextBlock"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessCombinationDisclosureTextBlock" xlink:label="us-gaap_BusinessCombinationDisclosureTextBlock"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessCombinationsAbstract" xlink:label="us-gaap_BusinessCombinationsAbstract1"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_BusinessCombinationsAbstract" xlink:label="us-gaap_BusinessCombinationsAbstract"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/DocumentAndEntityInformation" xlink:title="0001 - Document - Document and Entity Information">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_DocumentAndEntityInformationAbstract" xlink:label="loc_MXCDocumentAndEntityInformationAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_MXCEntityRegistrantName"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCEntityRegistrantName"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_MXCEntityCentralIndexKey"/>
		<link:presentationArc order="10.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCEntityCentralIndexKey"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentType" xlink:label="loc_MXCDocumentType"/>
		<link:presentationArc order="20.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCDocumentType"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_MXCDocumentPeriodEndDate"/>
		<link:presentationArc order="30.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCDocumentPeriodEndDate"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_MXCAmendmentFlag"/>
		<link:presentationArc order="40.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCAmendmentFlag"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_MXCCurrentFiscalYearEndDate"/>
		<link:presentationArc order="50.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCCurrentFiscalYearEndDate"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_MXCEntityWellKnownSeasonedIssuer"/>
		<link:presentationArc order="60.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCEntityWellKnownSeasonedIssuer"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_MXCEntityVoluntaryFilers"/>
		<link:presentationArc order="70.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCEntityVoluntaryFilers"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_MXCEntityCurrentReportingStatus"/>
		<link:presentationArc order="80.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCEntityCurrentReportingStatus"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_MXCEntityFilerCategory"/>
		<link:presentationArc order="90.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCEntityFilerCategory"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityPublicFloat" xlink:label="loc_MXCEntityPublicFloat"/>
		<link:presentationArc order="100.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCEntityPublicFloat"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_MXCEntityCommonStockSharesOutstanding"/>
		<link:presentationArc order="110.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCEntityCommonStockSharesOutstanding"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_MXCDocumentFiscalPeriodFocus"/>
		<link:presentationArc order="120.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCDocumentFiscalPeriodFocus"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2011/dei-2011-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_MXCDocumentFiscalYearFocus"/>
		<link:presentationArc order="130.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCDocumentAndEntityInformationAbstract" xlink:to="loc_MXCDocumentFiscalYearFocus"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ConsolidatedBalanceSheets" xlink:title="0002 - Statement - CONSOLIDATED BALANCE SHEETS">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_BalanceSheetsAbstract" xlink:label="loc_MXCBalanceSheetsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_MXCAssetsAbstract"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCBalanceSheetsAbstract" xlink:to="loc_MXCAssetsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_MXCAssetsCurrentAbstract"/>
		<link:presentationArc order="10.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAssetsAbstract" xlink:to="loc_MXCAssetsCurrentAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_MXCCashAndCashEquivalentsAtCarryingValue"/>
		<link:presentationArc order="20.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAssetsAbstract" xlink:to="loc_MXCCashAndCashEquivalentsAtCarryingValue"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrentAbstract" xlink:label="loc_MXCAccountsReceivableNetCurrentAbstract"/>
		<link:presentationArc order="30.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCBalanceSheetsAbstract" xlink:to="loc_MXCAccountsReceivableNetCurrentAbstract"/>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_OilAndGasSales" xlink:label="loc_MXCOilAndGasSales"/>
		<link:presentationArc order="40.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAccountsReceivableNetCurrentAbstract" xlink:to="loc_MXCOilAndGasSales"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_MXCAccountsReceivableNetCurrent"/>
		<link:presentationArc order="50.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAccountsReceivableNetCurrentAbstract" xlink:to="loc_MXCAccountsReceivableNetCurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="loc_MXCDueFromRelatedPartiesCurrent"/>
		<link:presentationArc order="60.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAccountsReceivableNetCurrentAbstract" xlink:to="loc_MXCDueFromRelatedPartiesCurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="loc_MXCPrepaidExpenseCurrent"/>
		<link:presentationArc order="70.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAccountsReceivableNetCurrentAbstract" xlink:to="loc_MXCPrepaidExpenseCurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_MXCAssetsCurrent"/>
		<link:presentationArc order="80.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAccountsReceivableNetCurrentAbstract" xlink:to="loc_MXCAssetsCurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:label="loc_MXCPropertyPlantAndEquipmentNetAbstract"/>
		<link:presentationArc order="90.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCBalanceSheetsAbstract" xlink:to="loc_MXCPropertyPlantAndEquipmentNetAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasPropertyFullCostMethodGross" xlink:label="loc_MXCOilAndGasPropertyFullCostMethodGross"/>
		<link:presentationArc order="100.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCPropertyPlantAndEquipmentNetAbstract" xlink:to="loc_MXCOilAndGasPropertyFullCostMethodGross"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentOther" xlink:label="loc_MXCPropertyPlantAndEquipmentOther"/>
		<link:presentationArc order="110.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCPropertyPlantAndEquipmentNetAbstract" xlink:to="loc_MXCPropertyPlantAndEquipmentOther"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_MXCPropertyPlantAndEquipmentGross"/>
		<link:presentationArc order="120.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCPropertyPlantAndEquipmentNetAbstract" xlink:to="loc_MXCPropertyPlantAndEquipmentGross"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="loc_MXCAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"/>
		<link:presentationArc order="130.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCPropertyPlantAndEquipmentNetAbstract" xlink:to="loc_MXCAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_MXCPropertyPlantAndEquipmentNet"/>
		<link:presentationArc order="140.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCPropertyPlantAndEquipmentNetAbstract" xlink:to="loc_MXCPropertyPlantAndEquipmentNet"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_Assets" xlink:label="loc_MXCAssets"/>
		<link:presentationArc order="150.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCPropertyPlantAndEquipmentNetAbstract" xlink:to="loc_MXCAssets"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_MXCLiabilitiesAndStockholdersEquityAbstract"/>
		<link:presentationArc order="160.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCBalanceSheetsAbstract" xlink:to="loc_MXCLiabilitiesAndStockholdersEquityAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_MXCLiabilitiesCurrentAbstract"/>
		<link:presentationArc order="170.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCLiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_MXCLiabilitiesCurrentAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:label="loc_MXCAccountsPayableAndAccruedLiabilitiesCurrent"/>
		<link:presentationArc order="180.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCLiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_MXCAccountsPayableAndAccruedLiabilitiesCurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="loc_MXCLongTermDebtNoncurrent"/>
		<link:presentationArc order="190.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCLiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_MXCLongTermDebtNoncurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetRetirementObligationsNoncurrent" xlink:label="loc_MXCAssetRetirementObligationsNoncurrent"/>
		<link:presentationArc order="200.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCLiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_MXCAssetRetirementObligationsNoncurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="loc_MXCDeferredTaxLiabilitiesNoncurrent"/>
		<link:presentationArc order="210.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCLiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_MXCDeferredTaxLiabilitiesNoncurrent"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_MXCCommitmentsAndContingencies"/>
		<link:presentationArc order="220.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCBalanceSheetsAbstract" xlink:to="loc_MXCCommitmentsAndContingencies"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_MXCStockholdersEquityAbstract"/>
		<link:presentationArc order="230.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCBalanceSheetsAbstract" xlink:to="loc_MXCStockholdersEquityAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_MXCPreferredStockValue"/>
		<link:presentationArc order="240.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCPreferredStockValue"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_MXCCommonStockValue"/>
		<link:presentationArc order="250.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCCommonStockValue"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_MXCAdditionalPaidInCapitalCommonStock"/>
		<link:presentationArc order="260.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCAdditionalPaidInCapitalCommonStock"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_MXCRetainedEarningsAccumulatedDeficit"/>
		<link:presentationArc order="270.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCRetainedEarningsAccumulatedDeficit"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="loc_MXCTreasuryStockValue"/>
		<link:presentationArc order="280.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCTreasuryStockValue"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_MXCStockholdersEquity"/>
		<link:presentationArc order="290.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCStockholdersEquity"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_MXCLiabilitiesAndStockholdersEquity"/>
		<link:presentationArc order="300.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCLiabilitiesAndStockholdersEquity"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ConsolidatedBalanceSheetsParenthetical" xlink:title="0003 - Statement - CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical)">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_BalanceSheetsAbstract" xlink:label="loc_MXCBalanceSheetsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_MXCStockholdersEquityAbstract"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCBalanceSheetsAbstract" xlink:to="loc_MXCStockholdersEquityAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_MXCPreferredStockParOrStatedValuePerShare"/>
		<link:presentationArc order="10.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCPreferredStockParOrStatedValuePerShare"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_MXCPreferredStockSharesAuthorized"/>
		<link:presentationArc order="20.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCPreferredStockSharesAuthorized"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_MXCPreferredStockSharesIssued"/>
		<link:presentationArc order="30.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCPreferredStockSharesIssued"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_MXCPreferredStockSharesOutstanding"/>
		<link:presentationArc order="40.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCPreferredStockSharesOutstanding"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_MXCCommonStockParOrStatedValuePerShare"/>
		<link:presentationArc order="50.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCCommonStockParOrStatedValuePerShare"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_MXCCommonStockSharesAuthorized"/>
		<link:presentationArc order="60.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCCommonStockSharesAuthorized"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_MXCCommonStockSharesIssued"/>
		<link:presentationArc order="70.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCCommonStockSharesIssued"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_MXCCommonStockSharesOutstanding"/>
		<link:presentationArc order="80.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCCommonStockSharesOutstanding"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="loc_MXCTreasuryStockShares"/>
		<link:presentationArc order="90.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStockholdersEquityAbstract" xlink:to="loc_MXCTreasuryStockShares"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ConsolidatedStatementsOfOperations" xlink:title="0004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_StatementsOfOperationsAbstract" xlink:label="loc_MXCStatementsOfOperationsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SalesRevenueNetAbstract" xlink:label="loc_MXCSalesRevenueNetAbstract"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementsOfOperationsAbstract" xlink:to="loc_MXCSalesRevenueNetAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OilAndGasSalesRevenue" xlink:label="loc_MXCOilAndGasSalesRevenue"/>
		<link:presentationArc order="10.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCSalesRevenueNetAbstract" xlink:to="loc_MXCOilAndGasSalesRevenue"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherSalesRevenueNet" xlink:label="loc_MXCOtherSalesRevenueNet"/>
		<link:presentationArc order="20.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCSalesRevenueNetAbstract" xlink:to="loc_MXCOtherSalesRevenueNet"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_MXCSalesRevenueNet"/>
		<link:presentationArc order="30.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCSalesRevenueNetAbstract" xlink:to="loc_MXCSalesRevenueNet"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="loc_MXCCostsAndExpensesAbstract"/>
		<link:presentationArc order="40.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCSalesRevenueNetAbstract" xlink:to="loc_MXCCostsAndExpensesAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostOfGoodsSoldOilAndGas" xlink:label="loc_MXCCostOfGoodsSoldOilAndGas"/>
		<link:presentationArc order="50.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCCostsAndExpensesAbstract" xlink:to="loc_MXCCostOfGoodsSoldOilAndGas"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetRetirementObligationAccretionExpense" xlink:label="loc_MXCAssetRetirementObligationAccretionExpense"/>
		<link:presentationArc order="60.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCCostsAndExpensesAbstract" xlink:to="loc_MXCAssetRetirementObligationAccretionExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_MXCDepreciationDepletionAndAmortization"/>
		<link:presentationArc order="70.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCCostsAndExpensesAbstract" xlink:to="loc_MXCDepreciationDepletionAndAmortization"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_MXCGeneralAndAdministrativeExpense"/>
		<link:presentationArc order="80.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCCostsAndExpensesAbstract" xlink:to="loc_MXCGeneralAndAdministrativeExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CostsAndExpenses" xlink:label="loc_MXCCostsAndExpenses"/>
		<link:presentationArc order="90.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCCostsAndExpensesAbstract" xlink:to="loc_MXCCostsAndExpenses"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_MXCOperatingIncomeLoss"/>
		<link:presentationArc order="100.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCCostsAndExpensesAbstract" xlink:to="loc_MXCOperatingIncomeLoss"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="loc_MXCNonoperatingIncomeExpenseAbstract"/>
		<link:presentationArc order="110.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCSalesRevenueNetAbstract" xlink:to="loc_MXCNonoperatingIncomeExpenseAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="loc_MXCInvestmentIncomeInterest"/>
		<link:presentationArc order="120.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNonoperatingIncomeExpenseAbstract" xlink:to="loc_MXCInvestmentIncomeInterest"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestExpense" xlink:label="loc_MXCInterestExpense"/>
		<link:presentationArc order="130.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNonoperatingIncomeExpenseAbstract" xlink:to="loc_MXCInterestExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="loc_MXCNonoperatingIncomeExpense"/>
		<link:presentationArc order="140.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNonoperatingIncomeExpenseAbstract" xlink:to="loc_MXCNonoperatingIncomeExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="loc_MXCIncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"/>
		<link:presentationArc order="150.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCSalesRevenueNetAbstract" xlink:to="loc_MXCIncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxExpenseBenefitAbstract" xlink:label="loc_MXCIncomeTaxExpenseBenefitAbstract"/>
		<link:presentationArc order="160.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCSalesRevenueNetAbstract" xlink:to="loc_MXCIncomeTaxExpenseBenefitAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="loc_MXCCurrentIncomeTaxExpenseBenefit"/>
		<link:presentationArc order="170.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCIncomeTaxExpenseBenefitAbstract" xlink:to="loc_MXCCurrentIncomeTaxExpenseBenefit"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_MXCDeferredIncomeTaxExpenseBenefit"/>
		<link:presentationArc order="180.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCIncomeTaxExpenseBenefitAbstract" xlink:to="loc_MXCDeferredIncomeTaxExpenseBenefit"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_MXCIncomeTaxExpenseBenefit"/>
		<link:presentationArc order="190.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCIncomeTaxExpenseBenefitAbstract" xlink:to="loc_MXCIncomeTaxExpenseBenefit"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_MXCNetIncomeLoss"/>
		<link:presentationArc order="200.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCIncomeTaxExpenseBenefitAbstract" xlink:to="loc_MXCNetIncomeLoss"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_MXCEarningsPerShareAbstract"/>
		<link:presentationArc order="210.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCSalesRevenueNetAbstract" xlink:to="loc_MXCEarningsPerShareAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_MXCEarningsPerShareBasic"/>
		<link:presentationArc order="220.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCEarningsPerShareAbstract" xlink:to="loc_MXCEarningsPerShareBasic"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_MXCEarningsPerShareDiluted"/>
		<link:presentationArc order="230.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCEarningsPerShareAbstract" xlink:to="loc_MXCEarningsPerShareDiluted"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="loc_MXCWeightedAverageNumberOfSharesOutstandingAbstract"/>
		<link:presentationArc order="240.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCSalesRevenueNetAbstract" xlink:to="loc_MXCWeightedAverageNumberOfSharesOutstandingAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_MXCWeightedAverageNumberOfSharesOutstandingBasic"/>
		<link:presentationArc order="250.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCWeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="loc_MXCWeightedAverageNumberOfSharesOutstandingBasic"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_MXCWeightedAverageNumberOfDilutedSharesOutstanding"/>
		<link:presentationArc order="260.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCWeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="loc_MXCWeightedAverageNumberOfDilutedSharesOutstanding"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ChangesInStockholdersEquity" xlink:title="0005 - Statement - CHANGES IN STOCKHOLDERS&apos; EQUITY (Unaudited)">
		<link:presentationArc order="45.9375" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems3" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems3"/>
		<link:presentationArc order="46.71875" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems2" xlink:to="us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets" xlink:label="us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems2"/>
		<link:presentationArc order="32.5" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems1" xlink:to="us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets" xlink:label="us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems1"/>
		<link:presentationArc order="35.0" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_MXCStatementOfStockholdersEquityAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_MXCStatementTable"/>
		<link:presentationArc order="100.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementOfStockholdersEquityAbstract" xlink:to="loc_MXCStatementTable"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_MXCStatementLineItems"/>
		<link:presentationArc order="300.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementTable" xlink:to="loc_MXCStatementLineItems"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_MXCStatementEquityComponentsAxis"/>
		<link:presentationArc order="200.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementTable" xlink:to="loc_MXCStatementEquityComponentsAxis"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_MXCEquityComponentDomain"/>
		<link:presentationArc order="20000.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementEquityComponentsAxis" xlink:to="loc_MXCEquityComponentDomain"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_MXCCommonStockMember"/>
		<link:presentationArc order="10.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementEquityComponentsAxis" xlink:to="loc_MXCCommonStockMember"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="loc_MXCTreasuryStockMember"/>
		<link:presentationArc order="110.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementEquityComponentsAxis" xlink:to="loc_MXCTreasuryStockMember"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_MXCAdditionalPaidInCapitalMember"/>
		<link:presentationArc order="210.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementEquityComponentsAxis" xlink:to="loc_MXCAdditionalPaidInCapitalMember"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_MXCRetainedEarningsMember"/>
		<link:presentationArc order="310.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementEquityComponentsAxis" xlink:to="loc_MXCRetainedEarningsMember"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SharesIssued" xlink:label="loc_MXCSharesIssued"/>
		<link:presentationArc order="10.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCSharesIssued"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_MXCStockholdersEquity"/>
		<link:presentationArc order="20.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCStockholdersEquity"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_MXCNetIncomeLoss"/>
		<link:presentationArc order="30.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCNetIncomeLoss"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="loc_MXCStockRepurchasedDuringPeriodValue"/>
		<link:presentationArc order="33.125" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCStockRepurchasedDuringPeriodValue"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="loc_MXCStockRepurchasedDuringPeriodShares"/>
		<link:presentationArc order="47.5" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCStockRepurchasedDuringPeriodShares"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation" xlink:label="loc_MXCAdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation"/>
		<link:presentationArc order="41.25" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCAdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_MXCShareBasedCompensation"/>
		<link:presentationArc order="44.375" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCShareBasedCompensation"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SharesIssued" xlink:label="loc_MXCSharesIssued_2"/>
		<link:presentationArc order="80.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCSharesIssued_2"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_MXCStockholdersEquity_2"/>
		<link:presentationArc order="90.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementLineItems" xlink:to="loc_MXCStockholdersEquity_2"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/ConsolidatedStatementsOfCashFlows" xlink:title="0006 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)">
		<link:presentationArc order="71.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_OtherNoncashExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_OtherNoncashExpense" xlink:label="us-gaap_OtherNoncashExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_StatementsOfCashFlowsAbstract" xlink:label="loc_MXCStatementsOfCashFlowsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_MXCNetCashProvidedByUsedInOperatingActivitiesAbstract"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCStatementsOfCashFlowsAbstract" xlink:to="loc_MXCNetCashProvidedByUsedInOperatingActivitiesAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_MXCNetIncomeLoss"/>
		<link:presentationArc order="10.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_MXCNetIncomeLoss"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_MXCAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
		<link:presentationArc order="20.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_MXCAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_MXCDeferredIncomeTaxExpenseBenefit"/>
		<link:presentationArc order="30.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_MXCDeferredIncomeTaxExpenseBenefit"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities" xlink:label="loc_MXCExcessTaxBenefitFromShareBasedCompensationOperatingActivities"/>
		<link:presentationArc order="40.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_MXCExcessTaxBenefitFromShareBasedCompensationOperatingActivities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_MXCShareBasedCompensation"/>
		<link:presentationArc order="50.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_MXCShareBasedCompensation"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_MXCDepreciationDepletionAndAmortization"/>
		<link:presentationArc order="60.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_MXCDepreciationDepletionAndAmortization"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetRetirementObligationAccretionExpense" xlink:label="loc_MXCAssetRetirementObligationAccretionExpense"/>
		<link:presentationArc order="70.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_MXCAssetRetirementObligationAccretionExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_MXCIncreaseDecreaseInOperatingCapitalAbstract"/>
		<link:presentationArc order="80.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_MXCIncreaseDecreaseInOperatingCapitalAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_MXCIncreaseDecreaseInAccountsReceivable"/>
		<link:presentationArc order="90.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_MXCIncreaseDecreaseInAccountsReceivable"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:label="loc_MXCIncreaseDecreaseInPrepaidExpense"/>
		<link:presentationArc order="100.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_MXCIncreaseDecreaseInPrepaidExpense"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="loc_MXCIncreaseDecreaseInAccruedIncomeTaxesPayable"/>
		<link:presentationArc order="110.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_MXCIncreaseDecreaseInAccruedIncomeTaxesPayable"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="loc_MXCIncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
		<link:presentationArc order="120.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_MXCIncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_MXCNetCashProvidedByUsedInOperatingActivities"/>
		<link:presentationArc order="130.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_MXCNetCashProvidedByUsedInOperatingActivities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_MXCNetCashProvidedByUsedInInvestingActivitiesAbstract"/>
		<link:presentationArc order="140.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_MXCNetCashProvidedByUsedInInvestingActivitiesAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireOilAndGasProperty" xlink:label="loc_MXCPaymentsToAcquireOilAndGasProperty"/>
		<link:presentationArc order="150.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_MXCPaymentsToAcquireOilAndGasProperty"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="loc_MXCPaymentsToAcquireBusinessesAndInterestInAffiliates"/>
		<link:presentationArc order="160.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_MXCPaymentsToAcquireBusinessesAndInterestInAffiliates"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment" xlink:label="loc_MXCPaymentsToAcquireOtherPropertyPlantAndEquipment"/>
		<link:presentationArc order="170.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_MXCPaymentsToAcquireOtherPropertyPlantAndEquipment"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment" xlink:label="loc_MXCProceedsFromSaleOfOilAndGasPropertyAndEquipment"/>
		<link:presentationArc order="180.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_MXCProceedsFromSaleOfOilAndGasPropertyAndEquipment"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_MXCNetCashProvidedByUsedInInvestingActivities"/>
		<link:presentationArc order="190.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_MXCNetCashProvidedByUsedInInvestingActivities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_MXCNetCashProvidedByUsedInFinancingActivitiesAbstract"/>
		<link:presentationArc order="200.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_MXCNetCashProvidedByUsedInFinancingActivitiesAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="loc_MXCProceedsFromStockOptionsExercised"/>
		<link:presentationArc order="210.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_MXCProceedsFromStockOptionsExercised"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_PaymentsForRepurchaseOfEquity" xlink:label="loc_MXCPaymentsForRepurchaseOfEquity"/>
		<link:presentationArc order="209.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_MXCPaymentsForRepurchaseOfEquity"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="loc_MXCRepaymentsOfLongTermDebt"/>
		<link:presentationArc order="230.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_MXCRepaymentsOfLongTermDebt"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities" xlink:label="loc_MXCProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities"/>
		<link:presentationArc order="240.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_MXCProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities" xlink:label="loc_MXCExcessTaxBenefitFromShareBasedCompensationFinancingActivities"/>
		<link:presentationArc order="250.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_MXCExcessTaxBenefitFromShareBasedCompensationFinancingActivities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_MXCNetCashProvidedByUsedInFinancingActivities"/>
		<link:presentationArc order="260.0" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_MXCNetCashProvidedByUsedInFinancingActivities"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_MXCCashAndCashEquivalentsPeriodIncreaseDecrease"/>
		<link:presentationArc order="270.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_MXCCashAndCashEquivalentsPeriodIncreaseDecrease"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_MXCCashAndCashEquivalentsAtCarryingValue"/>
		<link:presentationArc order="280.0" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_MXCCashAndCashEquivalentsAtCarryingValue"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_MXCCashAndCashEquivalentsAtCarryingValue_2"/>
		<link:presentationArc order="290.0" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_MXCCashAndCashEquivalentsAtCarryingValue_2"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_MXCSupplementalCashFlowInformationAbstract"/>
		<link:presentationArc order="300.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_MXCSupplementalCashFlowInformationAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_InterestPaid" xlink:label="loc_MXCInterestPaid"/>
		<link:presentationArc order="310.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCSupplementalCashFlowInformationAbstract" xlink:to="loc_MXCInterestPaid"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="loc_MXCIncomeTaxesPaid"/>
		<link:presentationArc order="320.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCSupplementalCashFlowInformationAbstract" xlink:to="loc_MXCIncomeTaxesPaid"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="loc_MXCCashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
		<link:presentationArc order="330.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_MXCCashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_AssetRetirementObligations" xlink:label="loc_MXCAssetRetirementObligations"/>
		<link:presentationArc order="340.0" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCCashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="loc_MXCAssetRetirementObligations"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_TransferOfInvestments" xlink:label="loc_MXCTransferOfInvestments"/>
		<link:presentationArc order="350.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCCashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="loc_MXCTransferOfInvestments"/>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_AcquisitionofSouthwestTexasDisposalCorporation" xlink:label="loc_MXCAcquisitionofSouthwestTexasDisposalCorporation"/>
		<link:presentationArc order="360.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCCashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="loc_MXCAcquisitionofSouthwestTexasDisposalCorporation"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueOfAssetsAcquired" xlink:label="loc_MXCFairValueOfAssetsAcquired"/>
		<link:presentationArc order="370.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAcquisitionofSouthwestTexasDisposalCorporation" xlink:to="loc_MXCFairValueOfAssetsAcquired"/>
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_CashPaidForSouthwestTexas" xlink:label="loc_MXCCashPaidForSouthwestTexas"/>
		<link:presentationArc order="380.0" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAcquisitionofSouthwestTexasDisposalCorporation" xlink:to="loc_MXCCashPaidForSouthwestTexas"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_LiabilitiesAssumed" xlink:label="loc_MXCLiabilitiesAssumed"/>
		<link:presentationArc order="390.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCAcquisitionofSouthwestTexasDisposalCorporation" xlink:to="loc_MXCLiabilitiesAssumed"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/NatureOfOperations" xlink:title="0007 - Disclosure - Nature of Operations">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_NotesToFinancialStatementsAbstract" xlink:label="loc_MXCNotesToFinancialStatementsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="loc_MXCNatureOfOperations"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNotesToFinancialStatementsAbstract" xlink:to="loc_MXCNatureOfOperations"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/SummaryOfSignificantAccountingPolicies" xlink:title="0008 - Disclosure - Summary of Significant Accounting Policies">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_NotesToFinancialStatementsAbstract" xlink:label="loc_MXCNotesToFinancialStatementsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_MXCSignificantAccountingPoliciesTextBlock"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNotesToFinancialStatementsAbstract" xlink:to="loc_MXCSignificantAccountingPoliciesTextBlock"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/AssetRetirementObligations" xlink:title="0009 - Disclosure - Asset Retirement Obligations">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_NotesToFinancialStatementsAbstract" xlink:label="loc_MXCNotesToFinancialStatementsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:label="loc_MXCAssetRetirementObligationDisclosureTextBlock"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNotesToFinancialStatementsAbstract" xlink:to="loc_MXCAssetRetirementObligationDisclosureTextBlock"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/Stock-BasedCompensation" xlink:title="0010 - Disclosure - Stock-based Compensation">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_NotesToFinancialStatementsAbstract" xlink:label="loc_MXCNotesToFinancialStatementsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="loc_MXCDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNotesToFinancialStatementsAbstract" xlink:to="loc_MXCDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/FairValueOfFinancialInstruments" xlink:title="0011 - Disclosure - Fair Value of Financial Instruments">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_NotesToFinancialStatementsAbstract" xlink:label="loc_MXCNotesToFinancialStatementsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="loc_MXCFairValueDisclosuresTextBlock"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNotesToFinancialStatementsAbstract" xlink:to="loc_MXCFairValueDisclosuresTextBlock"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/CreditFacility" xlink:title="0012 - Disclosure - Credit Facility">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_NotesToFinancialStatementsAbstract" xlink:label="loc_MXCNotesToFinancialStatementsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:label="loc_MXCScheduleOfLineOfCreditFacilitiesTextBlock"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNotesToFinancialStatementsAbstract" xlink:to="loc_MXCScheduleOfLineOfCreditFacilitiesTextBlock"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/IncomeTaxes" xlink:title="0013 - Disclosure - Income Taxes">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_NotesToFinancialStatementsAbstract" xlink:label="loc_MXCNotesToFinancialStatementsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="loc_MXCIncomeTaxDisclosureTextBlock"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNotesToFinancialStatementsAbstract" xlink:to="loc_MXCIncomeTaxDisclosureTextBlock"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/RelatedPartyTransactions" xlink:title="0014 - Disclosure - Related Party Transactions">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_NotesToFinancialStatementsAbstract" xlink:label="loc_MXCNotesToFinancialStatementsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="loc_MXCRelatedPartyTransactionsDisclosureTextBlock"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNotesToFinancialStatementsAbstract" xlink:to="loc_MXCRelatedPartyTransactionsDisclosureTextBlock"/>
	</link:presentationLink>
	<link:presentationLink xlink:type="extended" xlink:role="http://mexcoenergy.com/role/SelectedQuarterlyFinancialData" xlink:title="0015 - Disclosure - SelectedQuarterlyFinancialData">
		<link:loc xlink:type="locator" xlink:href="mxc-20120331.xsd#MXC_NotesToFinancialStatementsAbstract" xlink:label="loc_MXCNotesToFinancialStatementsAbstract"/>
		<link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2011/elts/us-gaap-2011-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="loc_MXCEarningsPerShareTextBlock"/>
		<link:presentationArc order="0.0" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_MXCNotesToFinancialStatementsAbstract" xlink:to="loc_MXCEarningsPerShareTextBlock"/>
	</link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>15
<FILENAME>0001398344-12-002115-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001398344-12-002115-xbrl.zip
M4$L#!!0````(`$Y^W4`7#2C:KW$``(Y*!0`0`!P`;7AC+3(P,3(P,S,Q+GAM
M;%54"0`#`P?N3P,'[D]U>`L``00E#@``!#D!``#L75MSV[:V?MZ9R7]@_=#=
M,V/%O%^<)GL<7W(\36R/[>ZF3V=H$9+84*3*BR_]]6<!I"20(B4"!&4G46?:
MRB2`[\-:"PL7+@"__N=Q&DCW*$[\*'RWI[R1]R04#B//#\?O]GZ_&1S=')^?
M[_WG_>M7O_XT&$C',7)3Y$EW3]*9'Z"KR`_3?R?2EP_7G_S03:-8FJ3I[/#@
MX.'AX0WRQFX\@F0SG.S-,)I*@P$NZ?$N#OQ#_%\)X,/D\#'QW^U1.1^T-U$\
M/E!E63GX\OG3S7""IN[`#Y/4#8=H;YXK\,.O=?D4QW$.R-MYTI64&'R.H1W@
MUW=NLBP9$UR3?H4)O/72108ZL7&0ORPE]6N3FGE2?Y[40Y5T"1J^&4?W!_`"
MTBO*0%8&FC)/'J-1(V7S`-[.$_I)I*N*M:Y^>8IYABP9C%UWML@P<I,[DKAX
M44,&WL11@)+:/.1-3:8P"L-L6L_+2^.#]&F&#B#1`%*AV!\N\FW.5,X`'/#C
M>G;D30V[SU^.%^FGZ'$8H1#%XR=LUSBU*FN0%LS[7[]B<SI,B-%>HY%$+/%P
M0O0S?1P.YHG?/";>7O$6@[[;2_SI+$![!Z24O)4,HS!%CZGD>^_VCI++$626
M![(V*+#FR5"8^ND3>3)_Y'OXX<A'L42XH)*,YK9T?/[;WGL9_V.:NF+_>E#-
MG*,<K,`4*#.0:^25@4GK2-\OJ2Y*+=[012X+F#\IJKQ>",JW(P2E-R&H`]D<
MJ,ZW((2":C^6X`PT^5L00D&U'TOX5IJ#VE=S`-E^*T*84Q4IA+,XFN8EZ]!Q
MI=$WT%-`I>/T!$:4[Y?$YP4LW]$Y4.@5Z:M]R_Q-=Q'BDA<B?.G]#"W".?'6
M(E1Z$Z%"B?"E^Z:2"!5&$:KB15@>X?S?<32=1N%-&@V_?D;3.Q1O4Y`+&:'Q
M%!4.JGCH`?CC+/"'?IKSDCP?TN0SR6)F<'B3@C1PSM._,^`)=9E%(?R9'#WZ
MR=[[>;*5.OYZ4`M1<#I8)?6"!F?-CGBG2_&Z?&E]2'DLLM-XGZVWOV%4W1A@
MI\M^6^]+&+Z4EUAV&N^U[^UA=:AY^+G39<^M]^6,G'<:WT;K[6T=9]'?WL;(
M3;+XZ?O68$TMO]/9STZ?/^(,:*?U[VL6M-/GCS@3VFG]^YH-[?3Y(\Z(=EK_
M]F=%1Y[GIR`6-[AR?>\\/'9G?NH&WZTVU];W.YTI[72\-1V_\-G3SA*>H;5O
M>4:UT_&SM/87.,O:6<)S].W;G7GM=/P\K?WES<9VEO`<K;W_&=HU2ET_1-ZI
M&X=^.$Z^6X765_0[G9/MM/KCSL)VNO\>YUT[K?ZX,ZV=[K_'N=5.JS_N;&JG
M^V]J_I2%?J[&WV].2DJ:DH]WZ'UQ",$AO)^7,G]%%8R+J2OU9N+&**DMN!`%
M2<!1,O"YJBG=\^_!'$I"PUDN\,D#^&0,VAK:5O)?)3*5HBB0$Q1&T_P`CGJ8
M#54NXU1+F[];UG!%1![R#T^B88:-Z\Q/AF[P)W+C,WB22(7JK_'Q!^MV!^+G
MOQZL*:D!Z8H8&QO6V9]U2%1)"ZQ3TCKP82?Q,;3.<10_M4:YF;H!Y).NT2R*
M4VBJ$F[2;OB4@]<478$]SN(8V"WR8P?!4,L_L;(WE5:!_&\49"$X\YQ7>ZR+
MB(:JE%+!^`,%P6]A]!#>@`F"A_/.DR0#.?%A-92VP"RJO32FT[SO:0TWF#N\
M=:4MX([`GCQB4X$[;HTQ<H,$Y0BE`E9L/K=1UBK0;KNQM!6LVZ=9>P@8Z?U6
M+AQGKQHT/([=X#STT.-OJ'U+HKO>QM(J6-=H["?P/DPOW&G[>GP^_7)\*9U>
MG%Y__%,ZOKR^NKP^NCV_O*"!RT57Z[B,R,^[B<LLQ5TD/E.IQ*)RB(>$O2EY
M4?0NDH>&/KB0Y-V>C%6H&8[NE.J_!JE"ZBJ[@T'!61"Y:1V'^1D:2PZX5RX3
MT!U%T62=)D"52O#F(Y23#&$17Z,`GQ9U!4-#'R5%RVF`)\*OP#\F_F'H!^_V
MTCB;GXKSTV#PP0WPX4O2S02A5#I*$I0FY&"I)8%C-YD<A1[^'QY+W;L!&4:E
MQVX</X%T_NL&&6I01AV3BB!LTX:&Q`0FAEZ#H$KT%,N1K>>A)[>A9\JZYCP'
MO<7Y(.OHJ:IFV!H/O<]?C@\O_0`2?W23&TB7\!J8IFF*`QI<+9$!J(VI:#8,
M/HU&H,5WF^$P@NX\N49#!!*X"]`%2M<TYU9UE'7L2]I`=.+21@RZJFLJ!Y>K
M&,U<WSM]G,%,#G44B&):-D6BMFP^]#8B,'7=<EC0<[?;L<XVN"K#IB1/%\H&
MUZJ2EJPX5ANX16.XBB.8S,(H/0N"XRB!274ZB;R/<93PMV[%UF79H*3=!DT(
MO58^0=95Z-ZL#O3FZ:Z@GTXA*W:<,SPBO$PGE6$^@]PLVU!EVD37@73DTT90
M/?#I:%>.8AOE5KP.IR.E=K9DR(:F65R4P`UGTXR,($_0+(9R71P\`+\#A']`
M[J,IGLG^0YXWELSOD&$LH)I6J6,0PFAKU6PU7#14U9)-K>=J-J:"OI5;0X;I
M&)JBMC`O0.E$IZ4DH0NW=`XZ>4_$;ZF&I6N67.W96D*TJYNCVSH]K:`@5N9D
MGWSWS@]\/.NK3,SF8ZLK]PD/K+`I#8<PN_.H+!T'%;JLRHZ].IQK`2F2:BNI
M.HZCUXR"6:E^BL+Q+8JG)^@NO8C"8<>1J$666Y:TZHOG9-!*+C8[`V*/U^"@
M8O()Y?(N\,?$/R7=)6(JFDIWK&VPA)!K(RQ#M1VEVC!9R)V@$8*GWJW[2-E9
M=ZG9X#!DJE_9A-.95!MI.8IJFKRD8%J4IR9K;JR+2'7+68PE,RR4U1P0TFG5
M2Y%UQZ`G:]6"F5%;>0)9U]NC-@284GFX/8`IVYI!][`;H00P:S=S-S15-;F9
M5;\FET9_(_PAF5=F!EZO5ZGQ\V8H`<Q:N4Q-46Q-YV96VF#:J55IJ@$&OB2R
M6C('<+NI&?C!]L#D\20*/!0G>70"MQ]1'4M7':HIK9;-`=W*F:B&C&<,@J%;
MK7HKIN9HHJ%;K6@KLJ-:IB):X,V';#'U(B*5S\Y%%\^E^>C`]5QDQ=%Z,@]&
M+HZM:+)HL:P[@6`=F4'50PHU&'8V%;<IU&28V>A`AEZI%6HT+X)-R[U23$,W
MH1;4@5=UX";4EOAY&8YLV8[3DU5UX`7&9:I]=6,-T:-,XUNAAL5#J#JL%6I1
M/(044)HFN"O9M"EG[=J@91@J@VU32P)'H2=P$+RR8KL)J3,MOE7>5K16UG^O
M7+QT,D&I/X2B*TO`I7XECUMJ)\;:L"A34^A/-#6%\X"O"JL6W'"8P#DBP]JP
M6$2&M<'I1*BE6%09VI@80B26T^LD',>!R=<:+CD$+XW6(K$%T#C*TDD4^_]T
MDH@NRY75]34X7?BT%(T0/N!Q+F.R?\(CBQ=7*"996SOHJUIN\ANCEE83G`AZ
MM8ZZ!WKE)6>1#JD4%;$6I"NAEB8FD%!GA[2!2XT;8*,A1B0M:0AQ2,J*`U@/
MU9%52P$)9-63<U*:J'$T_YX<%!]%&$_>W![=GGX^O;B]D2[/I,NKTSP(_Z8R
MEBP'K5ZC>Q1FK4/]UZ_+JYI9&Z-'(_%QJ;M>;GU@EVZH>EU`7F<NM;<%;I"+
M;-'?3UMPP?%O]-MJB`VGBA13LZG660?#Q8-5/8IITI_?1?%@5HVJ.X[&P*,'
ME6@J#.;HX/Z.^.PMQ53LTHI^)WR.UJ$;EF&VP\<1M)>CCU'D)3<PI5XT)!&*
M<%23!/9OPN(FQ-Q(9-5PZ"![T8R8=:7(AJZJ.B.CQN`:'*A%HB.+F'DAS<E4
MC3:!/55L<8R9&Z"NJ&WBI'ICS-YD%1!R5\9MPF2%-&O'5&6*;1M<(439F[MN
M.;*Y?:;L;D!18'RE=&#Z$84H=K&S./*F?D@VAJ;^/1+H"!P<MT"-=39`=J7'
MJFW;LJSMT6-6L6W)I<_\+/1PIX!7OHMW0CIGU9$=S53*/0\-PLR`56&J8\,X
MQ1+'@-WMXD`<W6[)X'*&#[[PP_%Y.(RFZ%-U2PIO_PHL+(I##0P/#69GB:-S
M%-$TV#TA_KK*((WS\!XE*>XE\P3GP""&)T+F=@[5RS4!<;-A'M68<G]LF/6D
MTR;;DDW^4&"/I-JV7A)*"8$5G5TA)?_9#9W==VDRO5-W'?I%%$;E9B10!P/5
M-NG(J$8P?DJLBAE`4Z%=F7A*S-H::*I)[S1O1VGI\S#L,=#PPPQR%$XQ"I,/
M:!3%*$]WZSZBY+,?1K&?/LWM`3JS<BGY%_-\T^RRW8KIR615IJ,'MTC_)8F-
MN>?5(8_\HXN-?:2@:Z4F]5QB*[;"+8HM&O('&-^/?-YQR-J]-,R`S`Y4-0R9
M7B9;B]B-'/L*,S>W^2XKL:JJ2,YRZ'':!LBN]%@5ZU260_HDQ]Y'JK9JT=OT
M6?AM4:>"Z3`W3L4P'+,O.AQ:,RQ5,]CX7*!4X"3Z_.(,?_5P2E^>2A!LX$P:
M(>"@$I/6"3\XF_P)N"[+-OVYJT/-ZTXSWKAM8UU?Q2/K?A%K;U7HMXYM;S[M
M6ZX]8[:^;;UOV3)%]PN7\M;0.>YL[%ORK,'P6_#<?)SZ=>A\G-K[^7FQ\WBF
M#V[B#[FZV::(3SJ(N!:-C\_&GK>)#[UD+([/YLZXB8^J=.%SX@=96HD;[%-C
M!1XOIUZTUHU3/YJKX_0'\L<3>'ATCV)WC"XRW)(O1RLQO9QML&EK@RTKU-H'
M$PFQ]-<KOSX>T]$MDXX@>#[Z&^RDGKYMVS*]:THX_<+.U@>?=S$?S53I:`-&
M&J*KP&5"IFK2,6[/6P4N,W)4Q[#M;E7X:3`X/KKY7^GLT^4?U;#DT\<A2A*8
MB!<S<$QUW@$A#U\"`--SLC*Z^,AZ-$S]>[+/KH=U2^%\F`,.RBN'G?CT6C.>
M19B>JE:?2\R2C8)3TAN%:[$XZ;`OXAA*>8.^0#8<JSJJ*6L]L1&_S--)+5N"
M%K_PTTW@'5=&NHE\6^!]K`EU$SOGT0_/XK`ZD=VR.^O$==O.KMWZ2W_-;XOX
M'=:?UN&3C3WX@$I\)87(:")-K6X?*J/PL&#__JT:])DX8FBPC^ILE8Y`W,3B
M/!QBQXI.4/[_\W#U#@D1.C(UV2A%GFV&%<*3.:[&-A4ZO'A;1#GTK&N.)I1H
M^>H,$5K7+=-9*\PR9&=^S&U6MS3%WAY!]G@E1Z=/(^G(KSB2FPIF*H[K[F'B
MWA&]:_01`[Q`VEWCDH2RWG@>NY!P=UEMYR[7$>FI+LPV9#F5T/"74QGV_L%0
M#7FM:V.N#+Y+"H815W&$;U/U/CS]GF#+%+<06+8LP]+4RN?4EO`"63./'S3-
MT.G`K^=@S;&5T-04>L,N)VLP)1+K>AL=#?_._!BM7,`DYO@$72UUBYMA!;!D
M7CC6-4,K7:FR!9;,FG>@,O0GD:XD/V0)S!&3A!RZ-P^1!E\S&H%'<=->OA&(
M(<&^]JM;=OF4'68>XJO1Q@"89$DFD.VN;NI)F^P,V%6I:L9:?[*6@F#Z'.O^
MBFZO-406_G$T1,@C.QGP&2"7HQ4/(,``*K-$Q="IJ2PC!='TV8]ND:V70I[C
M+!'P8H+H-PP:\CTPPL>'`T6QY-+6A/;X`FFS3U3Q/3[J,]/F6&Y28)#H=&8]
M=TUG47R-9ED\G,!<Y')4<_@O[_9>U;)K7&$M7C=F'!'_JD:?V-(?M\ZC`-H+
MX`]NES.R&>[T$<5#/^&,,JP+3BV?4K@!M3M'C@_\FE8Z9J=_DCS?_0U'LU1>
MDF!2A7U=CNCKZH0%;)35W`3'S8FC(6J.T2LG#AU:%@<E6M%-&<@=\.2SZ@T:
M9K&8#C@7H[)RSB@?G=[JQ#$3T"NF\=+JQ&-:/=2H?;38F1^ZX?#E!`JVY-/U
M"T0G0KU6K>M7"G$U:QA$BK.82D,8V.7187M\@;1Y=HHZAD5?#/P<O#G\SD!7
M#*7%5&<3;YR'.*1D@H>\]S`OQ=\M4.SC$Q;*WS4$;0Q6G-*]<RP,A%+G,!;;
M+)U6^DS,><S%U!3Z3FENZO.U4AQ3)F1.:3EJS9%1N'@F7.:5)</2[.ZX[,=$
MZ49Y<WXC+O55FEO4&Z((-B&T$&HW!-[)].<OQVMNM!9AEX:FFV`?ZX$XN;#O
MDY#Q&FX?7-C'*[*!;\IJP65N!;>Q&R8CO'.F^_%6ZZRM-0Z'WS?UT@'>M5!<
M9+JN)IVY?DRN2K@<$74DQ5>)/AP&$Q;')S_;LDW*)3?"<9/JXFW(V`J<V%D4
MWT19.GD`I=ZB1^Z#V87@\']770O%1::K)=-WRB5)-NW%A-N!L(O5*5GN*@H[
M"5YQXEM2J/OXI'P=N[(3\<C[*RM\TFW4L$\`'Q@T&J'AFBFH&-E5)_>"R&VI
MPEPKRM]P?85OB_G^U-]MY\VW+`WQ&QFWK+D7RK6/_8I;ENR+9=O3?K0MBU?`
M!C:LF/R"OY,LAC+RQ2`RMM[>=VIF%N+KT/T[]O-70L!W[N>OA/#MPIKQ#=A:
MIQKJCO+"JBA^@*39%GWMX?-7D6_44_4A+TQO?`=#5,U1_0;\(G.M5'E+M;I:
M1*/E2UO]+&:R,.B;>IMAXDJ\D:E:+?W!UJO3R='9NN6(J->&JZ%;'X^E.+9)
MVTW3E=""[J)69=5QZ*U(W(#MCV$SA`*N]2P-%!Q'400*F8>"+8A"&__:0$'6
MA)@:=O=\%,AY=D*DT&ZZ7DL"?[0W+8'&P,/!<,1P:+<04,_!ULNCHZ[FT"L'
M7.8RDKSDK/-,8OK">I;JZC!R+1<!U-G7INJIZYVIK_:.><I^!B/UKLNTZ1N7
MF&BUK]`%>B"OA-P9L%J/?%S5:F&FPD=0%5CG'@U5L/$^_>>I`O-$HZ$*NB*D
M"@T-B0P>Q1P350[^W`C:G2+[-2WE'4);H,BY:O\")<M.NY.T+]PTB_'^R,55
M86V-]/W/0?IV)B7I4X#>[8T@TZ&D*+-4NO6GT%"AB4C7T=0-]_,'^](-4!B]
ME:9N//;#0TG>^WF<OOV,'H>1=!JB>/PD'4?Q+,II2+^X\&<`?WD1,%H\_Q_)
M#3W)AY[E81(%P=/K5]%#"$.0)+M+?,]W8Q]#G44Q(#<4BYG]&<5?5XM=1%Y(
M>>C%B9_,HL0-JB7,`S.6V5^_^F4(=!"._$7!T[Z43I#TLSN=O0V\O[/H+?[0
MX(9/Y$E,G@!BC"04CMTQT/=#D@,]SH*BR'W0,A05Y7MD,;M9''G9D'"(1E*(
M%0?4QB[4=QAG'I(B/]A__0K4YY%O&HCDHM))@?]WYGN)]`O%[.+CIX2F]8;\
M$=XEL[?+7Y\CD`F`8HZEJB0X3X*1"1@&\8LXRX14<(C(G][K5U#%/Q:B?2M-
MH@>H7[PO/0#QA["H'3YC>I;OT,7QV[C,+"P$`6)R<9CL&!%Q/:#@'H'YX2,$
M:DD?!>DDRL83:5JPC[(8,WW]JIYJ?BLEH-P]21'>:I[DY/+'4H+I@B`I>D#C
M8>(/)_,Z@,G-BWR#6\?!#)LX%3B^TMC*+L0?A_[('^*-[?FI-KCA1H$_!#`0
M6_HA@*:]W?:)"\%YZ7(&(W?J!T^'ZTM:9+_#/Z[`"0W]68`2:+$C,*(P@8IY
M1`I$5'?SY`<8`O]1J]3;"7&D1690UBB/N@?%$%/(H_\`*\`M`MNK6QP0A"V@
MR=OD)K'T*M*J4VDP,8!=:BW7_C!O(-*=&P"SPHI3'*7H#G,/ZR9)A&^X!X@'
M/YT0FG2E0$1+=SQQP<SO$`HE%/A3J"TDH*SK]:O7K\1H>EF_'@H79$:G20H]
M7XJM"$N5!'7E:[XL1G2.W0V:N;AC;#(@K)`1="-X:S)1DKMHDI!Y;LS2.+_+
M'DP&WJ-96G@ZK-'?H<\&#=\0#X6M[V@*%1JZ^R";$+P8<>Q^(L6H"*-,(WCS
M%7LW#`P/_LJ\,>&S+Z%YQ8DUN<MZ`Y0+_0/YN$U@H6)13'BXTX7AN_EL#.<-
MJ!.ZW&3NU;'=S7_72H3`KJ)(%$@,'C+,"HJHN$?^]2N/#$"H7$2$9#S2I!VW
M6,S=+[4N2@;@KK,D[S<]!&T.V@4N]0FY,?2II*^\A]=4O_3Z%;AE%-]O["R6
MNKF#!@=52HAC:%8`)H/';%&(#R#;!T-(,Y`=P&4!9)RZ3Y+G@^1B">>/?9<,
M6T;@N4$F48*613=ZO'D*JA=;Z=SGU=LO^B2P+"*B%(^?IK,,<GL(S!X[GF)\
M`19,?A)3`;W\DX]PB"\$'^;'1`P8D^K?E_W?/L;`:B4=+*VIPI!:&VV"L'H*
MBRH$]\/Z.!P*G+LW_$NB-@VQ^+@_\B[%]\#NP.*DB3^>@)?*AX"@^SO<6R5I
MG.7->S%=R)W=%!M6[B.(+F.$M1RF$]Q]QQ)XOERG\`P]83E\1:DT@J%:@NWM
M#K`Q=;2DWL1QZD*?"?\2LR:9X/>=&W[%YADE?KKLOZMXT(8P8'US3J7/+M1(
MTI1]"0^*R%!NXGJYO;I_D<N/Y\V)X.+BJZQS80`FY1.QU/PTPW;<4*G7KTB?
M'48I\8+_W]ZW]KAM)&M_7@'Z#T3@X$R`GEE1U#79+#`>VSE>)+&/[6SP?J2D
MUH@)12J\S%CY]6]5=3?9E$B-+M2=!]@3SPS)[JZJKJJN?JH*O`=P`T#^P2=P
M?2R$A6L,X^$DNS:I;G"BJ%+DZ[[<P_BVOL7`$P8=:01.^.?5[A15^[%>2ZL#
MWQ5LDCQ6?0#>)RP(TL+&B?L(IT^N_2$T2&O_X3O*U\,##?J*@6!AQMZH+17D
MB^B#8""H4'#FP6;AP8,V(&E@@X,(QK8Z[=G&,`XC'QR(_PDU6<2SGJ-T-DN=
M$=+,L8='4C0YMNO\S?.-;4I";?UXY`KD,GU5+-&P'T$+"&U!\FV#\#U.A'T8
MC\&_@"=LW!V@"/"<D[$:B6_@X&+2PQZ<XER<+)HHL$8%LP0;B`=;.F`+[V4N
M'(Z4,PZYU5AG;B2LC8=JSW]&%QS_.$56@E]%&VGDQX-H'+L)]PLM;_H-?%>]
M!^I9B0U\6GD@.@=1K8"Q?7+\.*1=#PH8&!C,BQ1AH<K(V?1"B^1^Z9T?U&NH
MX]`5"M$70BHOZD(\,A*5,`;%8%AMG2"RXKB14"R'6E>J<#ZHZ,%/0*2/B2.T
MB5W^D.M*D<:7Y,5#+5`=RR8*KQE(CUL=-M:4@\<X(H60G$9R1_D-=S`*`DI^
MSDM,GCE#X;G''I@C+(<`0S$\%="VA/]F?HWI7J'TR[5(%2TG$ZQ*\M^!6!@#
M$E`,U$%&NNJY.":H&FP%.]!)#O,A[0;2NI[MRKD+/Q+&&,$):AB!@Q-PEP[6
M8#*U.0JNY4_2&,01R#C\`[>?TOTXF!A#^V(:@DN4;1(&!'WWQ(,)!Q\#N!?"
M4=VU`VV8%8K-#H(Y:5@Z2Q4[W+!+0S^EAW*O1^)X!Q-5":+)S&%R&<-"X@2.
MO?%$(6GAIP-Q%M_WDPS33+#P_M.'3`CS><(QY#6,L5=][@)_2DT2:!FR#T@>
MZ0>)H]/0!PWW=SK!$)PO<C-'%']UE!',)\K5*J.W7TD.X*#_@-PN00DIV5_8
M6UP.)+P??3>+!P=<"B\>(8LM.![R5+0@P)-H2`$0+6D7W.+8DT?WA2@PN>R9
M#0P/_`%;/KPSZ-MR+IGYHJYS52Q`G8^%3AK#/&BCBF>$(Z89<EI\JB/Q%7$D
MAO49]Z[2/\E00I*?'/Z,/X")YC;HZ[]B&XZT`:@E4![)U^LU<(*T`S9:7'^X
M8A.1(Y+H!E*#Z=MX!I<IT#*(1--^B4O&#>W\@I"`<*'TH("N!MZ\H1_P?_<9
M?3#S?3?_!N%],N'<Z>I?I*]@%$U6Y5CZ.RK;J]WUZ<T`G']!?K'<U>W/#DJX
MP#;DDK]`.7Q)[W.D]!:99W))-*E#S8\7(K!G1^";@F=+CD3ZA-AF:I?KXH]'
M`"&B&;-'FXGS429R-%)G"0_L$YW.Q^"GJB`#R(<XV1BI>&FFA<XTRK9D3*#V
M^45C*&SIU8K7`X?3%<K6%Z#1)B:%/,XUW%6&9UDQB!'A\1GT%\B;C'AS&\XI
M4FL6.TSI"(M?PANX5!3HMQG1LPV\0XD8:G[Y+E-",?#]/U-1*'(V<N=D@[C3
MAW$.`^QU3%<")$[C".EB?TWV0D;:\L6;#*VT6\G=[HJ(KS!#0B>(#]+'_#@2
MWUN\<`()CXAN*QP_Z0"DUT^VZ*N1D$M<;QGAA//H!Q&`H#,+^MJ&+3KYXE7)
M4'C&]!+\")0WF[<43)2W`,:$N[`3P<LF+8//N<Z82*3=><_<6$2;847P-?@C
M20"\0'M8QB")N'3%F.-)Y%NFL:3^HL'$$0IIK[DGFMI2XBB%[!EF,HU13">P
M6>5U9&+'Q84_'J_HL"+3"?&$A.$?V7TIX&,,>HBK#CO!N",SXFDL#B:Z<5QQ
MC`KQI.&ZZ)\(:`+8[.B'S)2%J7\.G(C?COQG&>"DYPJ_*]>6'J!@_PTU:1;"
MK(61DA,1J]>2HQ?X`C$*2@Q')ZVHPO^0!9+&*+DA4+2Z6BW]1O?:ZK4W&;?M
M7G/;-KU:5^X@1@'18M*&+#B,)N=0.K/%4]HPZ2["@%V(5Y>XNX0)R)58MFSL
M=3=?^M]>X2$794ZI)KQ'R+^J`OV,&VW!:R?17+K[@O/G$^BN]8E4?&!'DY1X
MW%([(KD0SW7KCV\U_2:,Y=6*-#FO&,A/V*M5N=KPXHML5N8^4K=J/IJ21R%2
M`_C_0'M=L],]4*+W,1`FP08J#I3ZQ/*(B!?.RR*08+42*$?1=$68)B<V8R>7
M]7,9NJ[7[C]]4&@Q:3T3%))P/U0X1BP0PU/@)\Q\$0A.#E7R$SFA)W%/[Z9Q
MI=QI?XX'(1`"J.#.F9#I@OTIU<1HDR%%.-1U_:$6RR-[F$9%<0N%61\!K*W<
M1"_!"A0=0C6KD1.JX"M2.*6[N(TFH(BXL0>ZPQS1M\&9@SS+L[^RTRA"H(ZX
MF)":MQSF08<N?5;H"OS2!TU,SDP%2%!.&JXF)8YDE-"64$=5*)0+ST)Y$JP+
MO/1H!R2M$>*='B6<Q`DCO!19V!>9:/4S.JQXZTT7M'@(',$$,#2+%W4R%%RT
M"V.,3PD?=<%/3^V3YJ)K46%\"5>;.6ED=W.!1$YX(&)@QM+`Y*P-T5Z26<(S
M0CSE`5XG9<`G&=*)O9;L$%>B1J0A=KRQ_-P8G#`_(.`H72C95$(#5J.V`<58
MT&I*%@`5Z,Q`+&1"1TYL[S'=0"YPS67(/)RS'P!GN/?D!+Z'K]A"-<Y\!![!
MPO2_%1RJ?.D@1Q1,D$*%08I0J7$"CF2H(7W/7"Z*KSG4UB.[Q]F2FK23DB+J
MZA`HX>>IQC/;JF59:U%OM%ZCBJ.;.IEIQ$E&9S#RJN*!<%`N`*NA!91B@$_A
M/B<+-)0@%3[%>YA@7J\)N)7XRX!'SWAZS8TXK4#&>6208?^B6`A<-PV+#E^^
MQ+Y97H-0;9GOPNRG!/!7#B%L!9L,![X6"+34;.;"+D'_4DJ=N,U-++W`C>G+
M%''OF3!!(CHF-NR*"W4N\%>^MQ;Y!0J!-CWM^62V3JC?X<"?T.%W2$`6/!4*
M**AC@U"VM'C::".*ZN9!%-2U'T9S2(O`2VY"S>222P-T)^X"^6/RHH[\H1$B
M!<,(3<$35X\Q`@?.%'K_:G<U-5BKUS[J$>"D2=8FNYQ*HPL]30`"[;@JX2(8
M%1K'<(RG_9P--=.=L8`LJFA3O88\0[C)K8O65486DZ!N:J+!C"-4P76>=.P:
M;B-0`K2-KI:]2FE_Y($A$N0,2F?;A+.O,;BI[W"0%".<T/U8F')M@)C7)X>,
MJ?;P0,1$GSER$K>LC!*":S-`R:.@'DTL%$FP?AR%D2V,LH8C7H$>?N.X-(/<
M*9*O(",67!8)(<6&.'X,.\%IC3P)@O"1<E9/42`S%,A'T&-"KZGYR^"C#';*
MZPVY$/KLTMRU@TPD$[[DHT*T94;"KB0UEBA*.`BD$>J_F8_>E4"2Z0_=T%0P
M#8&H\=T6?$",/?T5W7)0RMDK?Q'(8YFIWQ9-'3;_LC3(&$Y8M`8&)G!HQ^+^
MT`F$V0DIO.G'+J(M@121<ZMH<79:X9T,E2O,._!^`>:5#M]JL$:CH80;**[=
MDB=0="[DHF#OI!_3SB6A3N3D\[33LK3-->O:$SF[#R]KEJ1:;<?T,\F>>]6Y
MZS4P)).E0A%*3G.K<HBGH>/J-<\OW"AT&J#=X&>7D*5Q$ON@S9S8P57T/CMY
M1,]^[".,D`)-(>)#P37SAM3F5ZX8B9!N;TE$F<DA'$+]U`N/T&5:CB)76HS>
M7/BCND12^B?+W^\/3-B(_/@AQA'A<`JTP:Q=^GF&\2CY<W8"S9<G\.R,H@D\
MVFA\^XT8C@8+U)>>,`(-Q+RU7><1)CKPH\B?RD<-^#]Z?*0>EW.Y%8_!=^_:
MLRAO;=%H'Y\8^D@=[\=OF@DI!NC5!\G7!JX-NXN^:5`([0<#LR#5\D2>*8V&
MN[YH',]_#NS9C]^(_WYSF:LWKWKUC?VN7OPS6'_+_0`Z;/CG8X"`L]LAIK1_
M+W"0L$B_<#_*[=UN?[OR_1^,XNG_FEB5%YBG5,E60V5901D!FXF./OJ+;'^)
ME*_6'*RYZVA%R[::?=;O6QO*X$X<V)[<%;-W8[;9;K-.OU,Q^QJ8W6HT6,_J
MGP:S2[%"SQ,GXH46:-7S:XO`R7]D>R$O8/C)K[@BVS63[4#NZTOO?%X*Z'V_
M,46S7]R!->5_Z`!\/N'55V0\K0^=!AF/[++\GH:2'^]6W#*)N8_L</*#"#X>
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M;X535\OE8X)`DR-(GWJ]U35,";IZ3=W\$C1IB[DU[LS=CQ^G9/:.2<I&B0&B
M*R=EL\28Z2GZ-:O4D,PL/+2.7T.G;\[JE7,J1?F<@GD\!NE*4#;72KH2E,NF
M?LX_*3LK_?FT4^SP(V4D@G\2S1BH;0;6;2@LBT-K&"244YGA>OEH+-8=RO)\
MJE*2WI=AH<0W50P7]5FH:I,HNXS9^J(:L"S!HUIGB#H<3N2*O@1:Y>#\JE2V
M&A*['E%MF]MG/X@F<X.+IF]I4PY1"7-FST7IG+21EY@])L;B$XYG=!K&R)Z+
M:@(X`4Q>EG5T5.8L52`*G8(*%JHDF6@!(8N#8C,:U\$2'8R:8GAS)EMV8!T*
MS!F4!<7J-5'L,Z'IV:6&EB6W/V%;E==4=Q3$K$`X\\O08W&0:=J1;[G;0E*^
M5@BT+#!!J>N#N=;:+"O.5("B7O,]O>);Z+L%S5:TNF*.5IZ?-@66OE3E0.T_
M1?$*O2[=D^]2[0)1;C04SR=E+P*.G92HOB!^%M.E4814B5CCADJPBDGR47Z-
M[E_]W)U+4Q0YM5AUABKBR9Q^T4^1=B9,V=.J(SA8_$9TQIDX,YF8"RM:*(YW
M(^B^>EZ_8W51JO,HTL)E\]&%I_1Z?X\9=E_M?J%6P+=21K'J$O6%W;`LJ"B-
M1EOCM>/Y4TR"%_`BJG>!^G[J@PJG*GVJ3]UR+4.!2Q(%6X;:5)(2>2'F[C\&
M]JI20%1P-BFIEZD[9(>9SQI:X3W<*;D]#9.RQ-B"@/;.BH(6OVL;?X/U&?:S
M'8RHK.^SK=5+RZ\$&&9+`=9K:4LHI`WLQ%LY5R,<3O@H=OG2*I*J'%<J]=@+
M#$O&I97RL56/!_\>"AK?&07RGR[OO6>\@<]@H8+TE\U&HR=*EGQ^^X"E'S@Q
MYYV#!9D_Q6C(?X&=$'BJF"SR4KI*:(`^J>Z7Q26YJ+X=JO-8:6`L:47U"T3[
MF2=GQ&7/#%_Y,#9L0%%6#`T`-6KRA!`&'"Q+B+!`TK,)\F.A6FG:&@,&F7!W
MIHT@^Y"E950R[3KTKXB^MX5EMCWC/[87V\%<)RAVGT*"ODNVI][?X#/.EW;/
M:Q_^D^E!\>[^\VOZ4?6><,(02P`_QK"GL$ZD:%^"IPQ1[P=?^)\P;]U*;26]
MC)QPZ/JAJ#=(!2QIO<(?%"4L0`Y)!F)7JTE(G4CT/K%A,G_%5ZJRPD$9)4UM
M%KJ3$)NQA&24M&]4LE2OX;`1'TX\..P\R@;4JD\<<G5%C?@?U%)$94A9]FBQ
M3GNF28*HU2[[;%.]=J4?L?#;A)2.+6IJW8J>JU@AZ0<U?55555)2+'5`7HDH
M!1F&NI>[8K9)UU@J$(6_^2L&QJ*M3XM@RJ)ZRA/!CHDA#8S/.R#],]Q&*!C4
MJ&_P!Q=UR.>JI<H`*S*A_X*%7O#7X%Y-9ZX_YT0*T%4.]FT552+%U-$I2AL)
M8X'>&`O,)LUN)4N32J>R2KX0AD4"Z:*V5';[A2+"HBL"Z2&I.5`,0%J2W4#U
M`0E%C-J`2BG"T/!\ID\<RED@6Q8LZS_+9!EEV,_O%4\^H3WR13-D4:0SLSC1
M=3A3;Z>A"BXF;7,5UGDD?0U1%(YZA7+L&!!PQSL[$P=*\!=[3@6&BO6>L8G:
MJ]>DWLM]_[<9]77.M/#Z_%M&;?[JWQFR@SPCN^C@1+_X,V=H])H-<95+OTO_
M>@]\',E>/CZ,/*&^I;*DW#MTB_XK2MC^(C:EJ.H'#'Z3BOLG72)`C_UV]_G.
M^.G^_B,]^/[=I\]A.G3^:>KS;_KLC:$+^W#LI/4SE8I-'34L$)W,*%RE[`U9
M?BV[9Z1LBV[>H!1<8U65J?3<HEJ[(LO5ED1S@GUYQ9%&E:Z5K2,UWW*Z0,-T
MPN=WL/E"IT8JC?4$S,)BQCY9DERC22S`TBZ@8R/E$$MQET7HA&N?*#)&E?R`
M.:),:MJ[1._L1<51J6M`6F:5.O:EY\?!7*]830:#E*A2:EI_WJ3BJBQ9IGI\
M:PR-TIJW8NN%N/7T/JZJRQW3%#VUJ$GJ36=8_:]_QN'MHVW/OO^<3CI5`!_A
M7#&$??"%?XU>NW`L^7>]]H]_J5=>2SL',QK`!'"L=%LFKY"NA1\^\?&/W[P+
M_*G<9;<-,_)1XF\;UJUE?O/O4N3B@P>_!])283"KP61?4K'=TM;4DKE4:T[#
M,:MBA6/C,_QZ\HP%8&$AL$W?4`-!(/"#;-*XV,GL\Y<W#[HZQ%+0XM6A]H:0
M)O_9"U-/P`C\N:Q"FW:SU?P$S0FC;IG*\P:!%6^F0:7"0LG$?K7\M+KDJU:W
M1_7\GF&>V`-;=;+`C[]JW?4-.#.Y.'$1`@77P!Y2U.D<%<8B`7#1F=8`2>^!
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M7C^=I-`-`<F[C5%\:*)@27E:;M>LT//"'"KL&H8[9>A9WF/".1V#XE,;&\OA
M?P4DCH!"CO2/15BS7M/;1,BPEVSK)[$?>:^)^^]I$E&-?(IP#77D1!ZNHR!6
MNE[@,Q,KQ;L,NLI('PR/%")]E]X(V*&X0Q9-8>PXFO@!]6Y^PL;9$0:08]&/
M1U[CRMOP>BUI?:(PCM2W@KHG>K+S)EYIVHX(K$FT9:8/Z0W_ZLA.-]]13VJ\
M,H1]B^W.\7E;`+M4VS75&<=&S>O,;+I'EWU3]9N-0LC/N]R;$(&-&+HP9[SR
M&>DW([(/L)?V6$^Z4F#,\!&(Q0\>Y-OYXS]C3V3#S!3M^+_8C[BZ>"=FB*LJ
M072QJ9P1WF</DW/K4DNZLXL)"THT-Z9$Z$P=UPZ*Z,",OS(?R1)/>Q_,0!3$
MR<6E&D+@3>3%D!R>@`D(CKN%'4+[3:(UZ"KKF?"4CC>+I3S[`T0,J`LI\6?]
M6DIL@Q%^*5A\XTS9:&78J%UG*;K(`']"-PDVQ,7'WADO/[WY+^I`F55P&6@.
MJ#,>1MC3'&D(:HZ()?LKAAF9D?3+OU`N;)0\1-@O`4<2S%."PLG>D\/@B$FH
MU^X_/Q@*-M#6H`3I0M^G&R>]VF?Z]6C2_4?V:,M"+!W"CN022]S0"5C0'&][
M-,=`VZ]G)R5?"+SD4.<IW5RJQJ4%IUCMFIEH6*\)(F(_.45AU8).ZWR=7#<+
ME)GS5\P3($0B?W0CCTBC!-9$&`O5GW>A^S?,TL?.CRJ=HN"FY\[X"92:)QM[
M:WK0$[Z,M.1")S"MSS&V<G\DTRZ&\Q(HG6@!R>1[1,(,_$-],]ONF])1^%1X
M1NBQ*C4EAL[/.N&\\(X?C`%'JL$HJH-M0(@')'L<AD69-_A\O9;T<M=Z[A7V
M>Q.X"GL&5/U*C`&7[%7;PL//6<K]8J-XU350(:A121'!!?NU0X$$_F/?0*ZL
M/\DVX6+Q'ZC!8$N@3F`*?*)?)8EFL0M10O7+(.;:R44C>*@K+'GD23"+<)#A
M(]P)Y$N`RQ[=(B8%`2/`7(%#%&"Y`M55"!)8GTSU6AZ=#(U,KH]BAO,:\4'T
MTN+D`%%,<Y6]=T578(E\TDR1.Y<=BV7'01)MU6H<>\)2"ABY79J'14I#N5[#
MB1U@L^0`VW@/BPYZ*T]MF?/=9XFA_S#^&8Y3'\8/A)=X)]`2SM'.>FE:#?;0
M>_)=:D6J>K4_!EPH,"+-:]O[D^!H4XZ99<SX]>[^KEZ[0<[HL#_U5A;M(NRF
MQ)4+";#50`HT(B`GK-\0321I5,\7B&#@*19^<40+9WA/Y/4(16QC(Y:`3EXB
MD2$!D^-YS8LQ#8XI,8`OH3T#!R8=*U\SRM[=XMMHQI+4K621$BWJHIT+P"?X
M6QR5J9%PIB^KW)MYFAO<;TS3PQRFD1'&@]"!W1NHWN#XB\BFEI#PD`9,ROM4
M@<W+7=V3#9(NC)%4'6"2J.<Q]D.5(K#8Y))`,:\LUEQ!MU\Q?P`,"AS"W33M
M4?7JQ%^GK<.EAX=QGL"/'R?UVJ_^4P:=99VE24D%Y)G0YAY_IA@20C/I6XFW
M.W;&F%FA@*X&!K$4(MIH]IC$\(K]HZ/[$W5.R%L@9P[E<KCS6R+$?N`\$I);
M^#)BBLFF#QEZ!5+3RM-`LE&%;:)$*HSGT!8C]8KV3@30*(T+YN>$0G7@0?)>
M^FAXNOK9]T;PG_<XQ`!5RP>IES^E0&(\)__P^O5]O?;S^]<?/J6_^PX6C=`X
M<"%%1@*.S=!'"XWF7;N!J0$(<**$`]\AXRLHB.QHWG5;W^*:UFC@^GZ!!!H<
M$+Q_80A3O;"D.9W4IDLU5G@2&HTD,O,9ST(N;1VD;NS%,M5+:;\QYS(@)B90
MKR54IT^.P729S1]P'YN*$L;-7?O;[Z3P44(`$5!E94B=$GOVZ`DM]4@9>:W'
MM!B]T#T0\Q1J3Y]H2@&8)/@+&,##V8,RQH0`=="T0XS-D0W@-G!EB$[3"$RQ
M?.O,U8#,*(!C40P&`9Y$>P8'$5LE861M(4$)E5*.YC.NG41<\%$B!=WUT+]7
MJ-[DM`9S`BO]2,$;VMQ^\&BK;+%\>_"[2-VPW=!7!SRAI:?@L@%7P93`_#67
M,9U^CEU<D;#A4#`+744X#"4'?S1LZ1=S$C>*MB?LPF3G$+52FH,%G#@#/,R#
M6B!/$"111&=!*5&/<Q"Q4$'A=7M]=M)V+R+=F!Z%AV2!5*?FW!A4YU$D^YQ+
M*0.!>]4F$XYG7!`I'I.\V>DY=P`*.C53`JO\"91&X-LC2L%PZ%!)7$O[M"=.
M1R;:(L#F&#`-I81IJ.I$?'3X<%%.[M)2R'"%B9MW=HQ#-:&.1SI5E%[,.F3D
M?IFL*UUD6VB)!1\-MSP\U.JVY4/X@?_$\*%F7^VE,Z12>KLB@,S4^3N,IZ1,
M47:3/#M!NL4#"_B6<&)9I.CXI>[V%4K[JIIZ?U1'EPWO\4\3?[H)0OZUU$+@
MU.LI9^9+15:O#AUOLI[0OQN*R"7@XW.*9JK0R^9-@,ZY792YE0B<(8ZU$&I8
M+!*?N`K[E`DOJQK1$-+15,&W?0+-]HAX++D'C6:U\ORV"^EUL1](XPLJKENF
MBBL3S*BE):][KY*YC2%<]J?D!OE#<I]]]/QD"I%D0OJK;M^Q-)`,_M+A6Q[=
MZ4Q(U=.8!%1,_2?;%14*A@GL`U&1?\7.#+_*Q%T#\`EOM2.5C^Q[FUPI?%D$
M4M1K.J"/[GSH@CI3DT[>'LJ"+XY*@G8B$2D2]]),1P_`<C&H,\/[]P2L)#`&
M>A!V]$<<$AP@<,(_;\<!Y]FK0R;OCF`>HM;*2+O<'-HS)THO=&`>`;?3(1:N
M0F645+!C1'>;MR[!L(A]Q:54,G@`C*IS?)\"H((@+*E7HL\(,0@"00!$$*B'
MM#I7''(LS>0Z8[XX,3F;"SC\)S>)MA'`GT"VL/J9UK@RLVE@1VB[)J\HC7;L
M/\Z!?U\G?/!3JR-^]HB/6GN_I_L37_VFY8]/.K;1;:QQGGY85M@K#6NF\L[%
MQC^:VTVYW>VQ_L9"M&OTHR(]DM[J,&OC;M_G&W@2`&X-?ZL<PBN*-;4MUBHA
M__T4LKN/.+EFFS5:UN6'ZY9V#%BYR+W:ZA$W;6:5V7][*29V5<0T.ZS=*;M?
MU*E&&#,E@-!/3(M]EQ5:O.ZD?>Q;7<+>W*X`4,6W[?G68F:S?R2^G8B%W>Y`
MJ4),5VH_.AV+-;N[2\X9-LG;YR2W.X^?V4EPE:+XF8?A]\:#3/.A[%'9>J32
M]3OJ^O9>KP`K&WV1?#N^C2Z^;?[5]VZ5IEAAL7?1TJ<#(#B)ND@=LV2KOR&4
MH.+?;OQK-TMV+ZZKKM47F?HOT`QN/$JK:ZS*D5:9%_7:,.O7&`..YX[D6UKV
M]8LYY`5YS)O@83)`FO?>T)_R+_;7TP#.B!(20(-,%NW806HL5//BV.\(<\EQ
M`49D?\6&.U$<B,9,JF<$E?K2'C+$,\7PE_0TF+Z$V9ZJP:%*>`UEM0B]YP0E
M)6!:%,?)Q&FWTT<LHR'2O<;)S`FO0].#(5`@_H@#)QPYPQ4I7BA28Z`G=G:D
M9C>A:GW@8`$)PJWP`*F'38NH22IU2UD>4R,)_VI/996SD'*?X7>J5)@C4[T%
MS$+V>?*-9J/1/3L4BEXR"-GD>ZHLC0=.Q(B+;K%B^:)VS(U6..8[*D:FSO\B
MU>[(C0`JQ$F%.+D0Q,F)KW[3<]B^CUM+6PY_?K.LP8H@U!L3<;T7%JBQUDO5
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MB(]Z4M;[PMR`BHP5&4^'C*?DE%JK7=)?%S-_M,-S65;O2LN/W_1Z+=9ME%2Q
MK3CEM#3OY%KYU#?!_>]4?#IY/C6:K-ON'I)/2YK\O#*W[W.Z$%)[SHG]A!G%
MF`H;1WXP+TAC$1WULFW26\R"CU#?/5'G?N1S:MZ..=I.P/-[]2[VMI"SP.KU
MWA)N*3,'3+_%U&;,(0ZRF<R43XZ=[>-@YHMXR>)L06*LCCY;:DPZX$`D,5^1
MB0YS:IJY,_\0!X:J<(_IQ-C*.\0IP%C8<_&%V8L,:-5[TJ=^]I2>%D6!,XBQ
MHV#DBV[0/&GSC:^,XR@.N)')7H874?JHV3U.P0FU3.=,5\TX:6A)[5^Q1^XG
M_L2]&#L:COC9I2Z_>ZG''?6)`'H]4R?PQ*/1L^,'W.-CAU+;7S6[K-_);_[\
M)?F.YR<<T<3NQ79[N5]=7D"]EGG-S*X@9^#,_-NLW6C*]@\YJU7U$NCA/NLW
M.JMF5:\5+:;!\F:B/DZ]'+6IY$U$+"<S]QYNRKVDS]]3D0(/.X0D!0ED4\\G
MAWI](O<RA0VP%8?V,W7_G<5882'MQZ'V7ZHNJ5-T6A<@2[DJ*;Y*BK^.M/`J
M*7Z/JS]0V'+-=&AZ_XNF_.VH2"_>F"\==:XO"12.+IU^U7#B"*1O=5G'VC3+
MLJ)\&93OL5[SRCI]?'[A1+UM#.@,,6@W9KL-CGZ9"<Y;A]#.D7R]#FLVR\QH
MNBKJF7#$;[;+;)=R@E?*;\=C#/[`*?<QL$<Q%09$%VRGKL5GG`.*[3WZK1*S
M*+;<-Q="38LUNKNK[XJ8=`)@S>Z%%[BGYS]Q&6D#I23*98K88AA13/Z:<I+Q
MIJ0J[[(K$5NL7=8=^O52\0;SX[NEEG@Y07?H(P^F-A:U-48.>$8!]X97ZPI9
M#=;<.$)YVA"M$Y@D["-F-<KN_W.M/E$;#.1!>BD=SR=:A5'>KAY"!2W/S;IN
M'2)W8W?S7+$MJTX/TX>O2N`HB5T6ZW0.G'!S?-]R8U#U%S_*=.90\)==+.CI
M@$!/HJ7/C4!PE><\E(G;K=BVXDZ(M4NHDU&Q[<"[K=UE36NO5:;6@E^?5S&;
MT_G(`?*B3FS%%=FNF6QGZ#2*NUSG*=NMS8[X)=JQ0PU6G$MT"%/V[47Z($?G
MW6$Z>5;,VP_S#M-']]L+RN)#/'5.\L[^_O4%4X(*P-V8SV.UOJ7DE[$3@B%-
M<V`P7V8Q+0NS!"@Y"`'S9YUWMICFD[M"RFL<.2-*B,0LRWK-]N9&[*D40+3J
M,S]T9)/3RZ='I#>5K==B#U.T'CWG;UEP0,;&0I$IELW>['2[(G<3_D7MX.F[
MK]K-EOAUP,.9<)K<>7[#V`FVSG4B3)7$Q(4A(N0HXRWM<[MB1I@K.IS8WB-7
M38H]T&K@MAE3(.`D%-SV5?8K8O&0V_*5R$_R;)VT\ZHSG=G#J%Y#B$P<X!)B
M5W1AE6FD1<UOL3NOG*F>VQ91L#%=#OZN>$EZ13%%WGKMV8_=D9RL)V>H6CSS
MQ"]5#FGN[-[3R.&JL;%E[,@);4R.XR.BG<S&54V%1_4:$&UFSPU4Z[A*D?7*
MSV^G%*4B4NJQAYJ2ZK@)I2D[9X>+X@CDT`D(0ERUW*VR"Z\EOZ[*+MSCZ@\4
M(=DDN_"W8LL1:7H3@:6@._R7<FFN+M]*^D@;RDV5ZE8"Z:5'6I'^"*1O]8]`
M^B/?3-U+]S@T1`=5?^%@"<ZG2]E`X$ZCUZF*>."Y[=`Q_2->..R]#].E$]!L
M=;;87!49KZ\?&+WS0($/*JJ354>99*!KA>1W2]E*%2*_Y*U5$?3P!#VR^_29
M1Y%+79ZO*1^Q\H8J`AZ7@,WV(;S)XSM#J[#M;['JJ+CFV45YGTYF0ID`@UV[
M+Y9HO*H&FA4+*Q:>'0N/YUD6@Y%67FQP;[3VE<8F(U]CB7@):"C'P2CF9_EI
MH%?+KVUNK"I^'8M?VUUSE<.O)<6N@SC_]<\XO'VT[=GW[PD\_\7^^L8)AZX?
MQ@'_`FMY[?K#/_]=K_WC7^K!S_P1`P"?5!>!G.>-H>\A(3[Q\8_?O`O\*8(2
M;ANMVX89^0C/N&U8MY;YS;]Q.CN#;Q[$'8T[)V24`(-Q@W\=NG%("#?CV8DF
M$H?VF^?@]0Z6F^2BQX`?4YL$*O(O?Y.T)9@%/E9?)P`6#/T$;\X"/O*GCB>0
M=F-8''W7=UQZ]]$.#<<;Q6$4Y"/K/F@/PN='\9!03MB2P'<%CNO)!I,6A]B>
M83BQ0QZ(:44"Q\:=)^2?@(7%7LB'0/I1[EC_ZX21'Z#IEL0AI)H"W04.UGD9
M94!V0_@4+!C;,6!-=XFUTQ<G6V^**0%O[$>*!^$")%++GSF>0R`XL-(Y'P^<
M\$^]^05,,G?VOR0?K]<*OHZ_H-81V,#"FQN^QU.J&0*=IP"EB-"S1^#+A`J;
M9\CEI6TJC)"[[M*24S:='9KNO:?`Q@)CB@0:@G#"5@\4*SFU"C&:S6^ST$@@
M`8)P!0TR&Z396GYT64!26<T'/NI3RP!?G_UDCF$ZR7J-9MG[EAZU<F9KY$^V
M+=YH6IM->A$EJS$GU9IK*,.,\H3=?^^-?K+#MU]GH-$IG`&_^)A(V'NA.QP>
MII\*CZ18$3@[],,H<RN^K`^`0-3V#!1,0$E8,?6RL$/D&$$N5_7^J."8%1SS
ML@&)%1SSE."82UL.?_Z8]`@?_A4[XO)=J+[O"Z:_,2W7>V&!*&N]5$WE-+&Y
MJY*60>#@,/'"+KXZ2*+5Z;%6J^HY<032-YG9ZK)>?U-371&_!.+W&LQL'UKL
M3R'@OZP8?_-FZZC&2[K<K]`1%0$OG(`'<LQ>>D<+NFQ,P,L`*?99ORIN7?8D
MFWW6W-AQJJCZ$E6;K-DJL>+A*7I"]/P;_L1=?X9QY"NR.29KM=NLWZ]:5.PX
M.:O?8E:OS'YG5TG&=K_#.B44QCUY3V@5,NS!GCD1#/\WW=^$/#("'CF!N.'U
M!S"O"H"['^A?VV*M3J\\:U=!.(_#1T3JMW:W:14?C\W'!FN7T!GC8O"X+Y?M
M%TB!Y/H?K_P70#1XQ>9LW\FNPA)*Q[G7Z[*>N7M1\0K]>1B.-1DYEXW=S7O%
ML<-PK&OV6:>]MP8[V^-U\>?31AS^CBA3`585Z"\JV??X&/!'A.4.M1.&ABW#
MAP2XK%[+L1IS'69F1Q5XK`*/70E\J@*/G1)X;/^U_`0P:#O/^>IP$Y;).IT^
M:W<KU,HQJ-]@S7:'6595ON\8@*TN,WMPLMBX#>3YXH8R`*$"%5F$USW$U<*1
M+T^JUDD5V<Z/;`?RP;;$:8?QX`_,%(2SJ3W%%*^_KQD]9'8;K-7KEA<5KY`N
M%5DO@:S'\XD*[^^*=1HF1)>EUZIVW_N#T^[IZK=B6<6RBF7;L^SX#FMEWF7P
MK]=JL$8)UW0591<#>ZUFA_7,RB4M&]/>95;;8@WSPG'MJY3JSSRD>BOQ-!9%
M1=Z\H=GC_^XKTUB&:30[F$_*FHV2P/656W-`WK69V3%9N[EI/G#%N^/SKL5,
ML\_,C>]D+L<WW0LX;?773Z(_^'Y`:B_'N-JLTVNS7KM$AZ)BX:%9V.S`_TK(
MA*M8>"066JQI68C+/AH+ES3_>:%&]3.`[,DMR@V^,N_Z+8;_Z75%$W/SKMO`
MJM_&=#CFHD&6*IXH2D1NV&=]C2J/.U9MS);/C>`W$]\%.0S?_A4[T?Q7/^)'
M+Z+[WC/^$WN<B"-ZSP]\.Z`*ZR,G`/KX6(LSCB9^(*JQ8[?TD.@?SX!1]=JK
M9ENTF@>N!5Q5837"B1V(!MU8.7+H3Z>^!Y/%!2IF10&W8>ES584SMUSHFSA`
MD'"FFNDSUT8:&2W1E%V.N/SUB$K`IE!D/Z3&[Z^:3=;M-=8;U5P:M4F++ABT
M7BL<%19@-=NYH_[JKR(;E=G49U!$1V.DS[Y>0WD_QPJV]_$C["ZY79_3"K\@
MG>#5!@ZU@@_\N>U&<\-!_"A'8+D-?[3A2X_UVAV6C74\`\Y6S88!&I="$$C@
M(7X"W^>HS8V0#T7C/5DN^G_MN<?#)\=UB;R@-(`M-K+E#?_L@Z1_M`,GG##C
M9Q_K!MJ>S8@=R/(9**:OSA287J\EVV$6.$,N^'_7:1M3^#*,QV27/_@@J@&"
MS(_^@$53JZU<&?D=OF4[I`];'?4=G/;0#B=:O>@I&)01%D-&F!2\`!(9&AC=
MLRQ-R#("YH1AC&)%M:V53(EGB\K@KJO4,JHP_?N'\8,_G7$O)-7Z252;?<#T
M@,\X[&MD]D=[3M0XDH($>MLC?X9F"9C+IV`(YIS*W<*DP'A(VLU<_"N5E\9?
M?N;PQG3`@WH-_#S#[/>[Q@TQT1W]%?L_T"\^PCOTNX!^]UTNOW\C+B)/DW>8
M84F5*QE)FL%^LAV7\A10$$<.VJ5!+*I7YWSW_AG4?,CJM<?`)J,KRVK#BT-,
M_L8:V:)J\E!C$0F,$T6<J[\NFPN&Q''CD2(-$$_TM`S0YL*LAC@<_2UW9B14
M]9IZ;6K/C0%5\5ZDN7@"OVN#H^7]%8.#-G;4M^6?\XNQRV_#ODMV:&8KQ(KJ
ML(61LUAS?8%08]L)4%;^Y)'Q9+LQU^B5?DA1%4T`_)V^P6`]6'3?X%]Y,'1"
M8IIL/`QR33GW8ZI?[8_K-?RMVK`T;=&^F-O@W,!C8ZID[GD.5CBWT151\U@8
MDV,?+1B'>])+2FK89QXD%8++E5`!JDP/$C7F3A1CG>>QW`14&P!TKJB)GZ^L
M/BWPV[!)ZA1/%46Q3C_P$/:UZ-),\(0H`@T&OT4OC=@*HNK;;NXX6+%Z0=6B
MW@/BNZ#&(N-5^ZXAG$>B)"YV+5'$[\HIY[Q2KTW1/J%P#H=\IE8"L^XT@*AS
M48?\"=XR8#(C+H@%3PW`5(-?0.45\@OX"Y6:-ZBL:>^ZXAP2DHS88EU"$RO^
MHVJUO?DY6OY$?8+Q;[3(^"LEC"O#7QKO$VU`"H,T8T;'XE/UVJ*2E6XJG``Y
M,Z;^R!G/B4VT\<3GE5"C)*J]D5'`^(UTBF8+SQ:-?J$$T73Q/5`F@?_DC#3?
MC:0+!\CJ2O*M#:O;UM4\//4\<6#;FZ(O(&TC$H<!AUVML#W)QVA[A223?APE
MDH0#B`+_ZB\S86)1+F6S"6?F<*D+,AM7N?W)%)0%PAVL#R!M`#73D%]72Q:O
MB!EHJ@0^C0@E%Z^)H@D2>0);I$A7);0KI#IR,=&%6>J2O0P=<)[L@/0;D"',
M83/_BMLZ;3F!GTS[4<AOP=8>HQ2N4JKY%MA%ZC].$H)(!Q\]-Z1;[$F'3!L]
M3RP3\6(:>4F%>[[A^MXCR"AWG4='FIE4\9Z]:NCGJ8:^\59Y:0LZ0FB#1271
M7W+$-!V12H2('$A2YYN[+VH"-(S<Z^$+>[U>$SL*7M1W%`XG_2AE^-4FM%&"
MP0#`?_7-N<+32=X,%HRNV.[)M@6O"RT.>/)!\<XM=MJ*AEG4/L8ZRB?_A`Q>
MR`2]ZBQ%/#]8=C!P]^(Y/:.HU+30PY"-8^"<Y`"CP'O$8Q3^5A[[<4>_S.=Z
M37A6X2K7BD3T'!O)W`^'?C!*T[33$Y`\,R8[#/UD^(H'WTV,@NO6:Z!NI!Z+
M9[XGG5SR>_FRW5/G5^F[P*'6RPDJJ?='J9\>R@D4\4OX\3"`&_IJ9R9R34*!
M:TSFLV)'89!&%S72VDJL1CG1JDS<\>P$X'?:DJH98^8LB,VDO%!&-9H-9C8Q
M8MLV&1Q/1<RVV6$-JU&OP;YZY!X/;)&Z98_`D.$!U2;)4=^1L9<'$`2\AK63
MAEUT_L=A/H@.72@IR+MB,B^&=XN$(DI*V.B];N`P>8MN.]I>I6`BV-J13@JM
M'(&(,(OV0B&LNM5G_5:726_-"6F%0_GQ@4Y04&1/V)$)I`B]>?PL1:^(J-:=
M*?3)V0G-%W4^3@[&=%S-'-N1+&%$<3(ZT&KJ4@8EC)@B8OB'UX[G3QU@%7Y0
M2!_X[CS_-/A64?O)QQ(3KBP?`=MT(**'GC%).J2E#\T7#D["(PC1(P`C+>?^
M)(,Q&(,*[&&$5D.YA1ACA)-_-)'MY-!2`1DH*%(4R\-8NC89(("-0J(HHXBE
M-)[N-?.L2Z@UNUN'2%\F7!-+N0*EAI4Z<\*D_UW:\2Z.9G%$GD+J!R\.200`
MQ0V[D/8N/BDZMA*1072$5[TX(#)I8;/`>&$$GP-1*-['V%ON=HSG!6H"B,I!
M#!?J=-&9YCICGO7E<;6)@%#/P+O/=\87%0B=.]P%!1@'3Z2I9"LYX9N#(L$E
MK7;WPXQE`WL&MA+%:<2'<`Y!XX%N"!Q"T8KZR4]R8)A<C'-32['=(>+H"L-[
MM,IZ36Q`6`.57F$8OH'1F>#L#"_*O$BM=QQ3A`<(!_2#/3[D*W;$0IC+$T%Y
MC$N(W\C(6!+3*;3,`:<V?[!B&]R$@(950IS.G&(FGHJ`<?(M*/(28?S/P_YB
MZ4NI7I%.9:(^Y'XX,W4J;Z,*.JFI^TW%J,0^/ZA8;;)97ZM@[9OT;F\F\ZK)
M)T]\M98\C&2\,]R0](4IG<!@NOYX[`Q5HTJEELA4_P+NMZ]'..E*[%7GKJ<%
MXE;=O:U:K;EJM<;+BY7ACW2U3=8N=[4HF!2(#$$C>8_D%*(&!0(T.N+>M'/7
M[+]`BL37S$0N%IS-583*O]W\0OYRXG,'?(E/MHRB+D9D5H2]5\6[91_.=`;)
M"4`S"LGI":@+'H#P%]VY"*"2X:58]WEZ1._%43[1WVF-+%%;"C2@;83Q%-Y*
M_!`BWBV1$JFNE/G2H2DQGLGEG_!D49].54!1LQU9;2A<Z?PO.MDVHG25K)]E
M<J-:8`%BD$"!Y@A3+X#&7O)SU6,X"7(2A40<FL&""X3P^?$;68QH;P6_>I=5
M[\ML[%[TZ5UQIU"V(;CJX)T$3XT?5?VUW5=?U5\[I2VW4_VU5G^-DD<_96VM
M<&U>8-CQZEEM5&BJM5VAJ?9=Y]`EIJZ1R!O7<[Y`(F_\S2VIO6GJ^)F73/MO
M&MD44<B-H?]G4K6JU[XKH0]7.L]O+Y90S;M>F8V7+I90U](9\4TFR+PQ#<O/
MH-][*O[NG#WA15?4.XD/'95Z1W8Z/B4W<2HC@Z[D+M50F'>MDI*^+]N@-N\:
MNR=)7@&=KL7Q>)N!'MPX\N[GNQ/0WGLW`]V[YNY-G$YXW?LG8$6]L_-"SBLO
M_==,SA-ABO"&%B]49?)&_H5IY*=Y</6:'V@H@5&<)'DM?EH`P.8*CQK"@_.9
M`!:L`*(2=D8@`KQ%G(`<`;%,@0(HKP48:.X`R3`),B*!D]GYR!D@&GAH(^8-
M/C57<X\T0&^2#TLX86\D[\*=`/$!MS0X60R\@S8%1B7V<H>DCZ=T$.07Z70Z
M;`YIC"BE,'8CT;)*)F9I66GX-Y4:)Q'SL*?2]].\T'49E:8WZIPR-F#4^2&)
M5UWQ2@A3NEN0U&D!@D0^4KHA^%\@;@EZF<V=2"5*@7`0H]S*)`$6(3)A3$Z(
MQUG@8P*!?%<,H%"0B,140X1W!N4;T5S@T`.L"YUA%AR3"KB>-_3*ZK%.(Q]'
M`1HHLK\:0"51:@+U#^*&`Z3;\X1[:?X(`GA(3_#\;"@!3I)0)PV?OYC_#;LN
MY%'D<JF$%K"G^5KHW7+EC7HMJQDT5'9VBR9)^+TV:TK,>,ND?^J9S0GQLJAN
M)G9HL\_ZZEW6A7_)I-DPC^KP/NQE@6RQ,==9)`W/<1+PT\P/G4)(9:%LM"V+
M=9IM"7EO]YG5;9*DJ'DL$M)XL5S)6H5*SF'3?UD#ZR1[_,V7D4UCM%XOZ(P,
MM:K&@+I'MY8GN9Z[J0$,TK^IO^]"XD(8PJ\Q9?GY8YWJ>Q^5ZDZ$Z9!K^LIG
M3>G?)2;OH(2^%_B_@X[Y5CD%']$I..C0'T&42;:N4[2,^Z00DF2\\2E)='Z0
M:1GI?'YVQH=E3TH[<`S^'UKEZ^+3>^6V'I3J_TU`5J40^D"A36F<K75@91_2
MY"4\E=S#:<0U3%$OXH7(SNEU-MSXFUNV.#1;/73D-PQ35=TE2R!]YZZQ:?WI
M<\..[>.;UI:=5,^)VA<DY3W38MV-B^2?+QIPL2N8U;GK2GSV3R)PO?$MPXY=
M)"_YAK4B8-51M6I$>S9D.]"I8:V2WTOJ644L=H!FGG7CI!MQ';"S#&1GO`/*
MY*RIB1GG)9/RI-:]=P*6J)5.>/471L93\+M7-NG5]/T['0WP5J`!MC6L58^F
M4V@;6K'L"EEV'?PIVT>O&'6IC#K^&2OO-B:+I[O2,X'9Z&+MJQ/T9_=.UA>[
MAFT^M_9=?_?^G2?LT>^=N<V[]J:E5RI9+""EU66-7N]:CEC5U<8/HHSA"<69
MSY**G;NR>C"?SEHO)%9?D:VZXK@T!_Q&)#^4;*:O^(JCQ);8I[?N$_!H*S*>
M'!E/P?^NKCB.'>:[,2D#=_\QOLV-2\6OW&!1KZ3:,57D_%(CYQ6CSH11QS]C
MO7C%41A8O?`S0=O:(IWDM)W'8]YP;%P6^JP<^KTSMWMG[5Z"M9)%_$RK8;+F
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M"B['&I/;?,>\D!%2@N8^,9=OSTBV$C3U=<I:29IY4W?[F'U`>R?5&NU#-.&!
MX7AC/YB*7I(SL%.VZ(D3^:IK7-(=#3L&VJ'LIA;*'I&%[=&J3FAY>Z2$^\-=
M/C%,&_NL?T]8T#QGE5]1L'LO:_6;UHFZK-5O:O9.\[)7;N]V>XVF&DDO,5MV
M$*.FR[<C;"HVMIT@[;A*323392TV:;Y)>L"^A"&]NLXH6V1W51UI2J&[N>E]
M8$7W$NB^*3KM?'L`T?-?J$=U5EDJ[2B:J%_^N:?=9[WN[I?O5WIH[):2<'FE
MQ&M9K%,"U.`\;KB$KG%48]%EA<//("UJ'Q'Q'NN<9`;/.1*S;5FL9U45@\NZ
MA6VPQF'J+Y]47'#SCW^9<!F(HV`=Q;[">`H/.7_#5_2@GCWPXRA1>GX*5*[7
MENZ)JJ#=WD(FGVSOD<Q/M@E\>/%!)(VLZD-[:>;]:SP=\``HK(O9WD?](/95
M.N;%\[.0%$E\[%[&Q[*2;GP$[GS&J-?%D^A0(K]$\4]\*N]O'F"8P!Y&!]T,
M/SMC#K;'^'_<#JYI2QR*W_>/CP%_M"-^4*Z^3XY0_\4CU*'X>B+'R'V4C;IK
M-`RQYI$=3GXPVF54_#_#(\0^)UD!.LL46*O$;*%#RU">0M_YH]6RSQTPN:_(
M+RCS=D:[E]+U^$PBUON:7%5WKQRT8G/OT?_RU[J6(MOD@]52S_!.9T]U/5[Z
M_BK@[X*6+Z&FY:FN=J]51\HL++'N4'NV,Q4?C\S'B]B->W'T=QNKHMU)T^[(
M1ZJM\2H;U,M8"IZ5=[S:2QF3S5>XF^9\L39/6;7$UAMHS_6;SI-O1]Y"I11?
M.@;E3^F$?>AB2Y6D;S'1LHHK;4/\)5M\7@@CO:*A`@\MX84,3M6%C0&/GCGW
MC#=\R`F%@7^LU^!UXU?_2?VJ:1KXFXG]Q!/PI3$C%(P1V-XC#C4._*GQ"B\<
M,`7Q%?KQ=_KJ_O7/.+Q]M.W9]V^<<.CZ81SP#^,'?SKC7DB`IT_<M2,^>O##
M*"2XP6L[Y*./]GS*O2C\`G+RVO6'?_Z[7OO'O]2WY#L?[2":?X&IA)CT""M.
MQTC>`Y?10V'[Q,<_?O,.9HN98+>-UFW#C'Q<]FW#NK7,;_Y="A?DQ$#R8&9&
MI$W-&/N!@;F78YBC[>:E8#+)AH`^@O2DI*.1X8_'",@`YL$+3@3+0\B8@=)-
MD#%XTAY-'<\)8<3(`78AW_P9QY^`2?1B""_-;`=^[P'_)[8[1G03SFAJ_^$'
MF#%*>5`3WP7GX4X3UN1?7R:\7HL(ISMP7!=FAB/#4`%WIH,X`+X9@SE]4_M4
MLG)<<IB[9M%NC#Z%J6K&,P<A?64V+=:WFBR=P"O3ZK).6XKJJVZ;F=T>@^'#
M&<>T5^[.[_:PM_8,#81G0N,A0':"O#JP;XTIE^`H(MS`MP.4`F,$FW<8^4!%
M7#_N(MN;UVM\.G/].>>Y3/LEN-,^[HFT#6,"PX!\A+Z'"1Z@.F%Z*$G(.GL*
M0]JA0^G#MF?$7B#%.IHX@1)N\2D_8"2*1ONN\6V]]NP'?Z+$.8A&@#_CW_PX
M`(:ZB.TV?L>%/("JCN9`%?[5#G/G_'8\%OPT_F-[L1W,#2$H#09?,F8QR`XJ
M"4-?&[T=A'_%_@_ABME$N'*:#HJEG7Q,*#8DLCV;!?Y79PHK=N<@9#T,,;U,
M6D3R8#8V)AP:=V:S_:T!JC0(G!%L&GU@[5.?^!/W8K4Q83-EODBZ-9VOV!1`
M@E<F'*EH`UA@+1MK[R^Q:P09"[=,JK`W4+(9Y?PQ@'6//CCNO3?ZR0X_\9`'
M3_S_8MN+0%WQXRMI!.."-!"'0\HP``F=T:P-WW&)M(\@^H&8.7P&_`F@)NAB
M`V:+1($]!ZL)4$">'6"1V#F_>53%_W.$'V:"8;.`STB)XRX9#N%D9GL@9_@6
MO?,8@X"X(#8AS@D\#B><I&KT\]N'(DV<+@'X2LO(XSE+E2I.?T#;!C8ZQ_0*
M6UBF9(HPZ']\;CS<`25M08?[,/2'CEC/1QX%OLOC*:+5PM@%=R/*W[^_V)[]
MR-&`DW*"_44PYV@"'HFDJL8!G)CC38!:7@0$=:8P(?(U<`+X1[1?PTB8&]BL
M",R%%7O`;1TX/>!#'Z7`?K(=5]35\49$&_B#YT^=(8J9,)FA(5GF>*,8K.9<
M?G<OU@,^,L@Q(X/$ZRQW/+'_$ND5%)3$'AE_)?N0)-]QF>'9X%(`OT'FF:"9
M]AO#=?X"$0WE'GCDX&$_8F"*N,/1"^0<*TL8(SNRC1&?`G71#9$R'G`;C8S`
MC5.Y"G2,?.`6<&,Z1:_2=H'KP')4E_@@J<MQC'Z.U&FD"?\$M]^3R_(=^"U8
M+;"1_"NX/>3E*"YGG9^4YY?`W&2\!Y)7DF/)<*EHP^_W.X'S30^H\*HO@>,=
M5V?JWL>[>3UPP^_2(3<\]U>,+,RMD/H;W*_#,O27X?A@_-SX\F1)(VC6\@UX
MXBX8C1%9C]_`LJB?LVIU>34;"\M6MT]KO73DJ91RF[5V#9AN8XVB"O?DY=S#
MV<X51\A&X=U3]NLG5-)BXV]N6=NBV>AN`::XCK(BA^)!G[6ZQ^!"*5NWE';5
MIKBGE-'4)R?$HQWL83@3/CE^'*;GQFWO(\X0"&KU*SCM[I.[:7?;)=/QN[+W
M4*D]A?6]]%'%.6$O3>',#NXA'1YGX*,69GB>0'K,/G-X=N\U>(;Y1ON<9#G;
MZVSMU=NO$?="<?4*IXB1$U),R[DJ6V4V*UM50@)-ZQ!4/&V3]=EV192ZLE>5
MO3I?@IZ"K5K9BCSC)@;^**9[WFWUV>DD.)Q"%]X;LU>>(E^%+W^I-''%KS7/
MB*W.X1EV2G9X>:;WR^B"0OI4*5#;ID`UJURVRV!DC[4:)1^$SRBQJ(KGKC&Y
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M6-;/2>OE9.K.11,_S-;O&W!5ZHWJB0()'R?U6E+$#2M=PE#\K]B98?W`A6)N
M4PY?'.E%!U7UL]C+F<(-/?=7[,,\?WN3_O`=36Z65RA/3A7KW&;G2C7HL.8@
M31%K*,*0@2B#:P\#COU\_4`\EET.F!>L!&D;5$:52FZ*FKMZ15^L^QK@LFDL
M/\`RP$-_.G,Y^G<75;KN,S6^GZ.E6KOZDJ&5N*S7"NH&5Y7OJLIW5>6[JV9D
M5?EN^\IW5:6[\ZQT]])Q<!_E[_9QGM#'/N31(E.S;3_'#-,T6:=?"*W:J:I;
M"4?'BNM[X7J;]7M]UNKW3H'OIQ397A&NVCRSO.K8EJ]R6B:(W[6V;#MCQK59
MP^PRZT@]W\XLNETJ6KD*BDK5T>ZS?G?W'GA5=/O(C&RQ?J?%&IU-'<^K\SHV
MOR2KC%<!3K/%.F;5X/?L&-=F%FC]SI$ZGQ[?ZS@]'-0)H+Z."%4[O0^=!AF/
M9U#UZ]Z\*[JBL/$AH+E'!A\?`2E].A\Y/MF.;SW*#,%7)YTME'"_S3K]5G5B
M/7<^6JS5Z[)V=_<3Q(6?6*LX>4D'GWZ/-7J;WM!4!]:C\\UB5J_'FJWCL.[T
M78XJ3+[W,+G58&:O6SD=Y\Y(BW7[3=;O'L]_/!.GHPJ3EQ4F;YNL:UF5UW%N
MC+/`66RS1F=W55&*UW%>N2)Y&F4!PI]F8SQCS@1F0,28.1*'0*1Z+9IPPVS>
M3F$"$R/VGCDR!M,&0$M2`L;8P$?&3A!&MR-[?NN/;^$7\H59X`QQ<HYGV,,A
M"(?M#;GQ[,"?L&11"!]ZC)T1=QU/Y++CMSZ_?3#LV<P%'0RDIKR09(Y)@2.9
MGC#G=G#+O9%&Q>1?N+I+2..XCY8X^(QY,C,_0$XHDHR,C[^](:*T[AK&8#CF
M#$4>LS>0]K$7B3P7P^I]BT_Y<6!$?F2[VA=D@H[ON"0?CW:8D%[+`/HR<4+@
M^&-,*3WP:N"X<Y`<+W3"B&9@XY?^$"E(9@^3>.HUD9EST[SKT.2^8T8;'Z4I
MXH)$SA%,&D<V*?'G;]_CQH!/'/C-S)EQD>MC&\,X"+@7P:`S2LA6B3^@?KAQ
M<]<2`X`PV1%^V79#OUZ3W[_+$Y4/2`M@@<@J02)%N$;\)J8)$9E@M!''["%,
MDO(]$E77&2=;(&]2N(#<`>_'$0_$[I+OB<5.@.(PBLN!<L3F9P>F`%,7XR%1
M9C('_8DO?OZ#F$A;)4$E-$6JFXKJ+1@$WD4MB(E.MENO+7PRS-#\1C$L?R%`
M6X;#BH2JF1_!6AP0*MBUH$NF0`67)W,77W?2Q<B9.D)78!(6S'CJA%39C+B-
M3WZR'3?P[9'Q@%^D/^9.YG=NJ`0Q4ZU])+@XB@-DR-@)P;.C741RAAEH<CI`
M!-!5)+XJ#4PI0/H"2L4LR?^_,S+#2G%?&I;8-TBG!6.E4["884D*9'[?DEM`
MB)]7KZ5_:N>N^Q-_M`,T:K20@$_!*<:?3`MU@N'Z0SNBPCO)Y`9SPT>FA2E[
M8>,E3R(K4WD></S8##0.D$LDZM%ZU!0%^UP;!D`B]>2:X+&Q[[K^,ZX.ETO+
M:LF?6I>@FM][0S<>";[.5J1%VHLJG`0/C%S@?R75Z\[K-?.N3YR@FB[PNP"W
M46J=24_2UA4,7A@+*3_U*0/41F&"Y]`XAKD"\V4"GUW6W:3*GD%7$GN1Z:GH
MH`GW<-JVS*Y\YF(VK@_.5!@!;_$%F3FJJCQ%-%#Z%5QV*E@3[I(HIMN*]CSH
M:I3-=&N(M?_"OPY]PW_V\M>4%X1A<@++Y)0K1F.'6C/@<H]F%DV:\0\]DU;M
M8]35L%(BL=(MP@^BG4J4QR\G#I>E'*[6&IIK+*<M""`^KVN!]727L8;JRC-\
M'&5`TR*2#;BAI630\I<TJEAB[I\N8K-_0?Z20B/B$L6PBIGKA^B\QD3CQP#Y
M$/G/H)"%6^![X"JCR0*Q'@L?;=D8[84^^SQ9),3_J-8,BWN@M9+LO0A;V!>7
M7DX:IB/FC]_(7,*3S2%>Z^"]WND\)WVT."U7:`?\G[&8VWFL7,(7)OTNQGS^
M76>X<42P,/!W?LG"*[-L>6'QI(M)EBY<O\S5I<(8#SZ<;O=+B@-=<JV9YBKP
M9V"P&+@^H&+)&Y!!EQ?XMVY"78FIC'M)4]PF`Z#=;;%&O[.AI.QS*:?#A5?[
M);[%NJTVZUF;)N'M2OSCW2;1\U4M>%6?KFFQ7@FHM/PBYI=./9.99H=9K2LH
MK$OO/"1',PI6?7R3A`<VINME%'R]Z8/I,ALEYB%NN8<NA)R]KLDZ[;*+Z)=>
M&K/,ZKGBQBJY6Q#Q#GB0C[;5554%UHQ[:?:9M;^<L5*Z&E6,RW--L7G=QHYI
M68P[OL4M!EZ($R;W1FN>+2O$W58GHWZ_S5J=W6M<7#UX\J4S[-Y*"UB-+FN7
MZ4Y<%QCJ;0)S&5/`V/!X9`SM<&*,7?\9D2XS]/^I!&YR>D:=)!ZOU_!Y.%US
M+X9!$W""=GE)Q^]LB5N"425H*8&'HGNV/"B6C7>IXCH]!3I)>$E2DG<%98J(
M.<3()=-G&ME?N;BAE;08:8%.NEP<P/_W/?J97C=N7+SE"6WW"5?R9+LQ_PY(
MB/>.=C`G5(`8@!MA/)RDP"'C5Q\^KT9&A,N`<P^8,Q(WCB.D^]"A*U<FT2]$
MS0!F,C<<;^0$B*T0TZ!OPS<>.74]@=\&,Q]!#?4:U@V><'N$;SH8P@4BBHJ_
M(;^$"\@/255F00KDTS)/L:9R(ND#.Z3;:G7I7J^)5R4$+\3:RT;".8KO2NR7
M)^]^$`,&?YVAE\#S;][?+8N0&,4A>`1M@$5QJM=PHLGT4,('Q"YMWQ&KY5+#
M,)[2RB5:B@]]SY\ZPX5RU?!;<?0`L:/[6C$U;9<GM%$%IX$&'M%`SI]N<L,)
M3B_=SSK2(J6&*J>=11VTB0>O6JS9;C/3N@@,XGMOZ$\YBIC:4`014F#1A(^(
MVYPK[`'A6T#ET>8,(Q"HR`_F]!%"I0'-\3'^56$7=&XYGN`7:1WY!TW8J878
MDL"A!M#!>#063,X)Z?)=JFO%/<=[\MTG!-K1("GF%&80!'/037B+'UX"_[2]
MH%DQ)+(?3`7DB[88?-'S88_`><!6)DWN5\*0"#@O<@QF@,H[3UV$U)F*]#ON
M&^`(#Z82G.)%@3V,%)Q)*`B$S7R5I<A''!]V/&)#.H^[>DUJ&5WUD3$=^K$+
MOA=X2\X8V$?`HB>L=DX66@F"/44$++W()!89H8ES)H#("N(4:3J#OHL*(OWT
M)8C">\]X`U9[.N#HA#1Z+`%=.R`!B&6+$-V+P9L@=CDS?O&!AY[SMQ*(>NV#
M9/I/P.Q/A$,&6C+%4]"QXS$7<%(4D4`]H5R"C-CA$QG4%!=`,GV._5RS\]ZK
MU_YC>S'R&MTGL9!W]Y]?ZRNQXVCB!TY$?0`(;4X8=!@9O&R41?PU_<<AI:`+
M-0HS*"ERQ>ECLE\`:AQA0P4^%(A'TPK"OV+_!YUZ16`O>^3/"%4VT>9DYR0=
MHU#"KODC]H3>(\.-%DHAWQ.B"C*#70T1(3VQO4>N</<@^0+!"?O-F1$>UXZ0
M47`.0%"G`']);'7>F\IHYB[G-[''E^F`D+54C`C?BZ`YQQ\M)!UX/JHDM!!\
M='9(J"^:N=%$/48=*.5%T)NP@CK'0.:'L:N@AIHSGC&`@P4W*<G&4(<*F,Z?
MH-.ULT6H6@/J@BQ?ITP-'!IF@MA%F]I"<!OS!,1W\^&,HF&GR"*`Q9B-;U,`
M)!T8$@_-1YF)$_.1M.9(7#;-22L`IP(ULB>F.)005QT$2;+SJF_===LTE\'`
MU1?]RKKK6?2'Z7",?]!L5-'`"R>U>BUG8%,.W.W>-;M%`_=V&WAQP?4:*0,Q
M<*=SUS0+!NYV"P>^`-,U%JCCD2`/2NB"MI34`^V%.C+E66-QLXENF>JNG"P/
MTU)B4OU$7@`!G4<<F\[@P.TF-C`R$!M5P$\G3!['@?(^!\O`32^-)6Y/'/[-
MFP1^=R\<*]C:CO"^%3QW#`_"/OT++!\X2Q)FW"B4K'2`S,>?T5!X^&TQ34S;
MR0+27[59&Y9)NSNS'&U.BV^!#+)>XR+./$@[PK5C;L7?P/8IK#\6QT)-&>8'
MDW"GXF%;'9#FZ=%H28%KFEM7V#=DZPFH/I*@>G$BA:>EF4:M#C1/#E*8?$-'
M5F=$@^(,A,<=@U##H09?$MZ+XPG-S,GS2*W3=\G7%L-EN8&NO%0Q>9[23MKR
M"UKW)5A>8M42PTB^_7<2:@\"AE:5<BOD28\B"4G00QFIA9#;XNA)^,Y9.L/J
MD\`O)1-9/JS*D,D2-^3*TL=L%[;):`Z3>'1"%R<@%T03$"OR2?7@.PM20S-/
MSJS&\I&5]N*3[;CBF`H?<^1IZ$7[6Z]M8("7N;\P4]%KC'OZ3I"Q3G&XAY'!
M1[@4/2#XD20&"B`Y_H/RK80[%T;Q"'FD$J5HTZ."3=(&,;LM"GR7QU,0,QB"
M\T"R+(Q=4#61.D0A$VT0?&=*L=&09P/"H/J!R8E$!.KWV2V:D[JIYXS)8R]%
M1C*64!L+#KTR75`_!N.T[*'*@@R)!##_@KP<RA"$'>?Z<MNHX"#EBM"`4QLW
MC"UB<OI`6I=X?`'W4R#/B;AP?"][\I?'EV447%YP7F8H.0&%LT6@H6!#!!R8
MSYDX[VUI%5!@\*BC@N:8>871[:$XFZI4:EO.AZLLW:RJK=<60[*7L<76)ZJN
MAJ(7.M2I#95<[H12I8J;GH3.2_I.&T3I-3437<'!KU$<03!$:I#,;CEO=B3C
M?=9Y\DO*DS<I3V18[E<0]`<DV3LBV2=JO$CYL[[*!3J5_)]33?@YM?0)L[%[
M_H0ZGFUX9WWP]FRG1OL24E=650^Z_,2=5278KF+UF\)$3A-0)E5KN[U&9L:[
MY>#I"^RZNOR83HMU>]86W;>K[*02J-_NL)994?](U&]U6<?J'8'ZI:C*[9/#
MWBU%[](K=((,O4#V2\IPNC$[K`$GQ<V%H,H14Q0$ZO4Z%05WH&"#F8U]RN"!
M?+,U_;$EE-;&Y+R0;+`6:UN-4MA>I==)@C::_8J@Y1'48LU.>\\$/9XWM"II
M2NJJ](IP>[>H2GO+IA2S?K,<K?<B$[?V(BJ6+;#,-+<Y*%4L.QK+NJQEE6,*
M-V+9:7F:68C"E1IQ"_,$FWLPXON<]'E0MLG,WCX<^*NG;+/#>M8V@=$SB\>M
MK)GA>8C10TA!@C-`O%$*3(#_R@)L.RBYRGSFAF1:K-\J,:A5N3P'X5F[6;FI
MY\6S)NMTRU'T9^:G%I=:^+PN[BWE6WF.;E5C(UL!K\^L=CEVH"J3<B06=EFG
M7?+YIV+A85G88F:GY(/6=96ZP8\0P/9!I@DYGK$YEK=>RX)YC13+F\T`KW"]
MYX0MK7"]YX[MK'"]U[OZZ\/U?LZK9B!+C8T81?W]<;J81:#;"ZR].ASD39,U
M^WO&0;X4+[E&HIOF-A=T%=%W(WJG>SBB'^]B@9Y'MWV8^ONB3L!"C<#M`'AG
M#+:TNN4`FJX3JVJR=K]$\,Y>YWK2A&RQ9F\;3;3Q7(\?Z?YF(>Z@4O'=N7:7
M68&"U0:SV@>[^+XFPO;V`K6^>K+>6)>+#Z;GD[(H6IF5^57VT@+5U&I5MK\,
M0C9Z)>(4KI>05O^:7*CT.&>,8BJ6/8L#^$4H"Q>I(I_I&J8.E<077I=K#PM;
MXEZXD;)*.K-4MG]!C_6[)6,C*L(28<M)!CUIZ"L]_Q8+5`KOBFJ]I\7=9-'&
M@%/%Q*L+4YFLU2HQ?>-Z702SI/S%*R>CU3H(&4_/TW*\W7)`+\,@W;3[^S#T
M5YM7#?9]+Y[3-1.T=^&!J/OA,."JDJ_"@E^1"6J65HO@RFVYR7J-RK<LQTDO
M*?I]\F[1JKP:[6HOS4A,;_;TXLS8FB^:\%(;^AXO@ZK,AK[K#K7"`O9*2GY;
MB^D[>1H5"_-K-G1+COM4##PL`]O6WE/%]IC.N+UKJEF`O*+]5^42=!O5'6D9
M`2?6ZI>3M'?EA&R6EOUXUDYJ7E(U,P;\T?$\Z;)BVX[**)9M%`^3?KM%"D_%
MR\UY>9`\W(J7!^&ER=J-`QX83^SZ>;/R&XR:`&YK(XH'/%)2?TJQ_23TKW:1
MRRNI\0(G=W>I*I:5;<,KEAV(9>69ZFU8MJ38]7(9__IG'-X^VO;L>U$\XH/C
MWGNCG^Q0%H[XOZ29)9:B<'W4P%]@E:]=?_CGO^NU?_Q+O?_6#M![#S_RX//$
MUIZB?IGPPR<^_O&;=X$_Q33QVT;KMF%&/B;,WS:L6\O\YM]$C*I:Q";5(EJ[
MIZV_>__YX?YG8_^5"S9V,$Z>_"44#<!/HA@OB/2+%5CHY1;-$%\I^M1M"*[3
M]T8W65TT6?<=G`.]8OS?ET]++^U/3"Z66];FW`I&%;>.Q*WFYMSR*FX=BUOF
MYMP*HU/GUH&BN-(W:C76J*CP0:OR$O`G[L4OW2A=76&+;MMBO6Y[0]&HN@B6
M1/INKU^1_O"D[YD-UFE74G\$TO<;;6:UKJQQYH<9#T3=RUG@CYW(N''],+RF
M\B\W)K,:FVZX51.])N)UP$9;W1*)=Y5X!M,T6:O3J<BX(QG;'=;I70$HA-[!
MA"Z1QK4Q%2\C0:8/YGKC\\$Q)WP65&TW6+^S:?79BJHOG:CZK-G=]%Z@HNI+
M>(]&BUF]@ZB`([OIJ;(WP&$W0KP8-,1$1W8XP<%"9WA%MKYQUVA5_M+.-+0J
M&E9R>`(T+//\?1Y.>X$>'SEN'/'1E1KT4G93Y225K^4KFE9RNG^:'L>3/VC7
MJPJ7=SQ<7M7(:4/R'QN-4N'RSHE;%2[OG+A5X?+.B5L5+J_"Y9T(3*;;[;!6
MIP*''067UV3=;J\B_1%(W[-8OW]H<%A%^D?L<M-DF[<$K7!Y9WXKT.LQLUM!
MRW8%Z`$5JX)#NTZNW6?=YN[PC2NGXHW59[W^IN[+NE#;`YTF-KCAVU)E7T8X
M'US5?J]"/)4\R6:GE!U4437KW#=88^/$CXJJ+VD`.*ONCFD_?5=]2>-7$+T*
M7E8>#7?'8E<TK"!ZN]/P^O)J5JOSJT?J5:BR\FE:)=Y42+USH.EQ&GGF%]PK
M+)CW;WSJZR!PG>_Q_\./_Q]02P,$%`````@`3G[=0/FT'1;]"@``V'X``!0`
M'`!M>&,M,C`Q,C`S,S%?8V%L+GAM;%54"0`#`P?N3P,'[D]U>`L``00E#@``
M!#D!``#E75%SV[@1?FYG^A]8WTR;>U!DV4GNG%YZ(\NRHZEMZ2RE39\R$+F2
M<*$`'4#:4G]]`5*B28D@08I'PKF7V%:`U;?[`;L++$C\]/-ZZ5J/P#BFY,-)
MY_7IB07$I@XF\P\GG\:M[K@W&)Q8W$/$02XE\.&$T).?__F7/__TUU;+ZC%`
M'CC6=&-=8Q=&%!/O[]SZ?/EPBPGR*+,6GK=ZWVX_/3V]!F>.V$PT6\EFKVVZ
MM%HM*<G%Y.M[^<\4<;#6'+_G]@*6Z);:R`N`Q:2LI\Q]3=F\?79Z>MZ.>BE;
MR+]:NV8M^5&K<]8Z[[Q><^?$$NH3_GXM_S_Q+4_G@83.Q<5%._C?J"G':0V%
MW$[[\]WM.`#>PD1:S(9=KP/YZ5J<"&O\*30'HRX\P,R2/S\]#*+.2UC;%`BP
M^49:L"W_OWU%;7\)Q.L2IT\\[&T&9$;9,C">@!`(]#8K01['RY4+N\\6#&8?
M3I9K6]BE<W9Z'EKENTQQ[9(8>Y1PZF)'CI=+Y$KKC!<`'B\!4"VK<G0CQ(0E
M%N!A&[E50DT*K@+WV!/_2M[X<#9<`0OX.M:\"J&E\2X0F0,?D+%'[:\+ZCK"
M]_1_\\4@*P,T0UK5%NTAOKAVZ5.5!GV661;M/?)\!D?RG2*D+)ZQOUPBMAG.
MQGA.\$R,;>%&;)OZPH^0^4@8P<90!J.FX+*XNYR#]R`F(PNX&4Y=/"]MSPQA
M9?%=^AP3X+Q'EU,964LB2Q53FFLYZ5J7(FXY0MX*""\;<%22RB*[1IC]&[F^
M&-/70DUB8^0.1$AF05@K8[@\B:6]#0,'>]?(QFY)%Y@44!;'0"1]2YB@=:G)
M&>]=%L$=^I6RGL\](8F5`;$GH"R.(19!VKE!8H[P4D-E3\!1L^O8`%EA7'P`
M5X8OD;9XFPE#8HK:9;V04M31G#T`!_8(5\A#QS`7%U.:/W#!%EK^X@LU@;F;
MR&^41)<CL'S$GG+XS1=>K/]8TCD>B(AA$<FM[;N!.Q=+PJ\)X;#V@#C@[,1+
M/!4L=+`GQ9R*%9G5LG8]XK\*DJVPNZ58V52+.G_I$T$^$SBC#%'\WAO>CX>W
M@ZONI']E779ON_>]OC7^V.]/QL%B<8O7I78"HRM7SI0E>=M"#):>,\2GP?K3
MYZTY0BNQ#NUTVN!Z?/>)I+C3.NULE\K?;3_^$B0WO.<SN7S9?8&+IN`&7_OE
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MW3#*%4$DIX]IF@R]!;""FH1]S,T[]&A+N&MM36OD+(KB.WC7ONO*Q?P=>`OJ
M9(Q!K9[FIC>%^2NL;^WKE*P%BL$S*0D^'DJ52RNSAI)2`3/=M,A0_*4?1,`K
M6#&P<:"?^-V%P*+$Z2ZI"(W_"SY7*J%,ZZJ17C@Q;S5/^.^B?(U#0[T/FR19
MM=7:R/IO!L)!.`&DC'V.M(;F^L2,#7&JK5*=&U!TN:0DCX.#5N;Z="T",O6I
MTZ,[#I;J('>$L#,@/;3"'G)C\!2^.K^?N=LC6@P5U+!&SA[`0YB`TT>,8#+G
MB=`QPS96Q%>-?N9NGFAQ5E##&CF;,$#<9YL\/Y?2KO">27W9C!8I.2K52,(M
M1E-9_\?`1<JDF['D]FIXWW2$-G*O4":(MLU\<&*`M;91=028F^_HDIJRT5I4
M\3J'*B7S";#E%4R]>TKL+!X5;<W-D$I0IJ%CW9LFJ2?7\KC2ZFENYE1FLA75
MN,[JQG85-$'KF&9Y'.;V,C>+*L%?!=HV5=,IH:WR)%A[7[];\7?M)V'2C]E'
MQV+.]8_%6*]\@GRQQ`'G>^M50N[W]1SQR3F''RGU)DNI\43\N.O?"X6&U]9P
MU'_H3@:B@?7J4Z1>0R>`@L,-#_`(Q)>%7,5VV%ZCIFLY<3PZIU!V3<W-#Q4T
M*(^CI&E4)Q.RI*<U=%);FIOT:?"0IU"MNY+<DT%C>T1&42`[:-4@VN'LAE*'
MCT7LB@:T&G5J:W,GL8J.Q(ZJAE8FK!'D6C,HZ6R5*;A0..AN[I378*V<FK4N
M$?*+<:IE@D9/<Y=Z&N05UK!&WFYDZHFD#^@Z2TPP]V2"^0B9DRZOD[D+.PVV
MBBA7(U%B)4G#[)_,PP>D,BE2-V\(_X`\`O>D\PKA#(@'3'R2#E_9VMS8FTM0
M;(QIJ5<K.>'W9PZI_4:%`VI]!9=B7*C5JI6"[4./6QR7P@W-5"5*5>.F\NIP
MBZN0"CE]S)WG.5K&4VU]%1O8S"W$5EXG<Y-K?;J*Z%AGX(?M"+I5'A1.-FG4
M@4D$\@&`'I5O4O"%_WW>L[R$&640>[K[#A/*@L<N0Q<L<JZDE'!K.3S^^QPS
M%5:H$X"Y[BEUN"3"G4E6:BY#T#*3P@G47.70>,E-5`5XJU4%D$6`WL?N_4U_
M;`WNQ>?#WK\^#F^O^@_COZ$5Y?^P^K]\&DS^FR@/U%[M.'Q'3J3F._UB1Z\[
M_FA=WP[_HRQV*"=PI]X9'//X4O41HX]8&/)R\XG+J#3<9;1=6ZQ'@W)=?.`F
M=L9EW5$^C]ML3IL&)>FZ#01=W/I[NA00H+.MU:G90>:H$?KWW%$X0IM@%D]H
MUQ:NBL'N74%!C7D720:D.YMA%XN)W-PS=<61IO/^<E0N3JW>$$\3H#/$SXSR
ML]L7H<2UZ*0.<49M`(>'S[NNMNP/9_$S6,%[$8(#T6.P?79HDCH'>EF\BN'^
MPM379[O8H$\=+B_0L6<8(LVQ7U,F6/>9O4`<AK.&GU'*!)7MKHU2I,9!:IB*
M^?G5\\JM3'KU4G9LC-M-*+$4,6E;Z@^VW7D488;N@/;7MLBB!9PM#IEQC!=(
M)-C[K_C4=B+'B33W-,)1]%=GE#J/CZ8"3&==T=;<XPI'T:FA[1_I@%!3I^N/
M],CF'ATRZ.3>NY?(K?%G^D0:()])A2L(?P[(X:O7E*6X_)[YM/[P$FDMK'NC
MC"9?<:C+YEZO?"9__#:8S-"[Z7DIG\N-U6RWS^P6F)X*`?G<7GP;W.J9H&F:
M<Q_(+NJ0,V5I;4Q\*^P7,T?S.V;YY9IL4^55:YJLP1V\"C!=,XU^A??6:CV#
M4J+"6D[U1LF4Q?V"+[DK*L3LHT95TJQOAX9JB_+1Q.'L8#AJ<%Y0R(O;AM.D
M_`@S-!^5\DM5V38RJ%*5($*>O1NN@@.2_34P&_/G(VX9PSBUVXNK]^34ADLI
M7B.1JN,)Z?PI6[^\&*/'FY;"1M9[M)W-<2)?7*#1X[T"H]1[$CKC>LKH9/`/
M\FHFS&V7<M%6_!%VLNC,2K^0LEJ(!6^LC&#_N`][*TCBCHFRGF59:;=45JN,
MQC66D0(7^PH$G:WGWI;BXLJ*[9]SB^0.;^?TP.!!3WEOLF.IKHVL%JONO9(1
MYLX^9BG!"D3(<1()L11W259\;#_]LLD([=D^VK"#E7:[9+7(TJZ?C&"=[\,*
M6UL']TU6BRGWPL,(X)M]@-NN5M#74EUQ6/$\TKMO,`+]5F'5$3`K?!>P%826
MW]/S*FX>C#"^._2QNRY6[*K!;4R3_TAO(#[Y/U!+`P04````"`!.?MU`U&@5
MCOD&```S-@``%``<`&UX8RTR,#$R,#,S,5]D968N>&UL550)``,#!^Y/`P?N
M3W5X"P`!!"4.```$.0$``-U;77?:.!!]WI[3_Z"E#VT?'$/2M)N<ICV$0,,I
M"2DFN]VG'&$+4&M+5)(;^/<[,K;#A[%-:@>Z+PDQ<T=WYLJCS[S_./5<]),(
M23D[J]0.JA5$F,T=RD9GE5O+J%N-=KN"I,+,P2YGY*S">.7CA^?/WO]I&*@A
M"%;$08,9:E&7W'#*U$N)OI[W.I1AQ04:*S4Y-<W[^_L#XHRP&(+91)L=V-Q#
MAJ$]N91]/]4_!E@2!(R8/)U*>E99`-\?'7`Q,@^KU9KY]:ICV6/B88,RS<PF
ME0BEO23A:B<G)V;P;62Z9CD="#=JX\B,Z,2>X5M'Q8!%XV-S_N6B*4UQO4!:
MTE,91-+A-E:!!IF,T$8+_9<1F1GZD5$[-(YJ!U/I5"#1SY_],<^UX"[ID2'2
MOV][[;A1CTQM3A@1HYF6Q]3?FQ?<]CW"5)TY3::HFK79D`LOH`LA!`['@@S/
M*M[4AE9KA]6C>9LO\D#5;`*=2E)OXI**^>%Q'!N<2>Y21W?&<^SJ[%IC0I3,
M()B)*Y?=#1:0G3%1U,;N8ZDF.BF<MZ7@I]92=H?="1&!AMND-]U!,7S'F(V(
M;#-+<?O[F+L.%+;F#Q\Z7A;1;&2I&6U@.6ZY_/ZQ"5W#%\+V&BM?D"WTW@PH
MA(_E>QX6L^[0HB-&A]#?H;38-O>AMK#1#23&IB2+XW9."N%=EY*H'KR@(M"K
M.W#I*%<^LX&%\#OW)65$R@;W!GK8SL$L#5*,UOI%-,YA('.@C0EA,L^`DX$J
MA%D+4_$W=GWHYRT(G=D4NVT8TD4PU&4E+B>ZF&HCB$-5"]O4S5$"$XT+X=&&
M&:5'^GB:^7(F6!;"X`I_XZ+A2P7>11:)9.-">'0I#-S.)PSOC<SL*LG&Q;U=
MVPR0)8^+/>+J(0VF,FK6%QA>6SM/%<J"%:M9CT@B?I(+K'!>Y1(@Q>A'7&)#
MY%]\")T(=Q;7DASL\H$+&K$'DOSPH;(U?^8HCIO,U[G$=+"P(T8)MDO-;5@W
M1<LWO6`Z#FB,P86P_0$Q'`I5608C2-C08LBQ%UC.FF!JAC9FDH.%%);!.6[(
M<+B'Z9:$U]!ELPU:,3SB#8C8DNH2M&2>V'6W8Z<!)7-B7-6WI15BGJX/DB'V
M7?7H3AC"EU]U>$H9U06^`W\NT29319A#G(BX]O?KNQKP6+NI5JLU9*`(L?@1
MJCR:P]$B?B'/A9+.WJZ(&1\"S7B%")\;W6NKVVE?U/O-"W1>[]2O&TUD73:;
M?>OIZ29O6<3<C_)S1Z]\AGV8N!+G-7JUY/?UD\25L:T1Q_0F+2:K#[^NFM<0
M3[>%NC?-7KW?!@/TZC:.KKQH<NQ]Q&$<YPI#1]&XK%]_:EJH?0W/NXW/E]W.
M1;-GO43-+[?M_K]+H>G(PM!<;B_%X^J-42X2*U)02898#H)RXDMCA/$$2E.M
M9A)7R>B)GF/4C&HMW`E]$3Z^B^.`))(V?(QE<_&`N$';=U=?&PEVYHX9]_'@
MH4IO8#NW663ZT&WJ(N(<%M]\(QN:5_Q3FS,%':WI!@W!J$%&^D-$:"BXEY:]
M*%U\$^FE?`*!"N(">N59I59]X.!R6.6?56#E3':NQ_QUT5L.G.E:4)_2K,Z4
M""E,K<0I;)HZRXE/4"8MQ'6A#JN[TF2%YT4X&T[2(MFT,`W6I^1I`J3FEV=P
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MJ;!]$R)WH.OBO-E'<>:%<GMU0MSO),]RJ.OZ'.]N`OK-ERK8,.[S#3.U/IXV
MAT-BJQ;D)(ADXXV6U:EJ,<[W3>F"D[;>'=[N=.J54]W?1*QM<_\N/-DP5R*`
M-KX_\0'.^C7*^.#C;?[SFT;=ND2M3O>?ISF_2;ET&;-_IP\MJ=1[YF`+?\Q!
MB`_1`JPLAEM>N8Q9_[7*.G2D:2^X0@^^4.RLK%AR7,F,^9^L\@_`Z`&-%N&E
M93_C3F1$MU9=2W>`U/],X*#UDE,"U;R7(V/*M57*V@,*7.A.$CM!BUY*.TA-
MOD$9DSU<)3L'H!A1%K&D6Y4QJZ-55G-K-#<OBU+FS;V8WYM5?B$4!5BT!"[M
M%<IW8R[F?+PAIS`W1?/-:12,DB56W`T7Z6**;]=K:P1!(4:3"T=E_4/7`7CR
M'U!+`P04````"`!.?MU`WBZC=5PB```<XP$`%``<`&UX8RTR,#$R,#,S,5]L
M86(N>&UL550)``,#!^Y/`P?N3W5X"P`!!"4.```$.0$``.U=^W,CMY'^^:[J
M_@=D<Y7;K=*+N_;&LN.DJ)=/9:TD2]HX*5?*-9P!R8F',PPPHY7RUQ\>,^0\
M\!J2FL;:]T/B%=D-?@U\:#1>C3_]Y6F1H$=,:)REW[X:'1R]0C@-LRA.9]^^
M^GB_/[X_O;Q\A6@>I%&09"G^]E6:O?K+G__K/__TN_U]=$IPD.,(39[119S@
MVRQ.\_^AZ&\G=U=Q&N090?,\7WY]>/CITZ<#',T",F5B2RYV$&8+M+_/2TKB
M])>O^?]-`HK1$XV_IN$<+X*K+`QR`:Q6RM.$)`<9F1V^/3IZ=[C2TDKPO_8K
ML7W^T?[H[?Z[T<$3C5XA9GY*OW[BWS=^Y=,[4<+H^/CX4'R[$J6Q2I"5.SK\
MVX>K>P%\/TYYC86XTNJ4K[;B%:N-_Y#50;($W^$IXO_]>'>I53X^Y!*'*9[Q
MAK@*)CAA/RJ*R)^7K+EHO%@FN/IL3O!4759"2*,H7E7'O*I&[WE5_;[Q"X?;
M`KW%),ZB\W0`Q*V?VA'T^SP@^5#@:S^V-?R'+`^2EP=>^YFM(5_C`6IZ]2/;
MUS!SIWB`&E[_3`URPC]@SO>7QD_CIQRG$8ZJ'^?%&_R1^'7A]7C!]9+')&P4
M')"P*I/]TU)L*7$89LPU+O/]I%Y'4Y(MOGWUX6^G/Y\&='X;Q-%%1NZS(I]_
MPC1_P$\!':WJ,_OVE5!^^T=I>P4Q:Z)+^`"2D6:5+YY"5J.CMT?OY"#P>^-O
M5KKBYZSX#MOUU8!#,,T*$F*G5C`X]A)+50-\C&&?\1$;I_L?[U_]F2-$2P;Q
M3X=KA:&;LJ#[LR!8_GQ+LD<<W<3).(V^"^@=II@\XA^*(,WC/,;T+*9ADM&"
M8%:)^0EKLU_>=AOZ??^&+L$+X-.`3@3Z$A6S8C0ZQ$E.JT\X)T;[1Z,R-/C]
M%O!;[;151>R0466_SCONJ<&G]PH^C=X=((8;L2`0,>2HA([.@CQ`KS^F01'%
MC*1O/E.Z*?S*E[])NNW4@57#B)9I7RJ8QEG69IB.5;^11NFVR5!=Z?PI)T&8
MQX_X,HT*FA,&<#RAXD-%G_D"JL^8<&K:P6S:D+W@"T4ON,YR3!'*,S:K3MD\
M,@X2Q.8`.5[@-*?HIPKI/^"[QH[K'H[L]SGK:_,LB=CP>/ZO(LZ?>2NX!2?O
MH)CO#%K3%#V,'CP0>:<*1(X.4!WS'X)E1K]!$KH/T8=SA2K\Y]M?/8N&]:QO
M%01RA@KO60=K%=]\KB'$&/G512P#G<V\(3O#2!MFL"C#_S#C!>H?CO:K\/_\
M:9ED1.QQL`_8W"`J0O['.BY:=U=J"D".H/K%EJ9H&F[K"AH\6#E2=*_CYJ+)
M:49SZD.,LF7M=MWRZ/C_Z=>HH`$=.ZM[Y2K*-@;`NWLOV_5S&S#T<=3HJ\^K
MPUK&^6VK9\CN^I4I#EN'8;[&81ZV'^#T!<]X"]WA94;R.)TY+1:--MBRW%$,
M;8>K"Z1=#!TZYAJI=CZ_.D`?@G]F!)TRPF0+5H`/$9=#_2F<--B6YXL295AW
MJ]K-%`2Q\N-74MW^>$=#.`*VVZK#Z%C?,"&$:M]4$4+4(@BO0H@=U3D<L4\*
M&J>8TM-L,>&G7%F`XC;R@VV0NB'6-("KN4-V`=6FZ;L#A"JLJ`;6`P\_0/V#
MK8P/8)M777TU[U!T<+!]8!-.]ZJOF39X,*_:[5T-:KTFP[[P0Q'G@.WP[I@?
MP\8[JGW<]0D9__>N=ESY<-[P-G@6M?N0C<-_%3'!%4Q,QVETF;(NCFE^F8ZG
MTSB)65LH3FR/P`:J_N@UC;-)-0Q_,'RDVO$5@&G,^82R*9J4P'UPI56M7F2$
MQ?JL-N8!Q3=3N6^KX!'8EJ<1J(4R&N,`V*':L&RQ(R<X8''8,Z*Y85-H2(ZP
MNBLK\F9ZE:6S!TP69WBB",7`=B1U$#7$T%LT/"=4.XEWN%R"YX1(&,!]YMT6
M*&(0X0?6'=6UHO\->@#JDM("1V<%B=-9>=]O'K`&OL:?Q%>T2V^P_3LWP*;S
M.`[6#CWY4.W)L<AKP5@O7!^B`N$>B@5V%`GP:"G0^^`7W2JV.XC";46]/(T&
MG:.HMJ($3"1Q(@D42:1[Z+XD%$,K)3Q8I!J@33QUM+>K@&S,@OA<X6_AMN+Z
MX-ZD;;JV#^U]55MTYT\,5#K#:)H1M"09<[7Y<]5MO/>X[3KM.EZX#:^A^32H
M&U;MC+FXX0HT#W(E;,_=\4NTE'?.^:]!4F"[;P;;5>L#NU\#:2P?VC.K=MDX
M6)[9AG<5&1S77'3LM7-6UFK7-\->YAN.3X-Z9M7VCLDS"\2?E6-^J6;RTRV+
M[VZ68F/B_`F3,*8X4EQ,\;$O*;%OT%*:.AC\[HF3E\[G)"MF<Y1)O`A7@'UW
MV,I:5NP'_.:8-NPF[";^6U[51B5P=&ZCW&^@T0#OD.1S3*Z97$#GYT]+G%+<
M\->KK:IRMGW+VCH?IQ'?HUKR57-1P,_))`&[.]*U0-,L2EM+U+_;WP?L,P)9
MB_\B":8OG.AZUL^RN5_".3YB,LD,`[%C<W]N50G5_G('1GC1#W@QP40#N2L'
MYF.UD.L.MB/4]:DOYI?,&+2[8'(<OPV('-?A";TZZ25/4#"8RRSE.[OCIU@_
MZ3+I`,ZR'$RI\\>H`,`E.QY5Z%CJ[)6Y>]!:#?W$%3TXM_=0GG^QNR"5)!BA
M#+#K-%*(`9!'AZ)+F4I2.B-X=HRC2)R4"A*>"_8R/0V6<1XD1IZ8=<`8XV1*
MG3M&!0`6V?$H#KNM=!!7VK],4:D&SZT[G`=QBJ/S@*1L4DF-I-((@[')#+Y.
M([4D`'\,0%1'XJ0PJJ1]6$';,/)\^T*5;9@JV<"8@U`?ZGIK@@/6NA&1`]?1
M(1J'8;$H$O'NQQF>QF&\U5%093KVLXS]!I;K3SPS[O-E.LW(0F:&4%^=<%8;
MW#'V-8@SR%5G0&?9"U*72I4J8KI(*J.:]JX&78K#@UGV>!CA6(ZW[!_M899]
M]+-$<(=G,4>=YM?!HKTFHA4;G$$VP)PQ.ID!&6*$H#CD)4FPED5<&(8(IXR9
M)$@NTP@_?8_;USCT<H!4T$!N<J$E!$(&%08M&TIA)*01$Q^:#Y6?>F#%*DQJ
M?`W2^BJ`5:/7OQNXK3L_;1@"N`Q4NZZ>@SIC$8S!CJ8<:$LK(;>;O"$$U/9=
M#`822&$6"D3\E8?!^3!F("(.Y"()9@J;FM^#M+\28M7NC2\';N_N;RO65RH9
MQ(6&;MW3@A".+Z9AD/P=!T3?X;6B(&UN`UXUOTYN8"8882BF\E(<27G$%<`<
M@`PX?L1)\GV:?4KO<4`S-M45ISG::VUV><!`T&)",R#4"(,$AB8LJC-MU;0Q
M0%QS_Q>NBBI=>1")_`6&1G_-DB+-`_+,GT$E[2U(O1P@;320FW1I"8'01(7!
M3(^5AGB5%HH3I;-;92[CFYZ%GAH:<<@9IM&`UD13*0LSW]1#,=!&/B7#7QXK
MU9#40V5Q0"02!#YEP^,L(_IEB:84(&64<)M,:8B`$*2+0+L<(411)0M#@=MB
MDL3A19(%[35OM0Q@\RN@-AN_)@#2].W?US:\%$1"$FCX6&^0R0M[-T4NWF%G
MODGO^TQ*D$.)@S&M`<6@`3.LV`#IUS1K&YC5I5-4TX9:"I.S,+D.<\$^4\4F
M>EG0)3$M]/:R6$<0:&E,C<.P/%9.D<M5,J$"RQ,^67=CR5K2`XYT8*L9LA(#
MY4<3A9T=8@%E:VXHM^!/@H3?(+N?8YSKTA7JY4`VV8V0JUUUI=#`V^AZ#*K3
M+RG-DC@2YRU*120UX0^JR2NJEF26+2&X8XY*L(USC0T)B(.,70"*E?7[^_.'
M>U\:OYP>.W&@+0M,!0WT+B-:@F#$4.'0+[('GER8/PWH?)Q&_#_\L/]CD(C;
M`?EI0,@S"W_%G1*-W6ZZ<!=^^IC6.(KIH@AQ,<@9EX)W3$F\=L@OCR&\5H>G
MX#@,LX(AN<,A9J@F";[&N:/G<E&%<V0]#&OX-0<]"#?G"DN5O%:J(K+2_7KG
M0?'JI;)[QNSV1$@A`!(&JT%6\6_SVX$#7\6/*U^O%&YD%E!$N9S?_F,#*OOI
M+_KZ"<_\@_;>6!!Y<&/UK,`7K"7NL#@X?QN(9%EF!AE5P!CD8DB=029Y``99
MX:@N0<C+#LO`F.%LP`ST!"^#."KOYYM)I):%>T+"!+V9AD0A",`7/8XN44I9
M%/*7OL40AJ6:!YQI3"!=)IF>3,ZMD_(7XD2>Y4%RY3HCUXT]O!`4>C8?UV;X
M86.I93+DI`KH7-P-<TIY5-,#<3V.L%2>2*I*)U3I[:$@%\X)GH.KB4"%]*)(
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M(?@J#B9Q$O.)#*.I.-`[SY(($RK3&%J63YS5P<C1U\`Z?5QU`1Q,+VB*(>YR
M?')Y=?EP>7Z/QM=GZ/[AYO3[_[VY.CN_NY?WAM#Y#Q\O'_[N%4/=SC<8%'Q@
MH<-9!KTT+-/ZG=9*UHKP+*KV66^#9[[)RB/$,"0%CKKF679J74H`WPWO8:9J
M<]Q!'7"OW!6=X4C-4A8A(WA9B$=;6_6W?'GJ<B,O-<)PKLX(ON'FE)(0+DX/
M1#%T>O9FM(@R[]B$E(C\TS>3))Z)V2BU4L=)%3:L=S2L$_1;]*`./+O`4K@M
MKHK(2A=E:V5X`I[A*6;HHX?@J>:(K>2SJL$="'(TJ'$HR*(#<3#(!9+B1E:I
MAN(TS!88Y<&37Z$<OWP:Y^+9>WZP.TMY;@.<AK'V+6>3!NC3&A8SVJF.->)`
MSVV8T*AS'I<:\DA]70>>5+U7/GQ<Z^BWNN'5>D;O%8RZ0KEB@84>/)=N2>E"
M!4;392"5).1)1AWLUCG&MAC,*48E"N49QG)`D^]&[J/_'AT<'?'#K^B1ZWV#
M1D=[1T?B?XC*7`9!D<\S$O\;1]^@-$LQRG:?W&`G#TD9KYJUQ7QX1DI_@:PE
M`_N(E/%:F,Q^L:+3T<&7#3I]8:33V[VCX^.]T>B]&`;97U_)OTK16+R]*,3>
M?;EW_,5Q)?;V6/Q5BM7XB`+*7T7]P-ICCMZ-]A"_Y".U&'WVV+R!+G&8QX\X
M\<`Y:EXVJ56];OYD5_3MO1F%40Z/SM2T_'EYI@W*^/P,/S.^'Z<H]/7YF<8!
M`O'@@Z8V'!2]>99&;Y3I!8^NE@?/U6A`&9[SP):G:X`>63,-SPI!/YY8TP[1
M7:E=<^58<B7%,][VILUU#1;#,VM49JLJ3XRCU^_?[8W>_U$,E%\>BW_*L;4Y
M8KZ!9U1W;N0\B?)I+NHV!X4ZK*%!HKL"0_V=?MJ.!FQXHL"+S7.C07V.;D#1
MS`E7S]-"0[3%EMFH`!X(LX'IE9B*/Q6,TWR.\SCT(:!M+G\P<#=$O$`;B9'P
M%A.1D]%I[42K[,E"E,TX_=J43A-\N<H(S+Z"M5IJ\(V',A'H>+78X509'25/
M>*<S1L^WM@8XSY2`[/SJ+%KYR3/Q/$(?CI4*7O&K:82-6U+:$U[5P#AS2JYN
M^LDG?39J5RVOF*7)1^VHX@G'[!FI-43S=;^F9ZCFHNG#KDZ?(,U!#7;OIV=X
MUM@.\B@VZZ1WMP9F)@T?6.82DAG$85GE&(PUV.1A)-:QR!B&Z:3]89,^`-.(
M^L`B8^BE8I`O<5>/)T"<5/SAD27<\N3Q#V<X;K3R*LIJ[`A)JUSVCDI)/[;>
MFK"U>V]2#(`W.A3V;3?)F)WGKQ5AFCA5>C.]66(B#\4;7G>P*(#DMW4SHEIA
M-TL/G/_6`8QEH7U=`KJ9HG49\`Y%I/2]PX\X+;`]DYQ.&FX'U@R_L0VK%H4X
M!VQ`HDB,)-F2SA"1*G2K#-D[S@17MT5CKEH6/M>;"KHRN5M=$#*;6P>',7V;
M!R3A*;U:9-?9J!*%HX@!>(,A"KGA-X&M:+Q-MN;&#6]HX<"(8<A@/^CCQ`)Y
MRB?KC"_PQ."Y*OG9D3*!L^VM*JTXX-39;$!SVJR6!9DR&Z"80I,JKX`'H0FW
MX6;Z799%]#Y+HM7H:3!9*0[*'9,!;>ZH9(&XHX6B3`46%:$?&>6TU]9Y[@V1
M!J_L$!K3W?7]2S2@,]$IVT!;V:>4`TILRG0I4HS?+PKT20C@6>J2!E)324ZJ
M@+D(W`UKYB.PZX'D)'"$I<I+H$S"N>=A%L[O<,H&?^[CQ]$B3F,>*/#;!&9/
M:=,"XZ"C.77Z650`F.>"J$NZ4DMRK*$'S[)V0.H8M_H3^+L$_%"S1"4.^S31
MGQQBJ_G'I4CC<F5X?D(A";>\I(?=6%WJBD&L/FI0F&:#2Y)-8P_2AEUG:=:$
M7U+=LIY@UP/CCK-)=299E0!XY89)LW19Y6UZ7?FB-QXL/%RFCYB*[#_2GLLT
MQZS6="33BH-QRV9`G5(Z60`F&:%T"51]77+(!]Y(0.;(N2T%R!(EW"8Y&B)P
M%ZA50`R,*+T)/"6TSK&O,_5PH.HU0$&%QF9`70I=XQQE8F3RAD/K>(T_G2K3
MUQ7,G/7IDQ,\S0B6<@_!$Z8?XC0C<?Y<=0@V-VB6(N_ORE?$UFY7%W0/B0#0
M'0Y>S4U7.]C/@PSMPUK7[=A5MA8T$3_$IS:/,>7+Q>S/6OI0'Z;#JUHH?=4)
M3C&;AUDF.S8MX)YE-:?;&[0J8`PV(U)%)*NTM.5X@EY/I*8/,YTR`;W&-MUJ
MDUD);L7.R9C&^IU1`V+KU0Y(^X0%/)NJ9,S]Z&33`L^LW8-0%A7`O-K]*%5I
MP7.J'Y>\XU`/[@S+&>O$J1]A/'D@C,W>K#L(31FX:;4*:F,J71<`FSYW0*BG
MS+XLP551?G4+VA(R:\7!:&$SH,X0G2S`,&.$8IB,L>D?"LN[>ES/@YBX;<I)
M0./0T6PIZPUY&M!-S!&"'M!FC:/+&?&=?_0XBY,BUUXIUTE[0Y$6?!-)2E$/
M:%)'H@A>Y;?P5/D1Q[,Y0S)^Q"28X>MB,<'D9MJYPVP9I'H7`T:N30VNLZYO
M&0!TW`ABEZ=5,2B0Y30&PL9U=0]&15>;3:-EOS*\9[%V=.U5`-PUL_XPO1V4
M-::4(X%K\HZ^I?C&4)NY#AS5%>$=2XU`/8X)5@D$'OB3KAJ;6T*`:=%58)LI
MT>L2($]Q=0"HGM\JA=!/0NP?'O'@*D[Q)?NG;KE*(0C/APYH)2=64I"\:((P
M<H.+(B'K`T'L^<K\2%)FRTPV0#JR)29Q%K&6)+EI*'%(1W:"9W'*YYIH(E.J
M[Z%[8RZ@8;O?AJ]4O%1">]=ZUR%RJO_Q@K^"[D/]]URR?ZE:-[D]%0*_5^P%
M.>[PDM7"/*`X.BL(:_Y;P2S3@T1V/=C79%Q,ZG1;DQ+4.Z=63(HKX:4"OXDK
M,JKY33-C^CT'12^)ID_.9]?RC&K&U'V-3(]!R(87*E[VH[:1>\A7)/]9E(<3
M'S+-DX5\HWTZQ6'.3S96>R$X8M;QW7?3E?!=E0[X'N5.JZ?Y:.5.B@9YV7)W
MR!7[KT\AIE0<2RQ/(U+$&T5VH_T)+X8O1Z_*@>]$O?J$;Q1W9ZPW!.S%)^&]
MD3MMO)V?ONQ,Z3PU7G)2(%%T7?F,\J]I>OH.M-)U>.Q5;YZ9[B1+\&E`YQ=)
M]LDU27!7'CQ'L-8$58K@CC!@AF`UEEX)@GD12)0!/X"R23^'<\OOO40X.GG^
M2/FQX-5E_S%_0U:^]6BY5-^_(,A3EAL:W5K7Z5D*S-+/)B`5?.:DG7+2RIAP
MG3`D6!7AP8F$1H1\ASD9X@0W%L`>LMTP_D5^RH_YUHXK3COYVM'O0,_$=FF&
M(H7=^J=0GB%2_1A*5PNV_'/^5\@[Z;+\131Y[M=+AZ3;"URC`7B@MQ\T_8V:
MVDW3]4U`?^Z:RX4!9E9ICWYE0<%N395M5R;<2=E=5$7C/.TV!4*<NMT:K\O"
MTRKUSYMR!8K_0KF4L`R>Q<Y\0`@K1(35/GBTK5=S`/V7$9%F8:?'>N"P`\L+
M9AL%'6*<\3DG'G7..SIH(#I,*F/`INP+<O.LQAXL,+"0B#^CA<^P_&\M`BXW
M+.P)+%P+@+S0V]/(UAU?1VV8#!=]P"D6#N9\E*8LQ)5,I<+K)'$PB1-?5@VZ
M1K(>QI=Q*9O:X?C1<"K72=4C8NH-,U.RJ^<%&36P5$.@5$&OX[*0-X*2I3Z?
M5I<%^$C'6X*701RU1CYK[;34/**AVB`S!9LZ7M!/`<F9>DNIZU'"967W(D5M
M70/3V^"YKS?4E.`1&ZUF6GVC6MT+CIK1=>GZNE+E+"V9R^A:3X;&Y^"^NLIJ
M1"B-Y%,D60%7ZY"C]_!B+,PO(CL;[S;>FTKRA=YN0)5YV$K''-4HOXX)2I;+
M:;(LU"-O[;ZUM_7>X.>P5;O=%BU@*IT^"-6G]IVV?;PEK,S2N8.S!J:"?".P
M@]$.1#:4XL]9`QM(^UF#N"K!K[,&MW(C@A_%Y2?,"5X]BL>J@/7`]5&W5D4Y
M*(+QU=VH.C_M6G!9XAVQJ3;>Y0%KL>V>K9]>YJZ6ZWGA5#O6G10T3C'ESWOR
MW,@R33(+DZ93%@RQNM)%`QL4Y`])G8TVDM9:"H!3W1"D:L]@=0L&3<HR/*2O
M>`"FZIBWS`*>XIL?P5UR.><N;B[%'^*ZF6MVM<8B?/*[=J`V)RS>8"C=[[/P
MQ[C2]X#+)`LQCD0:>OY$]\VT,]*X<+EG*7!<WLS<!I?[%0'A?C=`J'P-6912
M'F9AY?"-6W5(X1NKW:/ZK:<%G\,L;;O9F6?+##J$AF6&@HKCBLHYF;=DO8C3
M(`UWL,1@*L@W\CH8[4!B0RG^+#'80-J7&*95"9XM,=2''W[J[F8I@J'S)TS"
MF&J3`-GU_`@;3"9I`P65$G1HH,5D"P9P*;W*BH&RI2='MZH`_B(CZQP,-]/F
M+4Y-T*_6`9]W&4U1S;*4"H#+`'H\YAE_SK>W"O+L2^859D1IT<WT*DMG#Y@L
MSO!$-QQKQ<$893.@3B:=+`"/C%"Z%+K#41$*`B5,>#]GTBABXO`$JGM?G5%L
M9E:>4;S'84%,DY2-B_-B'-VD`G3#:Y^R@$?=WE!M@[%O)'>_;*.(@#45N%V9
MG\'%*T-5;';Q2E$@W.6![6$/>/_*QXG_UC/+SV&BO]T$W[-5*G<BKU:I7I?+
M5&\:QV)4DWQXZG*3Q8A%YSR<?PP2/J+))'?MXVZ:BNM5!-Q3G!L8VGB8LX<^
MQ#.=?>&I^=LXB[@^?BMHS;<&Q#_P^@=\N+.G-GW,>C,ASZR_:?.;.BE"9RKN
M`U*STJAJ.!3D;+BM,AMG4R3A_`;:$S2U5Q^(/5L3L\^M[3A@<L1BN4Q$?!8D
M5=JJRW2:D86\;6K>`7'5ADN?V,^\Q@U\-U6(!(L]D"DNYM>T4133,,EH0<3:
M<EAM>+#!9%6<!SL<U0DFGL-44R<-$<#+%EV@S2L4Z^]!+D:T?E[CN\25,T8`
M1@.IX`,%:C>3#"QH2L&_WMR$JWRU68K`W)/I(%!>@*G?Z8H]&+0JIW?-&H+]
M<WU"(8T4\\"SE8^SC&9;%PLZ:]I%A;3#M&W*!)I=;0U9,>/*TGTQ--;.L[`H
M;N?'`90Y7;6)0-J+5!9AD&RN=O!5*E>]Y/#+J`YX%!NI7F=8>2!!2J?\^3O9
M*<2&B*87J67!?)L1>MUA*04!O)`>AV)PI;3@*:%%]%U_CR).$7X*15H4$8GM
M_FJ)VMNLCP-DT_NLR.>?F`4/^"G@[G*943;CR,@R(ZH<^AL4`..5-C)RY:EZ
M:0^<A7H#<.8S(8R7JV*0*`=5!:%:2<SQT2(10R-C;C['/(]/L5A69=12^;!O
M&*,3?JS.@ZGE11`3L9IS,Q4>G);W$'0S#+T\F(.TFE!WDEIA`$=IQM+E)9='
MCUQAE=)L]QY0;"ZQ6<Y%1IK]1]';]+(@?LT*O7)A6L&!O949AVUQXOY'E'-A
M>"=2RR(QYFY/ZST4@F!N0P^Z[B^Z4@".0@.B2Y"KQC`C)'?N(*ZS'-.'K)Q0
M!LGZW0;#2QL.2B`NP]V8RG?8-09V(HZ`5--ZIHCXE<&5+JJ_PO%3I>_!F[[7
M05X0?K%,)NWHSOX-@G!'4;2@&T=..E(0=T;4(+JD&1T@)(5Y#+(6AZ?(?3Q+
MXVD<\BNS,CD1?P8Q2^*0>4,VJN8G[,=_T6TIN2G#[>/U,JZQC>>D";&+YPZL
M2\.W!^B^6"P"\BQF:.NBT+HL5!4&STWM:MIZ#=;&T%Y%P+V0LH&A3KFI%?H0
M+YKTA==E[OL#))=*U\6@&Y^62M>FW$SK1V7O<,*S&9QF-*?KP[2K!`86^FY;
M*ABC=U0=C33ZVQ4)P/M=(%;$$BR8D.]?WOARG6^U)+.VV$IMLP[\LIC)%.72
MF$H!<GE,BZ=+J2\.D%@E^VNU2K:>VERF;#93+$S'00<,5L,YC@J>*N,J3GFG
M(CB*\XL@+&?OUGC561\N9.UK8B-J=56&"%Q[8>MR],L#)%50J?,,S\?541CW
M@-2H`G_PR#'@-,E#'DER#RC_R&;DY1DE<90)GDQE5'`;D/Q9;`8'XGHL=>=6
MGQ(`;S?W-K-YX=E9'>0.=#]TBNB.S='+4I`H!M7+@6?I>4#XI0)^^42$KC9.
MZN7A[GO:3&C<Y=0)0SR09\2BX!*+Z^YQ@D-.IA\*QB9,DN=:<'<6Y`%Z_3$-
M"C:NXN@-/+W64<)],:'X7P4+/,\?7:;*+IH>1'56L]3QG%8--)(SHU(0\HB-
MNFLE)+5\N)8D3Q*<%H1H\@DV!%[LVIAU%:V%0'.@D.ZA4LZ'NM7FY?R.9%27
M-,*@`5+[3I"422"$VAX2BN(PWDIU#PEE']I(TD9/?$#&6ZCN0^T]E"F0Q+*<
M]@9C5PJD5K4PNC5<B<KUQCVY/N1#A0L\\RR),*'Z3%M=J9^_@!@O=3`TS]^6
MHG\(EAG]!DD--,YS$D^*7+P:DV=\;N")>Z\?LTDCMY:QZ8!T#$=0EO-#I8/7
M+T\-V38B+S9/+DSO,(NU"GR-E=&-2@ZD#0Q`NO4NA%$IN(>8J`]U[E#=/M2T
M:R7[5KUBUXP'8.5K6:KZ;<N`5+`&A.)\*A>4CL/R`MBP2\+R$J_Q'<V&"$@M
MJS&H[J-*N:J.?:CBZRQ=/:<EUZ(-E:T5!JEV&QKE=<CUVV'EROOK4DF[\`2R
M!U*"*K.@&;<_FJ)`'<"$17LQFRE470&]+G6\:(8?<3R;YS@:/S*RS/!UL9CP
M2W%BP9/>%#G-F:=D'#H):!RJ&J=7`2!-M@G";D-6I:"R&"3+$2?[1$FH5M0>
M$H5YW,!G<5*P3SN5T*.)=47XU,@6C%LW<UF^#PTMX?&[JNI+(O7O7RQQDS$$
M[@)03,F%T!Z28C[4ZV`/EX($%GWAJ5/=B3M?M[4$C:\_5FD;5T6AL355XZ#+
MY"_U/"+(<KDK+,62>:G*5[E*9713WF-G^J@JP,\V>_%'U_QH31>,CDTK%G%:
M^R1[S8T2'YIZL'><//*Z>GB]O>ZJ*,^\KF?)OR$:?Q>(C9F_UQF_JQS@VV3^
M]J#3[SXMMD>=OD\C6SK]JBA/.OW.DDL-V5Q.4#2[XTJ57T4+1%GX`O7/2A5W
M';1YBLR`=I/?:ZAV6(7D8BNH7??-;X'J6P%"L0U8FQSP!U`[%5O_^XK]BWU6
M?<3^CP]`[)/_`U!+`P04````"`!.?MU`!GS(]Y85```%1@$`%``<`&UX8RTR
M,#$R,#,S,5]P<F4N>&UL550)``,#!^Y/`P?N3W5X"P`!!"4.```$.0$``.U=
MW7/;.))_OJVZ_X'KK=J;??"'[&0RGMO<EBQ;&=4XEL92=F:?4C`)2=RA"`U(
MVM+^]0>0^A8!-D`)!!V_Q(Z,AKK[U]UH-('FW_\QFP3.,Z:13\*/)XVSBQ,'
MAR[Q_'#T\>1+_[39;W4Z)TX4H]!#`0GQQY.0G/SC__[[3W__\^FITZ(8Q=AS
MGN9.VP]PC_AA_#^1\]O-X[T?HIA09QS'TQ_/SU]>7LZP-T)TR(9-^;`SETR<
MTU,^4^"'O__(_WE"$79FD?]CY([Q!-T3%\4I8QNSS)YH<$;HZ/SRXN+J?$4E
M','_=[H<=LH_.FU<GEXUSF:1=^(P\</HQQG_^]:WO%RE,S2NKZ_/T[^NAD9^
MWD`V;^/\M\_W_93Q4S_D&G/QDFIO_GPI3I@V_BM3!R4!?L1#A__\\MA9$4_P
MS"4XQ'0TYQH\YW\_OR5N,L%AW`R]NS#VXWDG'!(Z297'6$@GC.=3!E[D3Z8!
M7GXVIGCX\60R<YE>&I<75YE6_B*=[ER3QQ8)(Q+X'K>7&Q1P[?3'&,>1!H/B
MN0[.70]1IHDQCGT7!8=D=7OB0_#=C]F_'+>H.^Q.,4WQ*JM>P:3:_(Y1.,)1
M)^S'Q/U]3`*/Q9Z[/Q)F9#J,2F8[M$9;*!JW`_)R2(6NY]3E]@'%"<4E\<Z9
M1)>??C*9(#KO#OO^*/2'S+99&'%=DK`X$HYZ3`FNCW5X!$ZLRW<SBG#\R)R1
MIMATGP)_I*U/R62Z_-TDD1_B*&J1R1-?634YRYU&&VON=*<W;-WRV'Q3'$:Z
M"XYH)EW.VLBG_T1!PFRZS<0,71\%';8DTW19TU%<T8S:T89BSX_;R/4#S1"X
M/8$N'QV6]$WP`,VTG'.36I>#S^C?A+:2*&8S41TF=B;0Y:/KLT7:^X28CT1:
MIK(S02GO*KM`'G!=?,0!7[Y8VA+/!Q0Q%W5UHY!PJM*8/>((TV=\BV)4!KG-
M:;3QPP%VF92_)$Q,3(/Y*FYH<E<PH?Z*_13A/Q(6Q>Z>-8/CWA0;O$PITV48
MI_&<[0E_WYH=SV(<>MA;SL\9TD":?UO.US6IZQ#*3'^QL65_&V+*XN4]>L*!
M9#N6?A-3<833D=L:0=1=?L!^W>)X?Z;%B/-IFNR?NF,_6`D[I&3R\22)3D<(
M3;_>S6+*W>`9=T*/!3'*LIGF4Y1^V%AQ0-8$/4J>L<?TT=S4!S,.OF-CQ+=^
MY`8D8HG=@*GY)F"!(,-EH2GVP99<`=]L$[H-]4*P5*@ABIY2R18<,`D;C7,<
MQ-'R$VX5C=.+QF)W_9<RK"[8"#*H:BBT#%"!='(;>!UR+&+#>6YP.%K8R%D'
M7T/0V!?K@<18&C;R22SR&SB#^<974P$+7*H(Z=<C2S4!8B=I?PW!8;5*WLVF
M`<D*.^P#MH1Z29IOKX/SVCOD.8?>E)5[7%FV\\WXFU)&@4N7M;4W750;_G9J
M)Z\A_/7QB)?F'O&44%XBEF=%.X-M2A<`K`G6V?H(590Q"+&L-__5.'ON0P"@
MRQMPW#SVI,Z;0V"1J0.YRS><VHE6M#C*P7T=<E3CU:`S('[,I[FXN&@XI\Z2
M8O-7M@ER,G)GDUX5E_V',[^UOLHX%*B;3?Z5D8(H2QE/A-VS$7D^]["?V0W[
M9==<V$=?LZ]_Q".??VL8/Z`)SN<Y=^1Y<9B].'*855'I1K"%2G5DS;<8RY0_
M>O7P[&<\EZE^=RA`]XTZ*%\FU]&TO^1XP*:5^V@Z`J#K2[MU+13GZ"KN8>H3
MQJMWB^("76\/!2C]JAY*%\MU-.TWV?=Z_+O;`1KE:WU["$#;[^S6MEB>HVFY
ME5`N2YOEL"CX%T94:N;"T0#=O[=;]R#1CKR6_HJ#X.>0O(1]C"(28J\310FF
MLC551`(`Y'N[`8'+=V14_DF"A&F/SOF!^O5!J#PT=H<"4/A0!Q1D<AT[O\S\
M<E6IX:=U$RD(`@H`%C_4`0N`>$>&)#6"%HN-(T*E"?_V0```UW4`0"S5D?7>
M2YX"WVT'!`EVY?O#0%NL.BA=)-2QHP^93$AVF:$_9@)&W21.KUXQQY/&(!D=
M!)1Z;'RA4AY]BY:E;=DNI<T^$RP0XN$03&JR098+9P@*GD&#@5@/AL!0DRUS
MKFBF:]#%=_Q6!>A+Y]19785BO[>Z#_WN?>>V.;B[=6Z:]\V'UIW3_^GN;M`_
M3/5YBQ]YN3E_:$4/)]++1`4,[XRQI\HL5?IF*4(L@'%5+S)>B,9WAUI48LXW
MFSV5RR0PJ'E^$9(%/OZ#GPA\1@%C*FK&+43IG"WOZ=4K09$(1&I10;H0&76)
M3/I(=N<R>L0N9JP]!?@!QS"7@5!:5,,&QRY5N?37L-71LCZS"4&NLS/&HC*U
MBNELZ%<BD"5VKV[O-E6P-6$!BV<0I-L$MYEH&_<+?1Q)09)26%35U@0)+)Y!
MD'H43Y'OW<WX/6\L12=_J$5E;DU8BN6J*NL%9+OPTK;B^6`2H^#XYX-+1CVA
M)HQZ$)EB&L][`<KJ!2Q+G/)]-!-!GH.!*"VJG$-S,&6Y#**URE^63+:3(.#7
MC#[C>$R\3Y1$1:F<C-*FFKN*8>9E>%`Y;?"U;CP6/2LOH+&I(*^)F(*$-F`E
M\;$"&GBAWN;%[M`H5^J1;.5.)DF:T-YBIG77S\[%XVF`%W>MFA/^L/H_Z>="
M(82[ML/,;M.S!4W\CZ(+&^(!$UL]/P(A:JJ6<FB/WI7/^/Y#MO$`:?[]:XW"
M.3HPB,Z]CYYX:S'>PB/T]J_NR_<;8&H(PJ9J+=!-AY9PU4`'*M!+QD/@,55S
M4;7(?,0L>?"U+$/TT)S7(/B*ZKHT8?%KCU5YE1DR`01%4X<22Z"H*[))UR/A
M:(#IY!8_Q0\D=&4("L9"P#)5ABGC<L72F<XU<CNS%J$$H@0]9;8?,V5933[B
M6>1W`S3;D+`(O4(J"'*F:C(ED%.2T^3Y#C*9^'':*I>?;"!ITV8<;O:"WCG5
M(2&`8&7J,`<T5X3*8Q`3U5R^7/9^:=NQ#?OR]=YR[YJR)CGRE#<0`H&IXH12
MR"H2QG"46APPEQTXVQT%4;VIPQQ*JI=*8C(K\SR?*PP%/>1[G;"%IGZ,@@WV
M!#E9,1T$&U-U!;4<3$TV@VBQQ!#Y(?;N$`W9(A9M58F'ONL+U@\`'00M4V4&
M);0493.(UH!B%"5T7A35<L9!T%`ZZ'&=55U#/.**,59W54*R0`^5YF?0O`R$
MW+7U]7(EW`JT8%'%7*]2#CL9_;HPA>G$FDM.^:\*6]UXNH+?>'*^2T*4L`0`
M>W]SOMN:]V_?]FTHLYO6MRVKTI:5&6J7IB;NI2MG#]/THBYD%RNDM>A.58E]
M+4B\RH#+KE,WDWA,J/^?=3"4`;9'8]$5JQ)`2<6J&*"T&8T".(OQ%MVI*@U,
MCD@5@U+8HJ&(R*(;6J7A.5A'AH,4\=36(PBA1=>V="M]MJU$>UT]BI8A&8%%
M-[9T\;%E`=IC2;;ZB`9;=%6K'![5KCOJ?8'*=@0R=0RH'"H6+#=;]<*,*T"!
M=3'0HIM6^D7235FJK,44O/Y\58=Y)ZO#]`?LQ^>[AT'?Z;:=;N_NL3GHL`'.
M=U]6%9G#5&#RV2VJ9DAIJJK)\'OYC_@9APDNO($H&FQ/-08&S&99!B"203BV
M^R4L^,H'(W^H3147N6D)NT3DB6(2`GX+;H=W`0)Y(\&5%+5*_S.F3\3$*YC4
MP2O20G71#!3%X"46JY_-@/&R!*KT78W\(DW61Z%@\12.MJD``X8`)(UA++K#
M3X1X49]ED:MP+,8B=[1%!98BZ]H!HU`<DP>J1`>X^46)].KF0JA\=.#D%M5;
M%.#2D\\@?I#;MOG0@2@MJLHHH*8LFD'`/O&-*>)>W_0F?IB^'(F__USJ9D5$
M%I5I%&!2D:K"7`&6(\`K-#8G=HHKF5`!)G=0V<8[''5"ETSPO;A'3LY`FUKB
M*.B^2!2#ZG\@(=GF9L&_/,4N)K.I]PT\V5:3RR!.G?`91^FUHHRM3AACIE4!
M/,+1-K6C!YO>!CX@P8S"DGV_=/G?'01O&&/W<6L]`,6ZL"'L*88[A58Q-N<-
M.DC"=&+4%Y>+*>^$FMV\3!ASZ]+^#1X2BK-Q`S3#T6<_)#1]`T-FE6SYWIXE
M>T"6=:=;QQY!AF*2`7BC')N6UZHT9-P*&>L+;[AANZ2A7_"LK(C(IJ8YJFC#
MI#*Y0<QNR`NX$VP7Y30V=<T!&N#^*RHAPADMC67+I1).140V-<91!TI%NNI#
MGE*H4^B"8W,BI8ZI95BRB%Y4B-D>`N^$\[IP$VO!(%K+6\C+H[WR+$,XVJ:>
M./#T`B1.A6#<H,AW84AD0VUJ=U-D61(<]H6I$(1;/TABT6%FT6";NMR4`")/
M'(-0_(K]T9A]?_.9;>Y&^"&9/&':'>X=Z)4'+>59K.J/`PYFI<2T$%1)\%.;
M`MYSQ^XS<KK>H&$CE09@`9.+6`2\U*`Z";SYS[=J)'+5&3_-/T;A"$>=4-PT
M8WV,__WN,?Z?F@^?[OI.Y\'I#[JMGW_JWM_>/?;_BJ8D^E_G[I<OG<&_1*?X
M1:?^WI]=7WUXK[Q'85P;,(YU2X2%$A@"N,-^C:XV#6"K<T)VC>DVH0SC[)7-
M&?0/^"7]4[7-"(NYVPX+=1%M%Q^A&/M`0LZF?G_VH?%##<WT4ME,>PEUQRC"
MW6&U3?'5F-0P6GL$U;;=2]"A^,NS^MEM0\%NLRO6UJ"IP*.2U5HFIK;1-D!&
M^UZC;EFUT:K:;/JW[C1]^GHWP]3UH^IJ!NJ,JENO90)KFW#E++.-B7*3+@AI
MU7(-^,LF"@3(QMAT_E0)EJU>8T*1;/*#76[SW4#>+]$@"%LVE*=M>]PXLY`6
MF4Q)R$_.-&=^D?)S26QZ)P8<AT)13#Z\V.;EEDR0+[C^DS\4!H%Q$&06MOG\
MHE`FDZ>$UBU(/F->0Q,<#-H;9M.E>D4`Y,(85/Y6VQ&9^O,&6G7S0!&!(GD,
M8B#H2R]#0TYBU2D#15S@DAE$:+<7O0P:P5A([F0K)@"13*93A:W35/NE-30>
M6$VSTF*,:&RPT[>L!%$DO.GBPO'Z[+\JN*QILG^,`XGFFN`"5&W%0<(4[T<\
M711V]XMF$D^1DD'0N#IK7+ZW!@\UF2S!2-:/$$`'>?CXX:P>&.6(9#1K_G>R
MN($T((*LD1\S'@ZQ&_/K2\LCD]CC"0\.(TG/CT--#H&[<6:13QY#<-.Y(1#C
M$I"].TO/L%B"F840@-/SKZ!GVDJOQ-K*^.Y"DR_%4DS/=X2O18(.`TSG_I"M
M@`E58$MGWA:*QNV`O.0TYOT>WIBWU>S_Y+3ON[\*&_.*^EHUCISCYZ[XC]@E
MH>L'>"NK'Q"NC!XESSY3[<W\2\3O\*VZP#3=V'_.7GZ5\YAN^3UIZTS^@F<V
M5<4W[?-8V794"YD^)DX[4A_EJY355MB,>N6A\%[4^R35E07*8;7>?9<!PIX&
MUD(PMTL-1[<Z>ZL^INK8^J9I6U7(0,C,V^`=(V)6_)ZR@]B$'<M*O;L[Z#3G
M-GT+Z-@9I88V31Z"F;F8"8AF"S[$Y9P<<06'94I-:5'7<$.6<3A]O;HB6QVN
MFAJR$KL*?-5WTJ[#!5-C2XN]';QM:IG_X<UDRNG5H-TP<?GA/'R+LY\;`BZ>
M0!7V^(/26]0/_B`;%TW1*P67F1U)F,TSB\?^L_A&"(C2HM?_J9NQ%,@"82N%
ML$?Q%/F>-)P74METQ>?`V$DDK=KU:+*Q+\51#\T5/5`P@4UGPP_OB0"AJP8V
M#18+QGA"F#%][Z,G/Y#LX#7GLJG=_9$"+UA^*Q_.E'TH<_A>^E6UG]2W#4UM
M56\/6;?N\@_K9//`^_/7))<NJ0.#J+/(M#RQY_Z1L'W=ZFUYC'DFL^AT#X`.
MWOW>\C=H:#O&AD4HZJM*"[A)(C_$$7\[$F_CGW7T9VO9<,A6+*9YP7J@,0^\
M8_ZW:"%J^JLT9O`#1$L[[@4HY"^`X`?>IGP<-(#()X%W[_\6;45!>28-A1(7
M8R]]`PCOLMH=[D4]@*$H3F+3VP,.`W8)!5B9/Y;-&U_):P@.8AR:6JO>+MI^
MB$*W_+Y"-H]-S4Z.N:^`ZJ"JT`_H"987ZPI;@%7=H$#?M$7AW::N9\LDHTWH
M^A9?=RB[\R$G`;GC=6U3.$78P:HR"#GC9,%6=WA/PM$`T\DM?A)$9.%H^*L9
MO@&@05JJ*#*+>&/YY**DV<=N0B59F_9L-KT!XN!Q7%L35A[AS-%#V2.<>5.^
MEI=(',2:#J=**U/]LBG^T5XF8<464,U4-+5FT"XX>VGHB\8\OWE&`0^-62>(
MW:=J^9:A-`/$-DR]Z/,@"&M+7SG&328]I7,FJ*1!#8P4@JK^97^S[9V.:!4R
MM;TB<X#U$KBL1S,!<^908=N(9#H-TE/#*%A>@^V$0T(G&6CRV\U`8INZ3!^D
MX*<CN-'38]E32=[C1W0F;&.$58TLU>QQZYB70"2SQ_;6!PC%NM\>!'H#3`W4
M+Y;*\`+'F5[TS5@_<`F]G+A]ZT=N0**DZ.V_I6<%M?*K4P0\J$9`]I';DD-X
M\T6PE96,AT#TK@9UCD-Y`.1^465;UP%%833D+V?,Y$N+>OF0YP\%O<'(D$,>
M`;%BH4OX'#_;$J5M!,FP3Y)X_,*^88!GB/,V)1%;.@B=$BKKQJ@V!P2M[^N+
M5@EM&/2Y-O)INEM9OKIL<<A)D.:(AT/0-%4(TC/F#>Q@8NI[6[I4LX2J3>@V
M>^),)7\X1.M*A9J*GOZ51@RF(H..M7'KA)E0,A%Y5,XX"*BF;D>6!D8DG^FN
MC`\H9O&Z.UQDQ!O)Y+H-XP?GU%G'=O:?C,@A0V>#["`1X('$.!J0Q>*"@G7G
MLH*36<5T53V0$BIX1X+]<?8TD(/#LOE02""1:1/O)Y,)HO/NL.^/0G_HN_QH
M<G8KCC<#)X'O;CP.7)O]#[MFOYB(V_W&5,YZ+F<UV9LSY%=@90BPZ!G?L"__
M75"`A='6W&E4I#3M2,4%B+7S7.\Z3TKLK*F=3?(W=U%K0;/6;('3*,U0<]=1
ME]7X2L3/UIX*>X^MO*=QL;?TI)1/G-+9(GWSG/PN7ROE=8>;^GK$`=_`M4@4
M1^NS3*N[3')G*CMIS?WK(.*;=KF-DL5*VD[(9$RVRJAKUVOLNAZ?P4FGX(G?
M:A)G<Y8W+Y17T=8*+?(Q.4G-/0@@G/&W,E#L^7$;N;P8,=]WA\M==\@(G!7%
MF^GG[W3<,?82?E.2@<0#YJ:>`9L=,'G-74)14-/NL?&D?]\WKG9](QOM9,/?
M'$-^;`2\AY%2U-S\BV4S;?&+;*Z':#Q/GZPRQG.W^(UWN^:_('526F>+^,T9
M!)?=\I4-]@V5"6KN*LJB&M_=XP"[C,-?$L8BIL%\)=\MBM&^_[S?V^3+)WCS
MH?Q+9(O7>O<P37>?!1XC'EYS_R@03.P-B[_P?WB!B7WR_U!+`P04````"`!.
M?MU``H1YK;,&``"-,0``$``<`&UX8RTR,#$R,#,S,2YX<V155`D``P,'[D\#
M!^Y/=7@+``$$)0X```0Y`0``[5I=<]HX%'WNSNQ_T/+2[H/CD+3938:T0QQH
MF!)(,=G-/G6$+4`;6R*2G,"_WRM_@#%&0#]V,TM>6ELZ]^C><R4A.;?V81H&
MZ)$(23D[KU0/#BN(,(_[E(W.*[>N57>=5JORX?W//]5^L2SD"((5\=%@AIHT
M(#><,O5:HKN+7ILRK+A`8Z4F9[;]]/1T0/P1%D.`333LP.,ALBS-)+TQ"3&"
MH9D\K^0LGHX/N!C91X>'5?ONNNW&N$H"/)L&E-V7P:NGIZ=VW)M!5Y#3@0@R
MZF-;=P^P)'-FZ*4&/&528>8MX7TU-\B#W]E)YQ*4ED)/$BC-H#XIX"3Q#D;\
MT88.P%>KUF'5.JYF\$A:(XPG<Y,AEH.8.NTH-Q$\(++4)NXI,6*<L2@L5\=7
MPE:S";$!9`&*".K-[38;+1N`#[JYW+NXI\2[ZSMGC@_)U..$$3&:Z<FFT4>'
MQQI+`A(2III<A)=DB*,`DO<0X8`.*?$K2&$Q(JJ#0R(GV".;"6$2OZIAQKC"
M"A:.?H7WR82R(8]?7M7T'#O3FO;!<Z0?;GNMM<RZW[[D7J3=K#._P115LQ;0
MB3`>HH*H?UXQ(I*!TY%],J2,QLX=PFI"%LIL\X^8^2@A0CFFFEVDR#-'DOA=
M]CY^G@@B@2>V@@W@/K5,(>NL/!QX4;"CT<*;-39I4R;YUZ?!X4SR@/IZH[O`
M@5[X[I@0)9,<K.\V).`(5'=!)Y)FP.EVW&Z[=5GO-R[11;U=[S@-Y%XU&GWW
M1?UR>6^P@&#'1%&(8$,JEK&&O!QOGQ?T9HGUUY<\S;6?*RB[P^Z$B-CIDN6R
M!F?(SUM3?MP^_'?=Z$!NNDW4O6GTZOT6`/8],V/,1D2VF*NX=S_F@0_'N\9#
M!+M\FA(#P)"+=UOE0J?"N:IW/C9<U.I`>]?Y=-5M7S9Z[FO4^'S;ZO^U[_E9
MLR(<+,?-@#]M6#@+F"%7)]NO&Z?N7J%FN_OGOJ^;#E:1(*L[6$F[0?G?]/F*
M2B_@$JS@)3%'?(@6!'NNM!N%(1:S[M"E(P9G<`_#D=;S>`1'43:Z@5GO49*J
MOR76D)'?BQE)*75*<J1HP8HRVCW/TT4D*2-2.CP<Z.O]8DV4]AAR<%K,04:`
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M`VZ<+[]RQ.Z10']$N<%"S?H"@YQ>[I2QMM<@]\J5,B5!,0O*T^RY]O/-N0?!
MB4=RB14N;-OY'H/F*U?(_.:=<B!-@M[<,AS!.9OX^_Z1WB4!\4"'SQ',2R*"
MV?R.M\C#!LSZC!RMW"<S*C3GRETJ7U)3^`8VD.0A@K@:CXO;_4JK0?Z5V^7"
M&"76_SN)]3^Z<*-'AB@N^#C3=0'G%4G#2:#+,^*VL2##\THX]:SL#_9?(+Z#
M:1AD",UMJ/>($U24)!TWH\#"6V%9J4<!$CXA0E$B[<SWC$!1I<UO<L,@/8ZL
MV-\EY``/=@T93$CP`V-M:_[O&B3,P%V#+$S:'Q2JLQCENP8,JV?7@)<7W`^*
M]W(^R%*X-3M7%0,O2R4S-0B6"X782N&-J00K*1YK<R_F,9CH-RNSLW2353VR
MCJL'4^DG[NWBP"+NW1S(['9TP%S[M,:%>/C2.C";!$K.N:P%US:^&(O13*X4
M;?3#CF,;J]J^7@;=LJ,G6Q2^;3,S\I:=Q%!/C5,]-:HGW^#(USEA\B"MFDN^
M8-TY7TS59_6!5`*N/)7887.EV@*+TZ?SBA(1+"U&`_@-TOM)\AX79I[!UD.Y
MWX\W2#\2Z4TYV3`3!+!0-FHI$FH4:``G(1@TTLB/@D>3#`@GSW!-=$L%1,5P
MUG0^)__A.E2/[U,N#O3GW,3QE=:-'B8[ILJZ!DGDX#D94+7L=L@945C,OLWQ
M\JJ@8@8VH9Y3*DK+-4P!E8">4SRF/]0DP1@1.WC^;\VYNO<041F?5_C0Y9$:
M/Q&I^F2*)5RI)ESBP.$"-N#4KS3*':V>4P[U%+O!U&]RL>QY%IP)\`PSV.&*
MR#Z??U]8+*?B0ML&^=]EJF8G/]CP^`]02P$"'@,4````"`!.?MU`%PTHVJ]Q
M``".2@4`$``8```````!````I($`````;7AC+3(P,3(P,S,Q+GAM;%54!0`#
M`P?N3W5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`$Y^W4#YM!T6_0H``-A^
M```4`!@```````$```"D@?EQ``!M>&,M,C`Q,C`S,S%?8V%L+GAM;%54!0`#
M`P?N3W5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`$Y^W4#4:!6.^08``#,V
M```4`!@```````$```"D@41]``!M>&,M,C`Q,C`S,S%?9&5F+GAM;%54!0`#
M`P?N3W5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`$Y^W4#>+J-U7"(``!SC
M`0`4`!@```````$```"D@8N$``!M>&,M,C`Q,C`S,S%?;&%B+GAM;%54!0`#
M`P?N3W5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`$Y^W4`&?,CWEA4```5&
M`0`4`!@```````$```"D@36G``!M>&,M,C`Q,C`S,S%?<')E+GAM;%54!0`#
M`P?N3W5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`$Y^W4`"A'FMLP8``(TQ
M```0`!@```````$```"D@1F]``!M>&,M,C`Q,C`S,S$N>'-D550%``,#!^Y/
E=7@+``$$)0X```0Y`0``4$L%!@`````&``8`%`(``!;$````````
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	word-wrap: break-word;
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R9.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Business Combinations<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationsAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationDisclosureTextBlock', window );">3. Business Combinations</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">On September 30, 2010, Mexco purchased all of the outstanding stock
of Southwest Texas Disposal Corporation (&ldquo;STDC&rdquo;), a Texas corporation which owns primarily royalties producing primarily
natural gas, expanding our royalty revenues.&nbsp;&nbsp;The cash purchase price of $478,000 was funded from our $4.9 million credit
facility.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The purchase price was allocated to the assets acquired and liabilities
assumed at estimated fair values as follows:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table align="center" cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 80%">
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 83%; background-color: gainsboro">Proved oil and gas properties</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 14%; background-color: gainsboro; text-align: right">477,018</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt">Accounts receivable</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">10,850</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 12.25pt">Total assets acquired</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">487,868</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Accounts payable</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(7,850</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt">Asset retirement obligations assumed</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(2,018</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 3pt; padding-left: 12.25pt">Net purchase price</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">478,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">We have not disclosed the pro forma information for this acquisition
because the revenue and expenses for this acquisition are immaterial to our consolidated financial statements.</p>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141<br><br> -Paragraph 51, 52<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1500-128463<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6911361&amp;loc=d3e7000-128479<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6911361&amp;loc=d3e6927-128479<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6911361&amp;loc=d3e7008-128479<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1490-128463<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6911361&amp;loc=d3e6996-128479<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4922-128472<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4934-128472<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Appendix F<br><br> -Paragraph F4<br><br> -Subparagraph e<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4926-128472<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1383-128463<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1392-128463<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1497-128463<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 141R<br><br> -Paragraph 67-73<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1524-128463<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 88-16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6909870&amp;loc=d3e1486-128463<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 805<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6910749&amp;loc=d3e4845-128472<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BusinessCombinationDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_BusinessCombinationsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>18
<FILENAME>Financial_Report.xls
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xls
M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O
M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y
M/2(M+2TM/5].97AT4&%R=%\P9F4Y,#$S,5]E,69F7S1D-V%?8F%D,U]B,C`T
M964V-C<P9#0B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7
M96(@4&%G92P@86QS;R!K;F]W;B!A<R!A(%=E8B!!<F-H:79E(&9I;&4N("!)
M9B!Y;W4@87)E('-E96EN9R!T:&ES(&UE<W-A9V4L('EO=7(@8G)O=W-E<B!O
M<B!E9&ET;W(@9&]E<VXG="!S=7!P;W)T(%=E8B!!<F-H:79E(&9I;&5S+B`@
M4&QE87-E(&1O=VYL;V%D(&$@8G)O=W-E<B!T:&%T('-U<'!O<G1S(%=E8B!!
M<F-H:79E+"!S=6-H(&%S($UI8W)O<V]F="!);G1E<FYE="!%>'!L;W)E<BX-
M"@T*+2TM+2TM/5].97AT4&%R=%\P9F4Y,#$S,5]E,69F7S1D-V%?8F%D,U]B
M,C`T964V-C<P9#0-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,&9E
M.3`Q,S%?93%F9E\T9#=A7V)A9#-?8C(P-&5E-C8W,&0T+U=O<FMB;V]K+FAT
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M;V9T+6-O;3IO9F9I8V4Z97AC96PB('AM;&YS/3-$(FAT='`Z+R]W=W<N=S,N
M;W)G+U12+U)%0RUH=&UL-#`B/@T*/&AE860^#0H\;65T82!N86UE/3-$(D5X
M8V5L(%=O<FMB;V]K($9R86UE<V5T(CX-"@T*/&UE=&$@;F%M93TS1%!R;V=)
M9"!C;VYT96YT/3-$17AC96PN4VAE970^#0H\;&EN:R!R96P],T1&:6QE+4QI
M<W0@:')E9CTS1")7;W)K<VAE971S+V9I;&5L:7-T+GAM;"(^#0H-"CPA+2U;
M:68@9W1E(&US;R`Y73X\>&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX
M.D5X8V5L5V]R:W-H965T<SX-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@
M(#QX.DYA;64^1&]C=6UE;G1?86YD7T5N=&ET>5]);F9O<FUA=&EO/"]X.DYA
M;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T
M<R]3:&5E=#`Q+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@
M(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^0T].4T],241!5$5$
M7T)!3$%.0T5?4TA%1513/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U
M<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#`R+FAT;6PB+SX-"B`@(#PO
M>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@
M(#QX.DYA;64^0T].4T],241!5$5$7T)!3$%.0T5?4TA%15137U!A/"]X.DYA
M;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T
M<R]3:&5E=#`S+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@
M(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^0T].4T],241!5$5$
M7U-4051%345.5%-?3T9?3U!%/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T
M4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#`T+FAT;6PB+SX-"B`@
M(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*
M("`@(#QX.DYA;64^0T].4T],241!5$5$7U-4051%345.5%]/1E]#2$%./"]X
M.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H
M965T<R]3:&5E=#`U+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-
M"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^0T].4T],241!
M5$5$7U-4051%345.5%-?3T9?0T%3/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H
M965T4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#`V+FAT;6PB+SX-
M"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T
M/@T*("`@(#QX.DYA;64^3F%T=7)E7V]F7T]P97)A=&EO;G,\+W@Z3F%M93X-
M"B`@("`\>#I7;W)K<VAE9713;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H
M965T,#<N:'1M;"(O/@T*("`@/"]X.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z
M17AC96Q7;W)K<VAE970^#0H@("`@/'@Z3F%M93Y3=6UM87)Y7V]F7U-I9VYI
M9FEC86YT7T%C8V]U;G0\+W@Z3F%M93X-"B`@("`\>#I7;W)K<VAE9713;W5R
M8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,#@N:'1M;"(O/@T*("`@/"]X
M.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7;W)K<VAE970^#0H@("`@
M/'@Z3F%M93Y"=7-I;F5S<U]#;VUB:6YA=&EO;G,\+W@Z3F%M93X-"B`@("`\
M>#I7;W)K<VAE9713;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,#DN
M:'1M;"(O/@T*("`@/"]X.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7
M;W)K<VAE970^#0H@("`@/'@Z3F%M93Y&86ER7U9A;'5E7V]F7T9I;F%N8VEA
M;%]);G-T<G4\+W@Z3F%M93X-"B`@("`\>#I7;W)K<VAE9713;W5R8V4@2%)E
M9CTS1")7;W)K<VAE971S+U-H965T,3`N:'1M;"(O/@T*("`@/"]X.D5X8V5L
M5V]R:W-H965T/@T*("`@/'@Z17AC96Q7;W)K<VAE970^#0H@("`@/'@Z3F%M
M93Y#<F5D:71?1F%C:6QI='D\+W@Z3F%M93X-"B`@("`\>#I7;W)K<VAE9713
M;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,3$N:'1M;"(O/@T*("`@
M/"]X.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7;W)K<VAE970^#0H@
M("`@/'@Z3F%M93Y!<W-E=%]2971I<F5M96YT7T]B;&EG871I;VYS/"]X.DYA
M;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T
M<R]3:&5E=#$R+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@
M(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^26YC;VUE7U1A>&5S
M/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R
M:W-H965T<R]3:&5E=#$S+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E
M=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^36%J;W)?
M0W5S=&]M97)S/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2
M968],T0B5V]R:W-H965T<R]3:&5E=#$T+FAT;6PB+SX-"B`@(#PO>#I%>&-E
M;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA
M;64^3VEL7V%N9%]'87-?0V]S=',\+W@Z3F%M93X-"B`@("`\>#I7;W)K<VAE
M9713;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H965T,34N:'1M;"(O/@T*
M("`@/"]X.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7;W)K<VAE970^
M#0H@("`@/'@Z3F%M93Y3=&]C:VAO;&1E<G-?17%U:71Y/"]X.DYA;64^#0H@
M("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E
M=#$V+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X
M8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^4W1O8VM?3W!T:6]N<SPO>#I.
M86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E
M=',O4VAE970Q-RYH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@
M("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/E)E;&%T961?4&%R
M='E?5')A;G-A8W1I;VYS/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U
M<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#$X+FAT;6PB+SX-"B`@(#PO
M>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@
M(#QX.DYA;64^3VEL7V%N9%]'87-?4F5S97)V95]$871A7U5N875D/"]X.DYA
M;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T
M<R]3:&5E=#$Y+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@
M(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^4V5L96-T961?475A
M<G1E<FQY7T9I;F%N8VEA;%]$/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T
M4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#(P+FAT;6PB+SX-"B`@
M(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@/"]X.D5X8V5L5V]R:W-H965T<SX-
M"B`@/'@Z4W1Y;&5S:&5E="!(4F5F/3-$(E=O<FMS:&5E=',O<F5P;W)T+F-S
M<R(O/@T*("`\>#I!8W1I=F53:&5E=#XP/"]X.D%C=&EV95-H965T/@T*("`\
M>#I0<F]T96-T4W1R=6-T=7)E/D9A;'-E/"]X.E!R;W1E8W13=')U8W1U<F4^
M#0H@(#QX.E!R;W1E8W17:6YD;W=S/D9A;'-E/"]X.E!R;W1E8W17:6YD;W=S
M/@T*(#PO>#I%>&-E;%=O<FMB;V]K/@T*/"]X;6P^/"%;96YD:69=+2T^#0H\
M+VAE860^#0H@(#QB;V1Y/@T*("`@/'`^5&AI<R!P86=E('-H;W5L9"!B92!O
M<&5N960@=VET:"!-:6-R;W-O9G0@17AC96P@6%`@;W(@;F5W97(N/"]P/@T*
M("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?,&9E.3`Q
M,S%?93%F9E\T9#=A7V)A9#-?8C(P-&5E-C8W,&0T#0I#;VYT96YT+4QO8V%T
M:6]N.B!F:6QE.B\O+T,Z+S!F93DP,3,Q7V4Q9F9?-&0W85]B860S7V(R,#1E
M938V-S!D-"]7;W)K<VAE971S+U-H965T,#$N:'1M;`T*0V]N=&5N="U4<F%N
M<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E
M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@
M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C
M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T
M>7!E/3-$=&5X="]J879A<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T
M(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB
M;V1Y/@T*("`@(#QT86)L92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$564D%%
M/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N
M/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/D1O8W5M96YT(&%N9"!%;G1I='D@
M26YF;W)M871I;VX@*%531"`D*3QB<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@
M("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3XQ,B!-;VYT:',@16YD960\
M+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3X\+W1H
M/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3X\+W1H/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$
M=&@^36%R+B`S,2P@,C`Q,CQB<CX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,]
M,T1T:#Y*=6XN(#(Y+"`R,#$R/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S
M<STS1'1H/E-E<"X@,S`L(#(P,3$\8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/CQS=')O;F<^1&]C=6UE;G0@06YD($5N=&ET>2!);F9O
M<FUA=&EO;CPO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#Y%;G1I='D@4F5G:7-T<F%N="!.86UE/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$=&5X=#Y-15A#3R!%3D521UD@0T]24$]2051)3TX\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D5N=&ET
M>2!#96YT<F%L($EN9&5X($ME>3PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^,#`P,#`V-C0Q.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^1&]C=6UE;G0@5'EP93PO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^,3`M2SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^1&]C=6UE;G0@4&5R:6]D($5N9"!$
M871E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#Y-87(@,S$L#0H)
M"3(P,3(\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/D%M96YD;65N="!&;&%G/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$=&5X=#YF86QS93QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^0W5R<F5N="!&:7-C86P@665A<B!%;F0@1&%T93PO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^+2TP,RTS,3QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O
M/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^27,@16YT
M:71Y(&$@5V5L;"UK;F]W;B!396%S;VYE9"!)<W-U97(_/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#Y.;SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^27,@16YT:71Y(&$@5F]L=6YT87)Y
M($9I;&5R/SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^3F\\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DES
M($5N=&ET>2=S(%)E<&]R=&EN9R!3=&%T=7,@0W5R<F5N=#\\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/EEE<SQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^16YT:71Y($9I;&5R($-A=&5G
M;W)Y/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#Y3;6%L;&5R(%)E
M<&]R=&EN9R!#;VUP86YY/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#Y%;G1I='D@4'5B;&EC($9L;V%T/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#0L.3$Q+#,P-#QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^16YT:71Y($-O
M;6UO;B!3=&]C:RP@4VAA<F5S($]U='-T86YD:6YG/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XR+#`S-2PY-#D\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D1O8W5M96YT($9I<V-A;"!0
M97)I;V0@1F]C=7,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/D99
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y$;V-U;65N="!&:7-C86P@665A<B!&;V-U<SPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^,C`Q,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM
M+2TM+3U?3F5X=%!A<G1?,&9E.3`Q,S%?93%F9E\T9#=A7V)A9#-?8C(P-&5E
M-C8W,&0T#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S!F93DP,3,Q
M7V4Q9F9?-&0W85]B860S7V(R,#1E938V-S!D-"]7;W)K<VAE971S+U-H965T
M,#(N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R
M:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S
M+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE
M<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA
M<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R:7!T('-R
M8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\
M+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S<STS
M1')E<&]R="!I9#TS1$E$,$5-14%'/@T*("`@("`@/'1R/@T*("`@("`@("`\
M=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,3X\<W1R;VYG
M/D-/3E-/3$E$051%1"!"04Q!3D-%(%-(14544R`H55-$("0I/&)R/CPO<W1R
M;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L(#(P
M,3(\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@
M,C`Q,3QB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T
M<F]N9SY!4U-%5%,\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^0V%S:"!A;F0@8V%S:"!E<75I=F%L96YT<SPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^)"`T.3@L-C@Q/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`Q-SDL,#<Q/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R
M;VYG/D%C8V]U;G1S(')E8V5I=F%B;&4Z/"]S=')O;F<^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/D]I;"!A;F0@9V%S('-A;&5S/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS,S,L,3DQ/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,S@T+#(Q-3QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^5')A
M9&4\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C,P+#0P-#QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C0R+#0S
M,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^4F5L871E9"!P87)T:65S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#XF;F)S<#LF;F)S<#L\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/E!R97!A:60@8V]S=',@86YD(&5X<&5N<V5S
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ-BPW.#(\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XV-"PT-SD\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R;W4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y4;W1A;"!C=7)R96YT(&%S<V5T<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^.#<Y+#`U.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C8W,"PQ.3<\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^4')O<&5R='D@86YD
M(&5Q=6EP;65N="P@870@8V]S=#PO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#Y/:6P@86YD(&=A<R!P<F]P97)T:65S+"!U<VEN
M9R!T:&4@9G5L;"!C;W-T(&UE=&AO9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^,S$L.#0P+#`U.3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6UP/C,P+#0R-BPX,3<\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D]T:&5R/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XW."PU,C`\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XW."PU,C`\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;W4^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y43U1!3#PO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,S$L.3$X+#4W.3QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C,P+#4P
M-2PS,S<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/DQE<W,@86-C=6UU;&%T960@9&5P<F5C:6%T:6]N+"!D97!L971I
M;VX@86YD(&%M;W)T:7IA=&EO;CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,38L,C(S+#(V-SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C$U+#(R-RPP-C,\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E!R;W!E<G1Y(&%N9"!E<75I
M<&UE;G0L(&YE=#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,34L
M-CDU+#,Q,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C$U+#(W."PR-S0\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R974^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y43U1!3#PO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^,38L-3<T+#,W,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C$U+#DT."PT-S$\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^3$E!
M0DE,251)15,@04Y$(%-43T-+2$],1$524R<@15%52519/"]S=')O;F<^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D%C8V]U;G1S('!A>6%B
M;&4@86YD(&%C8W)U960@97AP96YS97,\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/C0P,BPP.3@\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XQ.3DL.30T/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y,;VYG+71E<FT@9&5B=#PO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,2PW,#`L,#`P/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,2PX,#`L,#`P
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y!<W-E="!R971I<F5M96YT(&]B;&EG871I;VYS/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XV,3,L,C<Y/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-3(X+#DQ,3QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^1&5F97)R960@:6YC
M;VUE('1A>"!L:6%B:6QI=&EE<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^.#@T+#<P,SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/CDQ,BPV-C,\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^4W1O8VMH;VQD97)S)R!E
M<75I='D\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^4')E9F5R<F5D('-T;V-K("T@)#$N,#`@<&%R('9A;'5E.R`Q,"PP,#`L
M,#`P('-H87)E<R!A=71H;W)I>F5D.R!N;VYE(&]U='-T86YD:6YG/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XF;F)S<#LF;F)S<#L\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XF;F)S<#LF
M;F)S<#L\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/D-O;6UO;B!S=&]C:R`M("0P+C4P('!A<B!V86QU93L@-#`L,#`P
M+#`P,"!S:&%R97,@875T:&]R:7IE9#L@,BPP.3DL,3$V(&%N9"`R+#`X.2PQ
M,38@<VAA<F5S(&ES<W5E9#L@,BPP,S4L.30Y(&%N9"`R+#`R.2PY-#D@<VAA
M<F5S(&]U='-T86YD:6YG(&%S(&]F($UA<F-H(#,Q+"`R,#$R(&%N9"`R,#$Q
M+"!R97-P96-T:79E;'D\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/C$L,#0Y+#4U.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/C$L,#0T+#4U.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^061D:71I;VYA;"!P86ED+6EN(&-A<&ET
M86P\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C8L-C`X+#,U,#QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C8L
M-#4S+#(R-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^4F5T86EN960@96%R;FEN9W,\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C4L-C0Q+#@R-SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C4L,S$Q+#@S-#QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^5')E87-U<GD@<W1O
M8VLL(&%T(&-O<W0@*#8S+#$V-R!A;F0@-3DL,38W('-H87)E<RP@<F5S<&5C
M=&EV96QY*3PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,S(U+#0T
M-2D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M/B@S,#(L-C8U*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')E=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/E1O=&%L('-T;V-K:&]L9&5R<R<@97%U:71Y/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,BPY-S0L,CDP/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,3(L-3`V+#DU
M,SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')O=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/E1/5$%,/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#$V
M+#4W-"PS-S`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XD(#$U+#DT."PT-S$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@/"]T86)L93X-"B`@/"]B;V1Y/@T*/"]H=&UL/@T*#0HM
M+2TM+2T]7TYE>'1087)T7S!F93DP,3,Q7V4Q9F9?-&0W85]B860S7V(R,#1E
M938V-S!D-`T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\P9F4Y,#$S
M,5]E,69F7S1D-V%?8F%D,U]B,C`T964V-C<P9#0O5V]R:W-H965T<R]3:&5E
M=#`S+FAT;6P-"D-O;G1E;G0M5')A;G-F97(M16YC;V1I;F<Z('%U;W1E9"UP
M<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@=&5X="]H=&UL.R!C:&%R<V5T/2)U
M<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH96%D/@T*("`@(#Q-151!(&AT='`M
M97%U:78],T1#;VYT96YT+51Y<&4@8V]N=&5N=#TS1"=T97AT+VAT;6P[(&-H
M87)S970]=71F+3@G/CQS8W)I<'0@='EP93TS1'1E>'0O:F%V87-C<FEP="!S
M<F,],T13:&]W+FIS/B\J($1O($YO="!296UO=F4@5&AI<R!#;VUM96YT("HO
M/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D>3X-"B`@("`\=&%B;&4@8VQA<W,]
M,T1R97!O<G0@:60],T1)1#!%5U!!0SX-"B`@("`@(#QT<CX-"B`@("`@("`@
M/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#$^/'-T<F]N
M9SY#3TY33TQ)1$%4140@0D%,04Y#12!32$5%5%,@*%!A<F5N=&AE=&EC86PI
M("A54T0@)"D\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S
M/3-$=&@^36%R+B`S,2P@,C`Q,CQB<CX\+W1H/@T*("`@("`@("`\=&@@8VQA
M<W,],T1T:#Y-87(N(#,Q+"`R,#$Q/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#X\<W1R;VYG/E-T;V-K:&]L9&5R<R<@97%U:71Y/"]S
M=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E!R969E
M<G)E9"!S=&]C:R!P87(@=F%L=64\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/B0@,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/B0@,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^4')E9F5R<F5D('-T;V-K('-H87)E<R!A=71H;W)I
M>F5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,"PP,#`L,#`P
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M,3`L,#`P+#`P,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^4')E9F5R<F5D('-T;V-K('-H87)E<R!I<W-U960\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C`\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XP/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y0<F5F97)R960@<W1O
M8VL@<VAA<F5S(&]U='-T86YD:6YG/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XP/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^0V]M;6]N('-T;V-K('!A<B!V86QU93PO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^)"`P+C4\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#`N-3QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V]M;6]N('-T;V-K
M('-H87)E<R!A=71H;W)I>F5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XT,"PP,#`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^-#`L,#`P+#`P,#QS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V]M;6]N('-T;V-K('-H87)E
M<R!I<W-U960\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(L,#DY
M+#$Q-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6UP/C(L,#@Y+#$Q-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^0V]M;6]N('-T;V-K('-H87)E<R!O=71S=&%N9&EN
M9SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,BPP,S4L.30Y/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,BPP
M,CDL.30Y/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#Y4<F5A<W5R>2!S=&]C:RP@<VAA<F5S/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XV,RPQ-C<\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XU.2PQ-C<\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@/"]B;V1Y/@T*/"]H
M=&UL/@T*#0HM+2TM+2T]7TYE>'1087)T7S!F93DP,3,Q7V4Q9F9?-&0W85]B
M860S7V(R,#1E938V-S!D-`T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#
M.B\P9F4Y,#$S,5]E,69F7S1D-V%?8F%D,U]B,C`T964V-C<P9#0O5V]R:W-H
M965T<R]3:&5E=#`T+FAT;6P-"D-O;G1E;G0M5')A;G-F97(M16YC;V1I;F<Z
M('%U;W1E9"UP<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@=&5X="]H=&UL.R!C
M:&%R<V5T/2)U<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH96%D/@T*("`@(#Q-
M151!(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@8V]N=&5N=#TS1"=T97AT
M+VAT;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@='EP93TS1'1E>'0O:F%V
M87-C<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO="!296UO=F4@5&AI<R!#
M;VUM96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D>3X-"B`@("`\=&%B
M;&4@8VQA<W,],T1R97!O<G0@:60],T1)1#!%5E-!1SX-"B`@("`@(#QT<CX-
M"B`@("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS
M1#(^/'-T<F]N9SY#3TY33TQ)1$%4140@4U1!5$5-14Y44R!/1B!/4$52051)
M3TY3("A54T0@)"D\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L
M87-S/3-$=&@@8V]L<W!A;CTS1#,^,3(@36]N=&AS($5N9&5D/"]T:#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H
M/DUA<BX@,S$L(#(P,3(\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$
M=&@^36%R+B`S,2P@,C`Q,3QB<CX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,]
M,T1T:#Y-87(N(#,Q+"`R,#$P/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#X\<W1R;VYG/D]P97)A=&EN9R!R979E;G5E<SH\+W-T<F]N
M9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3VEL(&%N9"!G
M87,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@,RPR,C,L-C4Y
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M)"`S+#$T-2PR-#<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XD(#,L,C(P+#<V,SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3W1H97(\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C$V+#,X,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C$V+#8Q,3QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(T+#DY,SQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O=3X-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E1O=&%L(&]P
M97)A=&EN9R!R979E;G5E<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,RPR-#`L,#,Y/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^,RPQ-C$L.#4X/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^,RPR-#4L-S4V/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/D]P97)A
M=&EN9R!E>'!E;G-E<SH\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^4')O9'5C=&EO;CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^.3(V+#(Q-3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C$L,#(U+#DS,CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$L,#4T+#(R-#QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^06-C<F5T:6]N
M(&]F(&%S<V5T(')E=&ER96UE;G0@;V)L:6=A=&EO;CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^,S8L,C4Q/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,S0L,3(Y/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,S$L-C(U/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y$97!R96-I
M871I;VXL(&1E<&QE=&EO;BP@86YD(&%M;W)T:7IA=&EO;CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^.3DV+#(P-3QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$L,#0W+#DP-CQS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$L,3$S+#$T
M,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^1V5N97)A;"!A;F0@861M:6YI<W1R871I=F4\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/CDU,"PV.3`\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XX-S<L-SDP/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^.#<P+#4U.#QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O
M=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E1O=&%L
M(&]P97)A=&EN9R!E>'!E;G-E<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,BPY,#DL,S8Q/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^,BPY.#4L-S4W/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,RPP-CDL-30X/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y/<&5R871I;F<@
M<')O9FET/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS,S`L-C<X
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M,3<V+#$P,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C$W-BPR,#@\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^
M#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$
M<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^3W1H97(@:6YC;VUE("AE>'!E;G-E
M<RDZ/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/DEN=&5R97-T(&EN8V]M93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,3DU/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,S8P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^-#<X/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#Y);G1E<F5S="!E>'!E;G-E/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M/B@R."PX-#`I/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,S8L,S8Q*3QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#,S+#`X,BD\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M974^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y.970@
M;W1H97(@97AP96YS93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH
M,C@L-C0U*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6T^*#,V+#`P,2D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M/B@S,BPV,#0I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y%87)N:6YG<R!B969O<F4@<')O=FES
M:6]N(&9O<B!I;F-O;64@=&%X97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C,P,BPP,S,\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M<#XQ-#`L,3`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^,30S+#8P-#QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY);F-O;64@
M=&%X(&5X<&5N<V4@*&)E;F5F:70I.CPO<W1R;VYG/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y#=7)R96YT/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$=&5X=#XF;F)S<#LF;F)S<#L\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@R-2PU,#(I/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,C4L-3`R/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y$969E
M<G)E9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,C<L.38P*3QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/CDL
M.3`V/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;3XH,C@R+#<S-RD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R;W4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#Y43U1!3#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;3XH,C<L.38P*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6T^*#$U+#4Y-BD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M/B@R-3<L,C,U*3QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E=3X-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYE="!I;F-O;64\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@,S(Y+#DY,SQS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@,34U+#8Y
M-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/B0@-#`P+#@S.3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^/'-T<F]N9SY%87)N:6YG<R!P97(@8V]M;6]N('-H87)E
M.CPO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y"
M87-I8SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`P+C$V/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`P
M+C`X/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^)"`P+C(Q/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#Y$:6QU=&5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XD(#`N,38\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XD(#`N,#@\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XD(#`N,C$\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^5V5I9VAT960@879E
M<F%G92!C;VUM;VX@<VAA<F5S(&]U='-T86YD:6YG.CPO<W1R;VYG/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y"87-I8SPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^,BPP,C@L,#$T/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,2PY-#<L-C`U/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,2PX.#@L
M,#<P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#Y$:6QU=&5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR
M+#`S-BPR-#$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XQ+#DV,BPV-38\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XQ+#DR.2PU.#@\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@/"]B;V1Y/@T*/"]H=&UL
M/@T*#0HM+2TM+2T]7TYE>'1087)T7S!F93DP,3,Q7V4Q9F9?-&0W85]B860S
M7V(R,#1E938V-S!D-`T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\P
M9F4Y,#$S,5]E,69F7S1D-V%?8F%D,U]B,C`T964V-C<P9#0O5V]R:W-H965T
M<R]3:&5E=#`U+FAT;6P-"D-O;G1E;G0M5')A;G-F97(M16YC;V1I;F<Z('%U
M;W1E9"UP<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@=&5X="]H=&UL.R!C:&%R
M<V5T/2)U<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH96%D/@T*("`@(#Q-151!
M(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@8V]N=&5N=#TS1"=T97AT+VAT
M;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@='EP93TS1'1E>'0O:F%V87-C
M<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO="!296UO=F4@5&AI<R!#;VUM
M96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D>3X-"B`@("`\=&%B;&4@
M8VQA<W,],T1R97!O<G0@:60],T1)1#!%2$U"23X-"B`@("`@(#QT<CX-"B`@
M("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#$^
M/'-T<F]N9SY#3TY33TQ)1$%4140@4U1!5$5-14Y4($]&($-(04Y'15,@24X@
M4U1/0TM(3TQ$15)3)R!%455)5%D@*%531"`D*3QB<CX\+W-T<F]N9SX\+W1H
M/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y#;VUM;VX@4W1O8VL@4&%R(%9A
M;'5E/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/E1R96%S=7)Y
M(%-T;V-K/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/D%D9&ET
M:6]N86P@4&%I9"U);B!#87!I=&%L/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C
M;&%S<STS1'1H/E)E=&%I;F5D($5A<FYI;F=S/&)R/CPO=&@^#0H@("`@("`@
M(#QT:"!C;&%S<STS1'1H/E1O=&%L/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F,^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#Y"96=I;FYI;F<@8F%L86YC92P@06UO=6YT(&%T($UA
M<BX@,S$L(#(P,#D\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@
M.3@Q+#,P.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6T^)"`H-#(V+#8Q-RD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XD(#4L-C$W+#8R,#QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@-"PW-34L,CDY/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`Q,"PY
M,C<L-C$P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F,^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#Y"96=I;FYI;F<@8F%L86YC92P@4VAA<F5S(&%T($UA<BX@,S$L
M(#(P,#D\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$L.38R+#8Q
M-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^
M*#@T+#`P,"D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/DYE="!I;F-O;64\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/B9N8G-P.R9N8G-P.SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/B9N8G-P.R9N8G-P.SQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/B9N8G-P.R9N8G-P.SQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C0P
M,"PX,SD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XT,#`L.#,Y/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#Y)<W-U86YC92!O9B!S=&]C:R!T:')O=6=H(&]P=&EO
M;G,@97AE<F-I<V5D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR
M,"PV,C4\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XR,S@L-S0W/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^,C4Y+#,W,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^17AC97-S('1A>"!B96YE9FET<R!F<F]M
M('-T;V-K+6)A<V5D(&-O;7!E;G-A=&EO;CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'1E>'0^)FYB<W`[)FYB<W`[/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^)FYB<W`[)FYB<W`[/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,C4L-3`R/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^)FYB
M<W`[)FYB<W`[/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^,C4L-3`R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#Y3=&]C:R!B87-E9"!C;VUP96YS871I;VX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/B9N8G-P.R9N8G-P.SQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/B9N8G-P
M.R9N8G-P.SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C(V+#`S,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/B9N8G-P.R9N8G-P.SQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(V+#`S,#QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V]M;6]N('-T;V-K
M('-H87)E<RP@:7-S=65D(&1U<FEN9R!P97)I;V0\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C0Q+#(U,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')C/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^16YD:6YG(&)A;&%N8V4L($%M;W5N
M="!A="!-87(N(#,Q+"`R,#$P/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XQ+#`P,2PY,S,\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M/B@T,C8L-C$W*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C4L.3`W+#@Y.3QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C4L,34V+#$S.#QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$Q+#8S
M.2PS-3,\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R8SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/D5N9&EN9R!B86QA;F-E+"!3:&%R97,@870@36%R+B`S,2P@,C`Q
M,#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,BPP,#,L.#8V/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH.#0L
M,#`P*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6UP/C$L.3$Y+#@V-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^3F5T(&EN8V]M93PO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'1E>'0^)FYB<W`[)FYB<W`[/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^)FYB<W`[)FYB<W`[/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^)FYB<W`[)FYB
M<W`[/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,34U+#8Y-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/C$U-2PV.38\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/DES<W5A;F-E(&]F('-T;V-K(&9O<B!P<F]P
M97)T:65S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ,S8L,C<W
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M,C@L-#<Y/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,38T+#<U-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^4'5R8VAA<V4@;V8@<W1O8VL\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6T^*#$R+#,R-2D\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Q,BPS,C4I/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y)<W-U86YC92!O
M9B!S=&]C:R!T:')O=6=H(&]P=&EO;G,@97AE<F-I<V5D/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M<#XT,BPV,C4\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT.3$L,#`P/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-3,S+#8R-3QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^17AC
M97-S('1A>"!B96YE9FET<R!F<F]M('-T;V-K+6)A<V5D(&-O;7!E;G-A=&EO
M;CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,C4L-3`R*3QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#(U+#4P
M,BD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/E-T;V-K(&)A<V5D(&-O;7!E;G-A=&EO;CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^)FYB<W`[)FYB<W`[/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^)FYB<W`[)FYB<W`[/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-3$L,S4P
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^
M)FYB<W`[)FYB<W`[/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^-3$L,S4P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y#;VUM;VX@<W1O8VL@<VAA<F5S+"!I<W-U
M960@9'5R:6YG('!E<FEO9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^.#4L,C4P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#Y%>&-H86YG92!F;W(@<')O<&5R='DL(%-H87)E<SPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,C8L.#,S/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#;VUM;VX@<W1O
M8VL@86-Q=6ES:71I;VYS+"!3:&%R97,\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6T^*#(L,#`P*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')C/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^16YD:6YG(&)A;&%N8V4L($%M;W5N="!A="!-
M87(N(#,Q+"`R,#$Q/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ
M+#`T-"PU-3@\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M/B@S,#(L-C8U*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C8L-#4S+#(R-CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C4L,S$Q+#@S-#QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$R+#4P-BPY-3,\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R8SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/D5N9&EN9R!B86QA;F-E+"!3:&%R97,@870@36%R+B`S,2P@,C`Q,3PO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,BPP.#DL,3$V/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH-3DL,38W*3QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(L
M,#(Y+#DT.3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^3F5T(&EN8V]M93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^)FYB<W`[)FYB<W`[/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^)FYB<W`[)FYB<W`[/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^)FYB<W`[)FYB<W`[/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,S(Y
M+#DY,SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6UP/C,R.2PY.3,\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/E!U<F-H87-E(&]F('-T;V-K/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M/B@R,BPW.#`I/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,C(L-S@P*3QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^27-S=6%N8V4@;V8@
M<W1O8VL@=&AR;W5G:"!O<'1I;VYS(&5X97)C:7-E9#PO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^-2PP,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XS-2PP,#`\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT,"PP,#`\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D5X8V5S<R!T
M87@@8F5N969I=',@9G)O;2!S=&]C:RUB87-E9"!C;VUP96YS871I;VX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/B9N8G-P.R9N8G-P.SQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/B9N8G-P
M.R9N8G-P.SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/B9N8G-P.R9N8G-P.SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^4W1O8VL@8F%S960@8V]M<&5N<V%T:6]N
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XF;F)S<#LF;F)S<#L\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XF
M;F)S<#LF;F)S<#L\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XQ,C`L,3(T/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^)FYB<W`[)FYB<W`[/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,3(P+#$R-#QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O
M/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V]M;6]N
M('-T;V-K('-H87)E<RP@:7-S=65D(&1U<FEN9R!P97)I;V0\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C$P+#`P,#QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V]M;6]N('-T;V-K(&%C
M<75I<VET:6]N<RP@4VAA<F5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M/B@T+#`P,"D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R8SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/D5N9&EN9R!B86QA;F-E+"!!;6]U;G0@870@36%R+B`S
M,2P@,C`Q,CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`Q+#`T
M.2PU-3@\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M/B0@*#,R-2PT-#4I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^)"`V+#8P."PS-3`\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#4L-C0Q+#@R-SQS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@,3(L.3<T
M+#(Y,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<B!C;&%S<STS1')C/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX]
M,T1T;W`^16YD:6YG(&)A;&%N8V4L(%-H87)E<R!A="!-87(N(#,Q+"`R,#$R
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR+#`Y.2PQ,38\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@V,RPQ
M-C<I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,BPP,S4L.30Y/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].
M97AT4&%R=%\P9F4Y,#$S,5]E,69F7S1D-V%?8F%D,U]B,C`T964V-C<P9#0-
M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,&9E.3`Q,S%?93%F9E\T
M9#=A7V)A9#-?8C(P-&5E-C8W,&0T+U=O<FMS:&5E=',O4VAE970P-BYH=&UL
M#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE
M#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB
M#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$
M0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T
M9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO
M=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T
M/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T
M(&ED/3-$240P14Q40D<^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S
M<STS1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0R/CQS=')O;F<^0T].4T],
M241!5$5$(%-4051%345.5%,@3T8@0T%32"!&3$]74R`H55-$("0I/&)R/CPO
M<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X]
M,T0S/C$R($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$R/&)R
M/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L(#(P,3$\
M8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q
M,#QB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E
M/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N
M9SY#87-H(&9L;W=S(&9R;VT@;W!E<F%T:6YG(&%C=&EV:71I97,Z/"]S=')O
M;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYE="!I;F-O
M;64\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@,S(Y+#DY,SQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@
M,34U+#8Y-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/B0@-#`P+#@S.3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY!9&IU<W1M96YT<R!T;R!R96-O
M;F-I;&4@;F5T(&EN8V]M92!T;R!N970@8V%S:"!P<F]V:61E9"!B>2!O<&5R
M871I;F<@86-T:79I=&EE<SH\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^1&5F97)R960@:6YC;VUE('1A>"`H8F5N969I="D@
M97AP96YS93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,C<L.38P
M*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/CDL.3`V/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;3XH,C@R+#<S-RD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^
M#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$
M<&P@=F%L:6=N/3-$=&]P/D5X8V5S<R!T87@@8F5N969I="`H97AP96YS92D@
M9G)O;2!S:&%R92!B87-E9"!P87EM96YT(&%R<F%N9V5M96YT/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#XF;F)S<#LF;F)S<#L\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR-2PU,#(\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@R-2PU
M,#(I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#Y3=&]C:RUB87-E9"!C;VUP96YS871I;VX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C$R,"PQ,C0\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XU,2PS-3`\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR-BPP,S`\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D1E<')E8VEA
M=&EO;BP@9&5P;&5T:6]N(&%N9"!A;6]R=&EZ871I;VX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6UP/CDY-BPR,#4\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ+#`T-RPY,#8\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ+#$Q,RPQ-#$\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA
M<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/D%C8W)E=&EO;B!O9B!A<W-E="!R971I<F5M96YT(&]B;&EG871I;VYS/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS-BPR-3$\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS-"PQ,CD\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS,2PV
M,C4\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/D]T:&5R/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@R+#,R
M,RD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M/B@R,BPU,C8I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;3XH."PR.34I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/D-H86YG97,@:6X@87-S971S(&%N
M9"!L:6%B:6QI=&EE<SH\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^1&5C<F5A<V4@*&EN8W)E87-E*2!I;B!A8V-O=6YT<R!R
M96-E:79A8FQE/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XV,RPP
M-3(\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XQ.#8L,34W/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;3XH.#0L,SDS*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^1&5C<F5A<V4@*&EN8W)E87-E*2!I;B!P<F5P
M86ED(&5X<&5N<V5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT
M-RPV.3<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M/B@T-RPS,3@I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^,3DL-#0Y/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#XH1&5C<F5A<V4I(&EN8W)E87-E(&EN(&EN
M8V]M92!T87AE<R!P87EA8FQE/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#XF;F)S<#LF;F)S<#L\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M/B@R-2PU,#(I/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,C4L-3`R/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y);F-R96%S92`H9&5C
M<F5A<V4I(&EN(&%C8V]U;G1S('!A>6%B;&4@86YD(&%C8W)U960@97AP96YS
M97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$P+#(U-SQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#<Y+#@T
M,"D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M/B@U,BPU,#@I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F5U/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^3F5T(&-A<V@@<')O=FED960@8GD@;W!E<F%T:6YG(&%C
M=&EV:71I97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$L-3<S
M+#(Y-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6UP/C$L,S,U+#0V,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C$L,38S+#$U,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY#87-H(&9L;W=S(&9R
M;VT@:6YV97-T:6YG(&%C=&EV:71I97,Z/"]S=')O;F<^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/D%D9&ET:6]N<R!T;R!O:6P@86YD(&=A
M<R!P<F]P97)T:65S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Q
M+#8T,BPT-#DI/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;3XH,BPT,S4L,S<T*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6T^*#DP,2PQ-38I/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y!8W%U:7-I=&EO;B!O9B!B
M=7-I;F5S<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^)FYB<W`[
M)FYB<W`[/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;3XH-#<X+#`P,"D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$=&5X=#XF;F)S<#LF;F)S<#L\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D%D9&ET:6]N<R!T;R!O=&AE
M<B!P<F]P97)T>2!A;F0@97%U:7!M96YT/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#XF;F)S<#LF;F)S<#L\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M/B@R+#,U.2D\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Q-"PX,#`I/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y0<F]C965D
M<R!F<F]M('-A;&4@;V8@;VEL(&%N9"!G87,@<')O<&5R=&EE<R!A;F0@97%U
M:7!M96YT/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT-S$L-30S
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M,RPQ,#<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XQ,#0L-S@W/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F5U/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^3F5T(&-A<V@@=7-E9"!I;B!I;G9E<W1I;F<@86-T
M:79I=&EE<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH,2PQ-S`L
M.3`V*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6T^*#(L.3$R+#8R-BD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M/B@X,3$L,38Y*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY#87-H(&9L;W=S(&9R
M;VT@9FEN86YC:6YG(&%C=&EV:71I97,Z/"]S=')O;F<^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/D%C<75I<VET:6]N(&]F('1R96%S=7)Y
M('-T;V-K/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@R,BPW.#`I
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH
M,3(L,S(U*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/B9N8G-P.R9N8G-P.SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA
M<W,],T1P;"!V86QI9VX],T1T;W`^4')O8V5E9',@9G)O;2!E>&5R8VES92!O
M9B!S=&]C:R!O<'1I;VYS/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XT,"PP,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M<#XU,S,L-C(U/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^,C4Y+#,W,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^4F5D=6-T:6]N(&]F(&QO;F<M=&5R
M;2!D96)T/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Q+#(P,"PP
M,#`I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;3XH,2PS.34L,#`P*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6T^*#<W-2PP,#`I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y0<F]C965D<R!F<F]M(&QO;F<M=&5R
M;2!D96)T/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ+#$P,"PP
M,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XR+#0Y-2PP,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XW-2PP,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/D5X8V5S<R!T87@@8F5N969I="`H97AP96YS
M92D@9G)O;2!S:&%R92!B87-E9"!P87EM96YT(&%R<F%N9V5M96YT/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XF;F)S<#LF;F)S<#L\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@R-2PU,#(I
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M,C4L-3`R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F]U/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^3F5T(&-A<V@@*'5S960@:6XI('!R;W9I9&5D(&)Y(&9I;F%N
M8VEN9R!A8W1I=FET:65S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M/B@X,BPW.#`I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^,2PU.34L-SDX/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;3XH-#$U+#$R-BD\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYE="`H9&5C<F5A<V4I(&EN
M8W)E87-E(&EN(&-A<V@@86YD(&-A<V@@97%U:79A;&5N=',\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C,Q.2PV,3`\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ."PV,S(\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@V,RPQ-#0I/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#
M87-H(&%N9"!C87-H(&5Q=6EV86QE;G1S(&%T(&)E9VEN;FEN9R!O9B!P97)I
M;V0\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$W.2PP-S$\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ-C`L
M-#,Y/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,C(S+#4X,SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^0V%S:"!A;F0@8V%S:"!E<75I=F%L96YT<R!A="!E;F0@
M;V8@<&5R:6]D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT.3@L
M-C@Q/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,3<Y+#`W,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/C$V,"PT,SD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^4W5P<&QE;65N=&%L(&1I<V-L
M;W-U<F4@;V8@8V%S:"!F;&]W(&EN9F]R;6%T:6]N.CPO<W1R;VYG/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#87-H('!A:60@9F]R(&EN
M=&5R97-T/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XR-RPY,C`\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS
M-2PW,S@\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XS-"PU,S4\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/DEN8V]M92!T87AE<R!P86ED/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#XF;F)S<#LF;F)S<#L\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XF;F)S<#LF;F)S<#L\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XF;F)S
M<#LF;F)S<#L\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/CQS=')O;F<^3F]N+6-A<V@@:6YV97-T:6YG(&%N9"!F:6YA
M;F-I;F<@86-T:79I=&EE<SH\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^07-S970@<F5T:7)E;65N="!O8FQI9V%T:6]N<SPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-3,L-#8X/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,C4L,#0S/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,C`L
M-3DY/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#Y)<W-U86YC92!O9B!C;VUM;VX@<W1O8VL@:6X@97AC:&%N9V4@9F]R
M(&]I;"!A;F0@9V%S('!R;W!E<G1I97,\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1T97AT/B9N8G-P.R9N8G-P.SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C$V-"PW-38\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XF;F)S<#LF;F)S<#L\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS
M=')O;F<^06-Q=6ES:71I;VX@;V8@4V]U=&AW97-T(%1E>&%S($1I<W!O<V%L
M($-O<G!O<F%T:6]N(')E<W5L=&EN9R!I;B!T:&4@87-S=6UP=&EO;B!O9B!L
M:6%B:6QI=&EE<R!A<R!F;VQL;W=S.CPO<W1R;VYG/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#Y&86ER('9A;'5E(&]F(&%S<V5T<SPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^)FYB<W`[)FYB<W`[/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-#@W+#@V
M.#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/B9N8G-P.R9N8G-P.SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^0V%S:"!P86ED/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#XF;F)S<#LF;F)S<#L\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M/B@T-S@L,#`P*3QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/B9N8G-P.R9N8G-P.SQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S
M<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^
M3&EA8FEL:71I97,@87-S=6UE9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^)FYB<W`[)FYB<W`[/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^)"`Y+#@V.#QS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/B9N8G-P.R9N8G-P.SQS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O
M9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?,&9E.3`Q,S%?93%F
M9E\T9#=A7V)A9#-?8C(P-&5E-C8W,&0T#0I#;VYT96YT+4QO8V%T:6]N.B!F
M:6QE.B\O+T,Z+S!F93DP,3,Q7V4Q9F9?-&0W85]B860S7V(R,#1E938V-S!D
M-"]7;W)K<VAE971S+U-H965T,#<N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%
M;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT
M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^
M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT
M/3-$)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$
M=&5X="]J879A<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V
M92!4:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*
M("`@(#QT86)L92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$5,13X-"B`@("`@
M(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W
M<W!A;CTS1#(^/'-T<F]N9SY.871U<F4@;V8@3W!E<F%T:6]N<SQB<CX\+W-T
M<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$
M,3XQ,B!-;VYT:',@16YD960\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q,CQB<CX\
M+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY.;W1E
M<R!T;R!&:6YA;F-I86P@4W1A=&5M96YT<R!;06)S=')A8W1=/"]S=')O;F<^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/C$N($YA='5R92!O
M9B!/<&5R871I;VYS/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\
M<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF.R!M87)G:6XZ(#`G/DUE>&-O($5N97)G>2!#;W)P;W)A=&EO;B`H
M82!#;VQO<F%D;R!C;W)P;W)A=&EO;BD@86YD(&ET<R!W:&]L;'D-"F]W;F5D
M('-U8G-I9&EA<FEE<RP@1F]R;6%N($5N97)G>2!#;W)P;W)A=&EO;B`H82!.
M97<@66]R:R!C;W)P;W)A=&EO;BD@86YD(%-O=71H=V5S="!497AA<R!$:7-P
M;W-A;"!#;W)P;W)A=&EO;B`H82!497AA<R!C;W)P;W)A=&EO;BD-"BAC;VQL
M96-T:79E;'DL('1H92`F;&1Q=6\[0V]M<&%N>29R9'%U;SLI(&%R92!E;F=A
M9V5D(&EN('1H92!E>'!L;W)A=&EO;BP@9&5V96QO<&UE;G0@86YD('!R;V1U
M8W1I;VX@;V8@;F%T=7)A;"!G87,L(&-R=61E(&]I;"P-"F-O;F1E;G-A=&4@
M86YD(&YA='5R86P@9V%S(&QI<75I9',@*"9L9'%U;SM.1TQS)G)D<75O.RDN
M)FYB<W`[)FYB<W`[36]S="!O9B!T:&4@0V]M<&%N>29R<W%U;SMS(&]I;"!A
M;F0@9V%S(&EN=&5R97-T<R!A<F4@8V5N=&5R960-"FEN(%=E<W0@5&5X87,[
M(&AO=V5V97(L('=E(&]W;B!P<F]D=6-I;F<@<')O<&5R=&EE<R!A;F0@=6YD
M979E;&]P960@86-R96%G92!I;B!T=V5L=F4@<W1A=&5S+B9N8G-P.R9N8G-P
M.T%L=&AO=6=H(&UO<W0@;V8@;W5R(&]I;`T*86YD(&=A<R!I;G1E<F5S=',@
M87)E(&]P97)A=&5D(&)Y(&]T:&5R<RP@=V4@;W!E<F%T92!S979E<F%L('!R
M;W!E<G1I97,@:6X@=VAI8V@@=V4@;W=N(&%N(&EN=&5R97-T+CPO<#X\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@
M/"]B;V1Y/@T*/"]H=&UL/@T*#0HM+2TM+2T]7TYE>'1087)T7S!F93DP,3,Q
M7V4Q9F9?-&0W85]B860S7V(R,#1E938V-S!D-`T*0V]N=&5N="U,;V-A=&EO
M;CH@9FEL93HO+R]#.B\P9F4Y,#$S,5]E,69F7S1D-V%?8F%D,U]B,C`T964V
M-C<P9#0O5V]R:W-H965T<R]3:&5E=#`X+FAT;6P-"D-O;G1E;G0M5')A;G-F
M97(M16YC;V1I;F<Z('%U;W1E9"UP<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@
M=&5X="]H=&UL.R!C:&%R<V5T/2)U<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH
M96%D/@T*("`@(#Q-151!(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@8V]N
M=&5N=#TS1"=T97AT+VAT;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@='EP
M93TS1'1E>'0O:F%V87-C<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO="!2
M96UO=F4@5&AI<R!#;VUM96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D
M>3X-"B`@("`\=&%B;&4@8VQA<W,],T1R97!O<G0@:60],T1)1#!%3$4^#0H@
M("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q
M(')O=W-P86X],T0R/CQS=')O;F<^4W5M;6%R>2!O9B!3:6=N:69I8V%N="!!
M8V-O=6YT:6YG(%!O;&EC:65S/&)R/CPO<W1R;VYG/CPO=&@^#0H@("`@("`@
M(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0Q/C$R($UO;G1H<R!%;F1E9#PO
M=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA
M<W,],T1T:#Y-87(N(#,Q+"`R,#$R/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#X\<W1R;VYG/DYO=&5S('1O($9I;F%N8VEA;"!3=&%T
M96UE;G1S(%M!8G-T<F%C=%T\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^,BX@4W5M;6%R>2!O9B!3:6=N:69I8V%N="!!8V-O
M=6YT:6YG(%!O;&EC:65S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM
M97,L(%-E<FEF.R!M87)G:6XZ(#`G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M
M:6QY.B!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9B<^/&(^4')I;F-I
M<&QE<PT*;V8@0V]N<V]L:61A=&EO;CPO8CX\+V9O;G0^+B9N8G-P.R9N8G-P
M.U1H92!C;VYS;VQI9&%T960@9FEN86YC:6%L('-T871E;65N=',@:6YC;'5D
M92!T:&4@86-C;W5N=',@;V8@365X8V\@16YE<F=Y($-O<G!O<F%T:6]N#0IA
M;F0@:71S('=H;VQL>2!O=VYE9"!S=6)S:61I87)I97,N)FYB<W`[)FYB<W`[
M06QL('-I9VYI9FEC86YT(&EN=&5R8V]M<&%N>2!B86QA;F-E<R!A;F0@=')A
M;G-A8W1I;VYS(&%S<V]C:6%T960@=VET:"!T:&4@8V]N<V]L:61A=&5D#0IO
M<&5R871I;VYS(&AA=F4@8F5E;B!E;&EM:6YA=&5D+CPO<#X-"@T*/'`@<W1Y
M;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I
M9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z
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M<FEN8VEP;&5S(&=E;F5R86QL>2!A8V-E<'1E9`T*:6X@=&AE(%5N:71E9"!3
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M96YD('!R;W9E9"!O:6P@86YD(&=A<PT*<F5S97)V97,N)FYB<W`[)FYB<W`[
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M:&%T(&%F9F5C="!T:&5S90T*<F5P;W)T960@<F5S=6QT<RX\+W`^#0H-"CQP
M('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@
M4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS1"=F
M;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G
M:6XZ(#`G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE<R!.97<@
M4F]M86XL(%1I;65S+"!397)I9B<^/&(^0V%S:`T*86YD($-A<V@@17%U:79A
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M;W5N=',@86YD(&UO;F5Y(&UA<FME=`T*9G5N9',N)FYB<W`[)FYB<W`[070@
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M:RX\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\
M<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF.R!M87)G:6XZ(#`G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY
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M86YC92!I<R!M861E(&9O<B!A;GD@9&]U8G1F=6P@86-C;W5N=',N)FYB<W`[
M)FYB<W`[5&AE(&%L;&]W86YC92!F;W(@9&]U8G1F=6P-"F%C8V]U;G1S(&ES
M(&1E=&5R;6EN960@8F%S960@;VX@;W5R('!R979I;W5S(&QO<W,@:&ES=&]R
M>2XF;F)S<#LF;F)S<#M792!H879E(&YO="!E>'!E<FEE;F-E9"!A;GD@<VEG
M;FEF:6-A;G0@8W)E9&ET(&QO<W-E<RXF;F)S<#LF;F)S<#M&;W(-"G1H92!Y
M96%R<R!E;F1I;F<@36%R8V@@,S$L(#(P,3(L(#(P,3$@86YD(#(P,3`L(&YO
M(&%L;&]W86YC92!H87,@8F5E;B!M861E(&9O<B!D;W5B=&9U;"!A8V-O=6YT
M<RX\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\
M<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF.R!M87)G:6XZ(#`G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY
M.B!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9B<^/&(^3VEL#0IA;F0@
M1V%S(%!R;W!E<G1I97,\+V(^/"]F;VYT/BXF;F)S<#LF;F)S<#M/:6P@86YD
M(&=A<R!P<F]P97)T:65S(&%R92!A8V-O=6YT960@9F]R('5S:6YG('1H92!F
M=6QL(&-O<W0@;65T:&]D(&]F(&%C8V]U;G1I;F<N)FYB<W`[)FYB<W`[56YD
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M92!O=F5R:&5A9"!O<B!S:6UI;&%R(&%C=&EV:71I97,N)FYB<W`[)FYB<W`[
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M9&ES<&]S:71I;VX@;V8@;VEL(&%N9"!G87,@<')O<&5R=&EE<RX\+W`^#0H-
M"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE
M<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS
M1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M
M87)G:6XZ(#`G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE<R!.
M97<@4F]M86XL(%1I;65S+"!397)I9B<^/&(^17AC;'5D960-"D-O<W1S/"]B
M/CPO9F]N=#XN)FYB<W`[)FYB<W`[3VEL(&%N9"!G87,@<')O<&5R=&EE<R!I
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M>F5D(&-O<W1S(&)E:6YG(&%M;W)T:7IE9"`H=&AE#0ID97!R96-I871I;VXL
M(&1E<&QE=&EO;B!A;F0@86UO<G1I>F%T:6]N("@F;&1Q=6\[1$0F86UP.T$F
M<F1Q=6\[*2!P;V]L*2XF;F)S<#LF;F)S<#M);7!A:7)M96YT<R!T<F%N<V9E
M<G)E9"!T;R!T:&4@1$0F86UP.T$@<&]O;`T*:6YC<F5A<V4@=&AE($1$)F%M
M<#M!(')A=&4N/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S
M($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO
M<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL
M(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SX\9F]N="!S='EL93TS1"=F;VYT
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M:7(@=F%L=64@;V8@=&AE(&%S<V5T+CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N
M=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN
M.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM
M97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^/&9O;G0@
M<W1Y;&4],T0G9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF)SX\8CY#96EL:6YG#0I497-T/"]B/CPO9F]N=#XN)FYB<W`[)FYB
M<W`[56YD97(@=&AE(&9U;&P@8V]S="!M971H;V0@;V8@86-C;W5N=&EN9RP@
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M86P@86-C=6UU;&%T960@1$0F86UP.T$N)FYB<W`[)FYB<W`[5&AI<R!I<PT*
M8V%L;&5D(&$@)G%U;W0[8V5I;&EN9R!L:6UI=&%T:6]N('=R:71E+61O=VXN
M)G%U;W0[)FYB<W`[)FYB<W`[5&AI<R!C:&%R9V4@9&]E<R!N;W0@:6UP86-T
M(&-A<V@@9FQO=R!F<F]M(&]P97)A=&EN9R!A8W1I=FET:65S+`T*8G5T(&1O
M97,@<F5D=6-E(&]U<B!S=&]C:VAO;&1E<G,G(&5Q=6ET>2!A;F0@<F5P;W)T
M960@96%R;FEN9W,N/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I
M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P
M.SPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M
M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SX\9F]N="!S='EL93TS1"=F
M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68G/CQB
M/D1E<')E8VEA=&EO;BP-"D1E<&QE=&EO;B!A;F0@06UO<G1I>F%T:6]N/"]B
M/CPO9F]N=#XN)FYB<W`[)FYB<W`[5&AE(&1E<')E8VEA8FQE(&)A<V4@9F]R
M(&]I;"!A;F0@9V%S('!R;W!E<G1I97,@:6YC;'5D97,@=&AE('-U;2!O9B!C
M87!I=&%L:7IE9`T*8V]S=',L(&YE="!O9B!A8V-U;75L871E9"!$1"9A;7`[
M02P@97-T:6UA=&5D(&9U='5R92!D979E;&]P;65N="!C;W-T<R!A;F0@87-S
M970@<F5T:7)E;65N="!C;W-T<R!N;W0@86-C<G5E9"!I;B!O:6P@86YD(&=A
M<R!P<F]P97)T:65S+`T*;&5S<R!C;W-T<R!E>&-L=61E9"!F<F]M(&%M;W)T
M:7IA=&EO;B!A;F0@<V%L=F%G92XF;F)S<#LF;F)S<#M4:&4@9&5P<F5C:6%B
M;&4@8F%S92!O9B!O:6P@86YD(&=A<R!P<F]P97)T:65S(&ES(&%M;W)T:7IE
M9"!U<VEN9PT*=&AE('5N:70M;V8M<')O9'5C=&EO;B!M971H;V0N/"]P/@T*
M#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM
M97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4]
M,T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@
M;6%R9VEN.B`P)SX\9F]N="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@
M3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68G/CQB/D%S<V5T#0I2971I<F5M96YT
M($]B;&EG871I;VYS/"]B/CPO9F]N=#XN)FYB<W`[)FYB<W`[5V4@:&%V92!S
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M87-S970N)FYB<W`[)FYB<W`[4W5B<V5Q=65N=&QY+`T*=&AE(&%S<V5T(')E
M=&ER96UE;G0@8V]S=',@:6YC;'5D960@:6X@=&AE(&-A<G)Y:6YG(&%M;W5N
M="!O9B!T:&4@<F5L871E9"!A<W-E="!A<F4@86QL;V-A=&5D('1O(&5X<&5N
M<V4@=7-I;F<@=&AE('5N:71S(&]F('!R;V1U8W1I;VX-"FUE=&AO9"XF;F)S
M<#LF;F)S<#M);B!A9&1I=&EO;BP@:6YC<F5A<V5S(&EN('1H92!D:7-C;W5N
M=&5D($%23R!L:6%B:6QI='D@<F5S=6QT:6YG(&9R;VT@=&AE('!A<W-A9V4@
M;V8@=&EM92!A<F4@<F5F;&5C=&5D(&%S(&%C8W)E=&EO;@T*97AP96YS92!I
M;B!T:&4@0V]N<V]L:61A=&5D(%-T871E;65N="!O9B!/<&5R871I;VYS+CPO
M<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL
M(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T
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M;VYM96YT86P@86YD('!O;&ET:6-A;"!E;G9I<F]N;65N=',N)FYB<W`[)FYB
M<W`[5&\@=&AE(&5X=&5N=`T*9G5T=7)E(')E=FES:6]N<R!T;R!T:&5S92!A
M<W-U;7!T:6]N<R!I;7!A8W0@=&AE('!R97-E;G0@=F%L=64@;V8@=&AE(&5X
M:7-T:6YG($%23R!L:6%B:6QI='DL(&$@8V]R<F5S<&]N9&EN9R!A9&IU<W1M
M96YT(&ES(&UA9&4-"G1O('1H92!R96QA=&5D(&%S<V5T+CPO<#X-"@T*/'`@
M<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!3
M97)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O
M;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I
M;CH@,"<^/&9O;G0@<W1Y;&4],T0G9F]N="UF86UI;'DZ(%1I;65S($YE=R!2
M;VUA;BP@5&EM97,L(%-E<FEF)SX\8CY);F-O;64-"E1A>&5S/"]B/CPO9F]N
M=#XN)FYB<W`[)FYB<W`[5&AE($-O;7!A;GD@<F5C;V=N:7IE<R!D969E<G)E
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M=&5D('1O(&)E('-E='1L960N)FYB<W`[)FYB<W`[5&AE#0IE9F9E8W0@;VX@
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M861M:6YI<W1R871I=F4@97AP96YS92P-"G)E<W!E8W1I=F5L>2X\+W`^#0H-
M"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE
M<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS
M1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M
M87)G:6XZ(#`G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY.B!4:6UE<R!.
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M=&\@=&5N('EE87)S+CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4
M:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SXF;F)S
M<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
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M+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N
M+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S
M='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!M87)G:6XZ(#`G/D9O<B!T:&4@>65A<B!E;F1E9"!-87)C:"`S,2P@
M,C`Q,BPF;F)S<#LT,"PP,#`@;W!T:6]N<R!W97)E(&5X8VQU9&5D#0IF<F]M
M('1H92!D:6QU=&5D(&YE="!I;F-O;64@<&5R('-H87)E)FYB<W`[8V%L8W5L
M871I;VYS(&)E8V%U<V4@=&AE(&]P=&EO;G,@87)E(&%N=&DM9&EL=71I=F4N
M)FYB<W`[)FYB<W`[06YT:2UD:6QU=&EV92!S=&]C:R!O<'1I;VYS#0IH879E
M(&$@=V5I9VAT960@879E<F%G92!E>&5R8VES929N8G-P.W!R:6-E(&]F("0V
M+C@P(&%T($UA<F-H(#,Q+"`R,#$R+B9N8G-P.R9N8G-P.T9O<B!T:&4@>65A
M<G,@96YD960@36%R8V@@,S$L(#(P,3$@86YD(#(P,3`L#0IN;R!P;W1E;G1I
M86P@8V]M;6]N('-H87)E<R!R96QA=&EN9R!T;R!S=&]C:R!O<'1I;VYS('=E
M<F4@97AC;'5D960@:6X@=&AE(&-O;7!U=&%T:6]N(&]F(&1I;'5T960@;F5T
M(&EN8V]M92!P97(@<VAA<F4N/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q
M,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G
M/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.
M97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SY4:&4@9F]L;&]W
M:6YG(&ES(&$@<F5C;VYC:6QI871I;VX@;V8@=&AE(&YU;6)E<B!O9B!S:&%R
M97,@=7-E9"!I;@T*=&AE(&-A;&-U;&%T:6]N(&]F(&)A<VEC(&EN8V]M92!P
M97(@<VAA<F4@86YD(&1I;'5T960@:6YC;VUE('!E<B!S:&%R92!F;W(@=&AE
M('!E<FEO9',@96YD960@36%R8V@@,S$Z/"]P/@T*#0H\<"!S='EL93TS1"=F
M;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G
M:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'1A8FQE(&-E;&QS<&%C:6YG/3-$,"!C
M96QL<&%D9&EN9STS1#`@<W1Y;&4],T0G9F]N=#H@,3)P="!4:6UE<R!.97<@
M4F]M86XL(%1I;65S+"!397)I9CL@=VED=&@Z(#$P,"4G/@T*/'1R('-T>6QE
M/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VTG/@T*("`@(#QT9"!S='EL93TS
M1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@
M8FQA8VL@,2XU<'0@<V]L:60[('1E>'0M86QI9VXZ(&-E;G1E<B<^,C`Q,CPO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=P861D:6YG
M+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU
M<'0@<V]L:60[('1E>'0M86QI9VXZ(&-E;G1E<B<^,C`Q,3PO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@
M,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M
M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS
M1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[
M('1E>'0M86QI9VXZ(&-E;G1E<B<^,C`Q,#PO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N
M8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@
M8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT
M9"!S='EL93TS1"=W:61T:#H@-34E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^3F5T(&EN8V]M93PO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('1E>'0M86QI
M9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T
M:#H@,24[(&)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=W:61T:#H@,3(E.R!B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S
M;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N
M.B!R:6=H="<^,S(Y+#DY,SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T.R!T97AT+6%L:6=N.B!R
M:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E
M.R!B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M=VED=&@Z(#$R)3L@8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[
M(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG
M:'0G/C$U-2PV.38\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y
M;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[
M('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F]R
M9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H
M.B`Q,B4[(&)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXT
M,#`L.#,Y/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D
M:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL
M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L
M:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC
M86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SY3:&%R97,@;W5T<W1A;F1I;F<Z/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T
M>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4G/E=E:6=H=&5D(&%V9RX@8V]M;6]N('-H87)E<R!O=71S=&%N
M9&EN9R`F;F1A<V@[(&)A<VEC/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXR+#`R."PP,30\
M+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H
M="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^,2PY
M-#<L-C`U/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG
M;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG
M:'0G/C$L.#@X+#`W,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X\
M+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ
M(#$N-7!T)SY%9F9E8W0@;V8@=&AE(&%S<W5M960@97AE<F-I<V4@;V8@9&EL
M=71I=F4@<W1O8VL@;W!T:6]N<SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[
M(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG
M:'0G/C@L,C(W/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T
M;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P
M=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT
M)SXQ-2PP-3$\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O
M;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G
M/C0Q+#4Q.#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M
M.B`Q+C5P="<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I
M8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A
M9&1I;F<M8F]T=&]M.B`S<'0G/E=E:6=H=&5D(&%V9RX@8V]M;6]N('-H87)E
M<R!O=71S=&%N9&EN9R`F;F1A<V@[(&1I;'5T:79E/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T
M=&]M.B`S<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U
M8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O
M=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I
M9VAT)SXR+#`S-BPR-#$\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T
M=&]M.B`S<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T.R!T97AT
M+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^,2PY-C(L-C4V
M/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ
M(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M
M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M93L@=&5X="UA;&EG;CH@<FEG:'0G/C$L.3(Y+#4X.#PO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P="<^)FYB<W`[/"]T9#X\+W1R/@T*
M/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*
M/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4G/D5A<FYI;F=S('!E<B!C;VUM;VX@<VAA<F4Z/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG
M;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T
M9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[
M(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUL969T
M.B`Q,BXR-7!T)SY"87-I8SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C`N,38\
M+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI
M9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXP+C`X/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M.R!T97AT+6%L:6=N.B!R:6=H="<^,"XR,3PO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA
M;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG
M+6QE9G0Z(#$R+C(U<'0G/D1I;'5T960\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXP+C$V/"]T9#X-
M"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXP+C`X/"]T9#X-"B`@
M("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXP+C(Q/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXF;F)S<#L\+W1D/CPO='(^#0H\+W1A8FQE/@T*/'`@<W1Y;&4]
M,T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@
M;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q
M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^
M/&9O;G0@<W1Y;&4],T0G9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;BP@
M5&EM97,L(%-E<FEF)SX\8CY2979E;G5E#0I296-O9VYI=&EO;BXF;F)S<#LF
M;F)S<#L\+V(^/"]F;VYT/D]I;"!A;F0@9V%S('-A;&5S(&%N9"!R97-U;'1I
M;F<@<F5C96EV86)L97,@87)E(')E8V]G;FEZ960@=VAE;B!T:&4@<')O9'5C
M="!I<R!D96QI=F5R960@=&\-"G1H92!P=7)C:&%S97(@86YD('1I=&QE(&AA
M<R!T<F%N<V9E<G)E9"XF;F)S<#LF;F)S<#M386QE<R!A<F4@=&\@8W)E9&ET
M+7=O<G1H>2!E;F5R9WD@<'5R8VAA<V5R<R!W:71H('!A>6UE;G1S(&=E;F5R
M86QL>2!R96-E:79E9`T*=VET:&EN(#8P(&1A>7,@;V8@=')A;G-P;W)T871I
M;VX@9G)O;2!T:&4@=V5L;"!S:71E+B9N8G-P.R9N8G-P.U=E(&AA=F4@:&ES
M=&]R:6-A;&QY(&AA9"!L:71T;&4L(&EF(&%N>2P@=6YC;VQL96-T:6)L92!O
M:6P@86YD#0IG87,@<F5C96EV86)L97,N/"]P/@T*#0H\<"!S='EL93TS1"=F
M;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G
M:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4
M:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SX\9F]N
M="!S='EL93TS1"=F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N+"!4:6UE
M<RP@4V5R:68G/CQB/D=A<PT*0F%L86YC:6YG/"]B/CPO9F]N=#XN)FYB<W`[
M)FYB<W`[1V%S(&EM8F%L86YC97,@87)E(&%C8V]U;G1E9"!F;W(@=6YD97(@
M=&AE('-A;&5S(&UE=&AO9"!W:&5R96)Y(')E=F5N=65S(&%R92!R96-O9VYI
M>F5D(&)A<V5D#0IO;B!P<F]D=6-T:6]N('-O;&0N)FYB<W`[)FYB<W`[02!L
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M=',-"F]W;F5R<VAI<"!S:&%R92!O9B!G87,@<')O9'5C=&EO;B`H=6YD97(@
M<')O9'5C960I+B9N8G-P.R9N8G-P.U=E(&1O(&YO="!H879E(&%N>29N8G-P
M.R9N8G-P.W-I9VYI9FEC86YT(&=A<R!I;6)A;&%N8V5S+CPO<#X-"@T*/'`@
M<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!3
M97)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O
M;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I
M;CH@,"<^/&9O;G0@<W1Y;&4],T0G9F]N="UF86UI;'DZ(%1I;65S($YE=R!2
M;VUA;BP@5&EM97,L(%-E<FEF)SX\8CY3=&]C:RUB87-E9`T*0V]M<&5N<V%T
M:6]N/"]B/CPO9F]N=#XN)FYB<W`[)FYB<W`[5V4@=7-E('1H92!":6YO;6EA
M;"!O<'1I;VX@<')I8VEN9R!M;V1E;"!T;R!E<W1I;6%T92!T:&4@9F%I<B!V
M86QU92!O9B!S=&]C:R!B87-E9"!C;VUP96YS871I;VX-"F5X<&5N<V5S(&%T
M(&=R86YT(&1A=&4N)FYB<W`[)FYB<W`[5&AI<R!E>'!E;G-E(&ES(')E8V]G
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M9"X\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\
M<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF.R!M87)G:6XZ(#`G/CQF;VYT('-T>6QE/3-$)V9O;G0M9F%M:6QY
M.B!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9B<^/&(^4F5C96YT#0I!
M8V-O=6YT:6YG(%!R;VYO=6YC96UE;G1S+B`\+V(^/"]F;VYT/B9N8G-P.TEN
M($1E8V5M8F5R)FYB<W`[,C`P."P@=&AE(%-%0R!R96QE87-E9"!&:6YA;"!2
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M;F<-"E-T86YD87)D<R!";V%R9"`H)FQD<75O.T9!4T(F<F1Q=6\[*2!I<W-U
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M8G-P.S(P,#DN)FYB<W`[)FYB<W`[365X8V\@861O<'1E9`T*=&AE<V4@<F5Q
M=6ER96UE;G1S(&%S(&]F($UA<F-H(#,Q+"`R,#$P(&%N9"!T:&4@<F5S=6QT
M<R!O9B!T:&4@861O<'1I;VX@87)E(&-O;G1A:6YE9"!H97)E:6XN/"]P/@T*
M#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM
M97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4]
M,T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@
M;6%R9VEN.B`P)SY);B!-87D@,C`Q,2P@=&AE($9I;F%N8VEA;"!!8V-O=6YT
M:6YG(%-T86YD87)D<R!";V%R9"`H)FQD<75O.T9!4T(F<F1Q=6\[*0T*:7-S
M=65D($%C8V]U;G1I;F<@4W1A;F1A<F1S(%5P9&%T92`H)FQD<75O.T%3529R
M9'%U;SLI($YO+B`R,#$Q+3`T+"`\:3Y4;W!I8R`X,C`Z/"]I/B`\:3Y!;65N
M9&UE;G1S('1O($%C:&EE=F4@0V]M;6]N($9A:7(@5F%L=64-"DUE87-U<F5M
M96YT(&%N9"!$:7-C;&]S=7)E(%)E<75I<F5M96YT<R!I;B!5+E,N($=!05`@
M86YD($E&4E-S/"]I/BXF;F)S<#LF;F)S<#M!4U4@3F\N(#(P,3$M,#0@8VQA
M<FEF:65S(&%P<&QI8V%T:6]N(&]F(&9A:7(@=F%L=64-"FUE87-U<F5M96YT
M<R!A;F0@9&ES8VQO<W5R92!R97%U:7)E;65N=',@86YD(&ES(&5F9F5C=&EV
M92!F;W(@365X8V\@87,@;V8@07!R:6P@,2P@,C`Q,BXF;F)S<#LF;F)S<#M7
M92!D;R!N;W0@8F5L:65V92!T:&4@9W5I9&%N8V4-"G=I;&P@:&%V92!A;B!I
M;7!A8W0@;VX@;W5R(&9A:7(@=F%L=64@;65A<W5R96UE;G0@86YD(&1I<V-L
M;W-U<F5S+CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.
M97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^
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M=&EO;G,@;W(@8V%S:"!F;&]W<RX\+W`^#0H\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@/"]B;V1Y/@T*/"]H=&UL
M/@T*#0HM+2TM+2T]7TYE>'1087)T7S!F93DP,3,Q7V4Q9F9?-&0W85]B860S
M7V(R,#1E938V-S!D-`T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\P
M9F4Y,#$S,5]E,69F7S1D-V%?8F%D,U]B,C`T964V-C<P9#0O5V]R:W-H965T
M<R]3:&5E=#`Y+FAT;6P-"D-O;G1E;G0M5')A;G-F97(M16YC;V1I;F<Z('%U
M;W1E9"UP<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@=&5X="]H=&UL.R!C:&%R
M<V5T/2)U<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH96%D/@T*("`@(#Q-151!
M(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@8V]N=&5N=#TS1"=T97AT+VAT
M;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@='EP93TS1'1E>'0O:F%V87-C
M<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO="!296UO=F4@5&AI<R!#;VUM
M96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D>3X-"B`@("`\=&%B;&4@
M8VQA<W,],T1R97!O<G0@:60],T1)1#!%3$4^#0H@("`@("`\='(^#0H@("`@
M("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0R/CQS
M=')O;F<^0G5S:6YE<W,@0V]M8FEN871I;VYS/&)R/CPO<W1R;VYG/CPO=&@^
M#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0Q/C$R($UO;G1H
M<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@
M("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$R/&)R/CPO=&@^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/DYO=&5S('1O($9I;F%N
M8VEA;"!3=&%T96UE;G1S(%M!8G-T<F%C=%T\+W-T<F]N9SX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@
M8VQA<W,],T1P;"!V86QI9VX],T1T;W`^,RX@0G5S:6YE<W,@0V]M8FEN871I
M;VYS/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS
M1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M
M87)G:6XZ(#`G/D]N(%-E<'1E;6)E<B`S,"P@,C`Q,"P@365X8V\@<'5R8VAA
M<V5D(&%L;"!O9B!T:&4@;W5T<W1A;F1I;F<@<W1O8VL-"F]F(%-O=71H=V5S
M="!497AA<R!$:7-P;W-A;"!#;W)P;W)A=&EO;B`H)FQD<75O.U-41$,F<F1Q
M=6\[*2P@82!497AA<R!C;W)P;W)A=&EO;B!W:&EC:"!O=VYS('!R:6UA<FEL
M>2!R;WEA;'1I97,@<')O9'5C:6YG('!R:6UA<FEL>0T*;F%T=7)A;"!G87,L
M(&5X<&%N9&EN9R!O=7(@<F]Y86QT>2!R979E;G5E<RXF;F)S<#LF;F)S<#M4
M:&4@8V%S:"!P=7)C:&%S92!P<FEC92!O9B`D-#<X+#`P,"!W87,@9G5N9&5D
M(&9R;VT@;W5R("0T+CD@;6EL;&EO;B!C<F5D:70-"F9A8VEL:71Y+CPO<#X-
M"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I
M;65S+"!397)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE
M/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[
M(&UA<F=I;CH@,"<^5&AE('!U<F-H87-E('!R:6-E('=A<R!A;&QO8V%T960@
M=&\@=&AE(&%S<V5T<R!A8W%U:7)E9"!A;F0@;&EA8FEL:71I97,-"F%S<W5M
M960@870@97-T:6UA=&5D(&9A:7(@=F%L=65S(&%S(&9O;&QO=W,Z/"]P/@T*
M#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM
M97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'1A8FQE(&%L
M:6=N/3-$8V5N=&5R(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@
M<W1Y;&4],T0G9F]N=#H@,3)P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!3
M97)I9CL@=VED=&@Z(#@P)2<^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI
M9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@
M("`\=&0@<W1Y;&4],T0G=VED=&@Z(#@S)3L@8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SY0<F]V960@;VEL(&%N9"!G87,@<')O<&5R=&EE<SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@
M,30E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXT-S<L,#$X/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P
M('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM
M86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN
M9RUB;W1T;VTZ(#$N-7!T)SY!8V-O=6YT<R!R96-E:79A8FQE/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I
M;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N
M-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU
M<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N
M.B!R:6=H="<^,3`L.#4P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O
M='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V
M97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\[('!A9&1I;F<M;&5F=#H@,3(N,C5P="<^5&]T86P@87-S971S
M(&%C<75I<F5D/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXT.#<L.#8X
M/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R
M('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E
M>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!N;W=R87`]
M,T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N
M8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@
M8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/D%C8V]U
M;G1S('!A>6%B;&4\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B@W+#@U
M,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/BD\+W1D/CPO='(^#0H\='(@<W1Y
M;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SY!<W-E="!R971I<F5M
M96YT(&]B;&EG871I;VYS(&%S<W5M960\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXH,BPP
M,3@\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^
M*3PO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T
M=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M
M8F]T=&]M.B`S<'0[('!A9&1I;F<M;&5F=#H@,3(N,C5P="<^3F5T('!U<F-H
M87-E('!R:6-E/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T.R!T97AT+6%L
M:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-#<X+#`P,#PO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0G/B9N
M8G-P.SPO=&0^/"]T<CX-"CPO=&%B;&4^#0H\<"!S='EL93TS1"=F;VYT.B`Q
M,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G
M/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.
M97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SY792!H879E(&YO
M="!D:7-C;&]S960@=&AE('!R;R!F;W)M82!I;F9O<FUA=&EO;B!F;W(@=&AI
M<R!A8W%U:7-I=&EO;@T*8F5C875S92!T:&4@<F5V96YU92!A;F0@97AP96YS
M97,@9F]R('1H:7,@86-Q=6ES:71I;VX@87)E(&EM;6%T97)I86P@=&\@;W5R
M(&-O;G-O;&ED871E9"!F:6YA;F-I86P@<W1A=&5M96YT<RX\+W`^#0H\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@
M/"]B;V1Y/@T*/"]H=&UL/@T*#0HM+2TM+2T]7TYE>'1087)T7S!F93DP,3,Q
M7V4Q9F9?-&0W85]B860S7V(R,#1E938V-S!D-`T*0V]N=&5N="U,;V-A=&EO
M;CH@9FEL93HO+R]#.B\P9F4Y,#$S,5]E,69F7S1D-V%?8F%D,U]B,C`T964V
M-C<P9#0O5V]R:W-H965T<R]3:&5E=#$P+FAT;6P-"D-O;G1E;G0M5')A;G-F
M97(M16YC;V1I;F<Z('%U;W1E9"UP<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@
M=&5X="]H=&UL.R!C:&%R<V5T/2)U<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH
M96%D/@T*("`@(#Q-151!(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@8V]N
M=&5N=#TS1"=T97AT+VAT;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@='EP
M93TS1'1E>'0O:F%V87-C<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO="!2
M96UO=F4@5&AI<R!#;VUM96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D
M>3X-"B`@("`\=&%B;&4@8VQA<W,],T1R97!O<G0@:60],T1)1#!%3$4^#0H@
M("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q
M(')O=W-P86X],T0R/CQS=')O;F<^1F%I<B!686QU92!O9B!&:6YA;F-I86P@
M26YS=')U;65N=',\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L
M87-S/3-$=&@@8V]L<W!A;CTS1#$^,3(@36]N=&AS($5N9&5D/"]T:#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H
M/DUA<BX@,S$L(#(P,3(\8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/CQS=')O;F<^3F]T97,@=&\@1FEN86YC:6%L(%-T871E;65N=',@
M6T%B<W1R86-T73PO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#XT+B!&86ER(%9A;'5E(&]F($9I;F%N8VEA;"!);G-T<G5M96YT
M<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'`@<W1Y;&4],T0G
M9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R
M9VEN.B`P)SY&86ER('9A;'5E(&%S(&1E9FEN960@8GD@875T:&]R:71A=&EV
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M.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ
M(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE
M<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SY,979E;"`Q
M("9N9&%S:#L@475O=&5D('!R:6-E<R!I;B!A8W1I=F4@;6%R:V5T<R!F;W(@
M:61E;G1I8V%L(&%S<V5T<PT*86YD(&QI86)I;&ET:65S+CPO<#X-"@T*/'`@
M<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!3
M97)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O
M;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I
M;CH@,"<^3&5V96P@,B`F;F1A<V@[(%%U;W1E9"!P<FEC97,@:6X@86-T:79E
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M;V)S97)V86)L92X\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM
M97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[
M/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA
M;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/DQE=F5L(#,@)FYD87-H.R!3
M:6=N:69I8V%N="!I;G!U=',@=&\@=&AE('9A;'5A=&EO;B!M;V1E;"!A<F4@
M=6YO8G-E<G9A8FQE+CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4
M:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SXF;F)S
M<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^1FEN86YC:6%L(&%S<V5T
M<R!A;F0@;&EA8FEL:71I97,@87)E(&-L87-S:69I960@8F%S960@;VX@=&AE
M(&QO=V5S=`T*;&5V96P@;V8@:6YP=70@=&AA="!I<R!S:6=N:69I8V%N="!T
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M;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G
M:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4
M:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SY4:&4@
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M(&ES(&1E96UE9"!T;R!U<V4@3&5V96P@,R!I;G!U=',N)FYB<W`[)FYB<W`[
M4V5E('1H92!#;VUP86YY)G)S<75O.W,@;F]T92!O;B!!4D]S(&9O<B!F=7)T
M:&5R(&1I<V-U<W-I;VXN)FYB<W`[)FYB<W`[05)/<PT*:6YC=7)R960@9'5R
M:6YG('1H92!Y96%R(&5N9&5D($UA<F-H(#,Q+"`R,#$R('=E<F4@87!P<F]X
M:6UA=&5L>2`D-3,L,#`P+CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P
M="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SXF
M;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W
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M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@
M(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\P9F4Y,#$S
M,5]E,69F7S1D-V%?8F%D,U]B,C`T964V-C<P9#0-"D-O;G1E;G0M3&]C871I
M;VXZ(&9I;&4Z+R\O0SHO,&9E.3`Q,S%?93%F9E\T9#=A7V)A9#-?8C(P-&5E
M-C8W,&0T+U=O<FMS:&5E=',O4VAE970Q,2YH=&UL#0I#;VYT96YT+51R86YS
M9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z
M('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\
M:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O
M;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y
M<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@
M4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O
M9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P14Q%/@T*
M("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$
M,2!R;W=S<&%N/3-$,CX\<W1R;VYG/D-R961I="!&86-I;&ET>3QB<CX\+W-T
M<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$
M,3XQ,B!-;VYT:',@16YD960\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q,CQB<CX\
M+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY.;W1E
M<R!T;R!&:6YA;F-I86P@4W1A=&5M96YT<R!;06)S=')A8W1=/"]S=')O;F<^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/C4N($-R961I="!&
M86-I;&ET>3PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'`@<W1Y
M;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I
M9CL@;6%R9VEN.B`P)SY-97AC;R!H87,@82!R979O;'9I;F<@8W)E9&ET(&%G
M<F5E;65N="!W:71H($)A;FL@;V8@06UE<FEC82P@3BY!+@T**'1H92`F;&1Q
M=6\[06=R965M96YT)G)D<75O.RDL('=H:6-H('!R;W9I9&5S(&9O<B!A(&-R
M961I="!F86-I;&ET>2!O9B`D-"PY,#`L,#`P('=I=&@@;F\@;6]N=&AL>2!C
M;VUM:71M96YT(')E9'5C=&EO;G,@86YD(&$@8F]R<F]W:6YG#0IB87-E(&5V
M86QU871E9"!A;FYU86QL>2P@8W5R<F5N=&QY('-E="!A="`D-"PY,#`L,#`P
M+B9N8G-P.R9N8G-P.T%M;W5N=',@8F]R<F]W960@=6YD97(@=&AE($%G<F5E
M;65N="!A<F4@8V]L;&%T97)A;&EZ960@8GD@=&AE#0IC;VUM;VX@<W1O8VL@
M;V8@=&AE($-O;7!A;GDF<G-Q=6\[<R!W:&]L;'D@;W=N960@<W5B<VED:6%R
M:65S(&%N9"!S=6)S=&%N=&EA;&QY(&%L;"!O9B!T:&4@0V]M<&%N>29R<W%U
M;SMS(&]I;"!A;F0@9V%S('!R;W!E<G1I97,N)FYB<W`[)FYB<W`[079A:6QA
M8FEL:71Y#0IO9B!T:&ES(&QI;F4@;V8@8W)E9&ET(&%T($UA<F-H(#,Q+"`R
M,#$R('=A<R`D,RPR,#`L,#`P+B9N8G-P.R9N8G-P.TYO('!R:6YC:7!A;"!P
M87EM96YT<R!A<F4@86YT:6-I<&%T960@=&\@8F4@<F5Q=6ER960@=&AR;W5G
M:`T*3F]V96UB97(@,S`L(#(P,3,N/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT
M.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ
M(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE
M<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SY4:&4@06=R
M965M96YT('=A<R!R96YE=V5D(&9I=F4@=&EM97,@=VET:"!T:&4@9FEF=&@@
M86UE;F1M96YT(&]N#0I$96-E;6)E<B`R."P@,C`Q,2P@=VAI8V@@<F5V:7-E
M9"!T:&4@;6%T=7)I='D@9&%T92!T;R!.;W9E;6)E<B`S,"P@,C`Q,RXF;F)S
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M<F-H(#,Q+"`R,#$R+B9N8G-P.R9N8G-P.TEN=&5R97-T(&]N('1H92!O=71S
M=&%N9&EN9PT*86UO=6YT('5N9&5R('1H92!C<F5D:70@86=R965M96YT(&ES
M('!A>6%B;&4@;6]N=&AL>2XF;F)S<#LF;F)S<#M);B!A9&1I=&EO;BP@=V4@
M=VEL;"!P87D@86X@=6YU<V5D(&-O;6UI=&UE;G0@9F5E(&EN(&%N(&%M;W5N
M=`T*97%U86P@=&\@)F9R86,Q,CL@;V8@,2!P97)C96YT("@N-24I('1I;65S
M('1H92!D86EL>2!A=F5R86=E(&]F('1H92!U;F%D=F%N8V5D(&%M;W5N="!O
M9B!T:&4@8V]M;6ET;65N="XF;F)S<#LF;F)S<#M4:&4@=6YU<V5D#0IC;VUM
M:71M96YT(&9E92!I<R!P87EA8FQE('%U87)T97)L>2!I;B!A<G)E87)S(&]N
M('1H92!L87-T(&1A>2!O9B!E86-H(&-A;&5N9&%R('%U87)T97(N/"]P/@T*
M#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM
M97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4]
M,T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@
M;6%R9VEN.B`P)SY4:&4@06=R965M96YT(&-O;G1A:6YS(&-U<W1O;6%R>2!C
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M9B!-87)C:"`S,2P@,C`Q,BXF;F)S<#LF;F)S<#M);@T*861D:71I;VXL('1H
M:7,@06=R965M96YT('!R;VAI8FET<R!U<R!F<F]M('!A>6EN9R!C87-H(&1I
M=FED96YD<R!O;B!O=7(@8V]M;6]N('-T;V-K+CPO<#X-"@T*/'`@<W1Y;&4]
M,T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@
M;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q
M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^
M070@=&AE(&5N9"!O9B!F:7-C86P@,C`Q,BP@82!L971T97(@;V8@8W)E9&ET
M(&9O<B`D-3`L,#`P+"!I;B!L:65U#0IO9B!A('!L=6=G:6YG(&)O;F0@=VET
M:"!T:&4@5&5X87,@4F%I;')O860@0V]M;6ES<VEO;B!C;W9E<FEN9R!T:&4@
M<')O<&5R=&EE<R!T:&4@0V]M<&%N>2!O<&5R871E<R!I<R!A;'-O(&]U='-T
M86YD:6YG('5N9&5R('1H90T*9F%C:6QI='DN)FYB<W`[)FYB<W`[5&AI<R!L
M971T97(@;V8@8W)E9&ET(')E;F5W<R!A;FYU86QL>2X\+W`^#0H-"CQP('-T
M>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R
M:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT
M.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ
M(#`G/E1H92!B86QA;F-E(&]U='-T86YD:6YG(&]N('1H92!L:6YE(&]F(&-R
M961I="!W87,@)#$L-S`P+#`P,"!A<PT*;V8@36%R8V@@,S$L(#(P,3(@86YD
M("0Q+#0W-2PP,#`@87,@;V8@2G5N92`R.2P@,C`Q,BX\+W`^#0H-"CQP('-T
M>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R
M:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT
M.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ
M(#`G/E1H92!F;VQL;W=I;F<@=&%B;&4@:7,@82!S=6UM87)Y(&]F(&%C=&EV
M:71Y(&]N('1H92!"86YK(&]F($%M97)I8V$L#0I.+D$N(&QI;F4@;V8@8W)E
M9&ET(&9O<B!T:&4@>65A<B!E;F1E9"!-87)C:"`S,2P@,C`Q,CH\+W`^#0H-
M"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE
M<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\=&%B;&4@86QI
M9VX],T1C96YT97(@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG/3-$,"!S
M='EL93TS1"=F;VYT.B`Q,G!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!W:61T:#H@.#`E)SX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG
M;CH@8F]T=&]M)SX-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ
M(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=P861D:6YG
M+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&-O;'-P86X]
M,T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED
M.R!T97AT+6%L:6=N.B!C96YT97(G/E!R:6YC:7!A;#PO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU
M<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA
M;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*
M("`@(#QT9"!S='EL93TS1"=W:61T:#H@.#,E.R!B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/D)A;&%N8V4@870@07!R:6P@,2P@,C`Q,3H\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$T
M)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^,2PX,#`L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P
M('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM
M86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN
M9RUL969T.B`Q,BXR-7!T)SY";W)R;W=I;F=S/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I
M9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXQ
M+#$P,"PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^/"]T<CX-
M"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P
M=#L@<&%D9&EN9RUL969T.B`Q,BXR-7!T)SY297!A>6UE;G1S/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P
M861D:6YG+6)O='1O;3H@,2XU<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C
M:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B
M;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M.R!T97AT+6%L:6=N.B!R:6=H="<^*#$L,C`P+#`P,#PO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^*3PO=&0^/"]T<CX-
M"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T)SY"86QA;F-E
M(&%T($UA<F-H(#,Q+"`R,#$R.CPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4G/B0\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/C$L-S`P+#`P,#PO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P="<^)FYB<W`[
M/"]T9#X\+W1R/@T*/"]T86)L93X-"CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-
M"BTM+2TM+3U?3F5X=%!A<G1?,&9E.3`Q,S%?93%F9E\T9#=A7V)A9#-?8C(P
M-&5E-C8W,&0T#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S!F93DP
M,3,Q7V4Q9F9?-&0W85]B860S7V(R,#1E938V-S!D-"]7;W)K<VAE971S+U-H
M965T,3(N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D
M+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970]
M(G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T
M<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@
M8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R:7!T
M('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@
M*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S
M<STS1')E<&]R="!I9#TS1$E$,$5,13X-"B`@("`@(#QT<CX-"B`@("`@("`@
M/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^/'-T<F]N
M9SY!<W-E="!2971I<F5M96YT($]B;&EG871I;VYS/&)R/CPO<W1R;VYG/CPO
M=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0Q/C$R($UO
M;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@
M("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$R/&)R/CPO=&@^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/DYO=&5S('1O($9I
M;F%N8VEA;"!3=&%T96UE;G1S(%M!8G-T<F%C=%T\+W-T<F]N9SX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^-BX@07-S970@4F5T:7)E;65N
M="!/8FQI9V%T:6]N<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^
M/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S
M+"!397)I9CL@;6%R9VEN.B`P)SY-97AC;R9R<W%U;SMS(&%S<V5T(')E=&ER
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M;"!L:69E(&]F('1H92!R96QA=&5D(&%S<V5T+CPO<#X-"@T*/'`@<W1Y;&4]
M,T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@
M;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q
M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^
M5&AE(&9O;&QO=VEN9R!T86)L92!P<F]V:61E<R!A(')O;&QF;W)W87)D(&]F
M('1H92!A<W-E="!R971I<F5M96YT#0IO8FQI9V%T:6]N<R!F;W(@9FES8V%L
M('EE87)S(&5N9&5D($UA<F-H(#,Q.CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N
M=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN
M.B`P)SXF;F)S<#L\+W`^#0H-"CQT86)L92!C96QL<W!A8VEN9STS1#`@8V5L
M;'!A9&1I;F<],T0P('-T>6QE/3-$)V9O;G0Z(#$R<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[('=I9'1H.B`Q,#`E)SX-"CQT<B!S='EL93TS
M1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX-"B`@("`\=&0@<W1Y;&4],T0G
M<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L
M86-K(#$N-7!T('-O;&ED.R!T97AT+6%L:6=N.B!C96YT97(G/C(P,3(\+W1D
M/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB
M;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=P
M861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&-O
M;'-P86X],T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T
M('-O;&ED.R!T97AT+6%L:6=N.B!C96YT97(G/C(P,3$\+W1D/@T*("`@(#QT
M9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM
M86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-
M"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#<P)3L@8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SY#87)R>6EN9R!A;6]U;G0@;V8@87-S970@<F5T:7)E
M;65N="!O8FQI9V%T:6]N<R!A<R!O9B!!<')I;"`Q/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q,B4[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C4W
M."PY,3$\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G
M=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W
M:61T:#H@,3(E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M
M86QI9VXZ(')I9VAT)SXU,S8L,S`U/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$
M;F]W<F%P('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R
M=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^
M3&EA8FEL:71I97,@:6YC=7)R960\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/C4S+#0V.#PO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXR-2PP
M-#,\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S
M='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/DQI86)I;&ET:65S('-E='1L960\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[
M('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;SL@=&5X="UA;&EG;CH@<FEG:'0G/B@U+#,U,3PO=&0^#0H@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/BD\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B@Q-BPU-C8\
M+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXI/"]T9#X\+W1R/@T*/'1R('-T>6QE
M/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^06-C<F5T:6]N(&5X<&5N
M<V4\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T.R!T97AT+6%L:6=N.B!R:6=H
M="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O
M;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M
M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('1E>'0M86QI9VXZ(')I9VAT)SXS-BPR-3$\+W1D/@T*("`@(#QT9"!N;W=R
M87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T
M=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O
M;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L
M:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H
M="<^,S0L,3(Y/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@
M,2XU<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A
M;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\G/D-A<G)Y:6YG(&%M;W5N="!O9B!A<W-E="!R971I<F5M96YT(&]B;&EG
M871I;VYS(&%S(&]F($UA<F-H(#,Q/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H
M="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I
M9VAT)SXV-C,L,C<Y/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXU-S@L.3$Q/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E
M<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^3&5S<SH@0W5R<F5N="!P;W)T:6]N
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ
M(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@
M8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T
M97AT+6%L:6=N.B!R:6=H="<^-3`L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P
M/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P
M861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O
M;3H@,2XU<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI
M9#L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED
M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/C4P+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM
M86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M.R!P861D:6YG+6)O='1O;3H@,W!T)SY.;VXM0W5R<F5N="!A<W-E="!R971I
M<F5M96YT(&]B;&EG871I;VX\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0[
M('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXV
M,3,L,C<Y/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ
M(#-P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T.R!T97AT
M+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-3(X+#DQ
M,3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0G
M/B9N8G-P.SPO=&0^/"]T<CX-"CPO=&%B;&4^#0H\<"!S='EL93TS1"=F;VYT
M.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ
M(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE
M<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SY4:&4@05)/
M(&ES(&EN8VQU9&5D(&]N('1H92!C;VYS;VQI9&%T960@8F%L86YC92!S:&5E
M=',@=VET:"!T:&4-"F-U<G)E;G0@<&]R=&EO;B!B96EN9R!I;F-L=61E9"!I
M;B!T:&4@86-C;W5N=',@<&%Y86)L92!A;F0@86-C<G5E9"!E>'!E;G-E<RX\
M+W`^#0H\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@/"]T
M86)L93X-"B`@/"]B;V1Y/@T*/"]H=&UL/@T*#0HM+2TM+2T]7TYE>'1087)T
M7S!F93DP,3,Q7V4Q9F9?-&0W85]B860S7V(R,#1E938V-S!D-`T*0V]N=&5N
M="U,;V-A=&EO;CH@9FEL93HO+R]#.B\P9F4Y,#$S,5]E,69F7S1D-V%?8F%D
M,U]B,C`T964V-C<P9#0O5V]R:W-H965T<R]3:&5E=#$S+FAT;6P-"D-O;G1E
M;G0M5')A;G-F97(M16YC;V1I;F<Z('%U;W1E9"UP<FEN=&%B;&4-"D-O;G1E
M;G0M5'EP93H@=&5X="]H=&UL.R!C:&%R<V5T/2)U<RUA<V-I:2(-"@T*/&AT
M;6P^#0H@(#QH96%D/@T*("`@(#Q-151!(&AT='`M97%U:78],T1#;VYT96YT
M+51Y<&4@8V]N=&5N=#TS1"=T97AT+VAT;6P[(&-H87)S970]=71F+3@G/CQS
M8W)I<'0@='EP93TS1'1E>'0O:F%V87-C<FEP="!S<F,],T13:&]W+FIS/B\J
M($1O($YO="!296UO=F4@5&AI<R!#;VUM96YT("HO/"]S8W)I<'0^/"]H96%D
M/@T*("`\8F]D>3X-"B`@("`\=&%B;&4@8VQA<W,],T1R97!O<G0@:60],T1)
M1#!%3$4^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O
M;'-P86X],T0Q(')O=W-P86X],T0R/CQS=')O;F<^26YC;VUE(%1A>&5S/&)R
M/CPO<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P
M86X],T0Q/C$R($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$R
M/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG
M/DYO=&5S('1O($9I;F%N8VEA;"!3=&%T96UE;G1S(%M!8G-T<F%C=%T\+W-T
M<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O
M/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^-RX@26YC
M;VUE(%1A>&5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S
M='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!M87)G:6XZ(#`G/DUE>&-O(&%N9"!I=',@<W5B<VED:6%R:65S(&9I
M;&4@82!C;VYS;VQI9&%T960@9F5D97)A;"!I;F-O;64@=&%X#0IR971U<FX@
M86YD('9A<FEO=7,@<W1A=&4@:6YC;VUE('1A>"!R971U<FYS+B9N8G-P.R9N
M8G-P.U1H92!A;6]U;G0@;V8@:6YC;VUE('1A>&5S('=E(')E8V]R9"!R97%U
M:7)E<R!T:&4@:6YT97)P<F5T871I;VX@;V8@8V]M<&QE>`T*<G5L97,@86YD
M(')E9W5L871I;VYS(&]F(&9E9&5R86P@86YD('-T871E('1A>&EN9R!J=7)I
M<V1I8W1I;VYS+B9N8G-P.R9N8G-P.U=I=&@@9F5W(&5X8V5P=&EO;G,L($UE
M>&-O(&ES(&YO(&QO;F=E<B!S=6)J96-T('1O#0I5+E,N(&9E9&5R86P@86YD
M('-T871E(&EN8V]M92!T87@@97AA;6EN871I;VYS(&)Y('1A>"!A=71H;W)I
M=&EE<R!F;W(@>65A<G,@<')I;W(@=&\@,C`P-RX\+W`^#0H-"CQP('-T>6QE
M/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[
M(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q
M,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G
M/E-I9VYI9FEC86YT(&-O;7!O;F5N=',@;V8@;F5T(&1E9F5R<F5D('1A>"!A
M<W-E=',@*&QI86)I;&ET:65S*0T*870@36%R8V@@,S$@87)E(&%S(&9O;&QO
M=W,Z/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2
M;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*
M/'1A8FQE(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@<W1Y;&4]
M,T0G9F]N=#H@,3)P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@
M=VED=&@Z(#$P,"4G/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B
M;W1T;VTG/@T*("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU
M<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T
M=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[('1E
M>'0M86QI9VXZ(&-E;G1E<B<^,C`Q,CPO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P
M="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[('1E>'0M86QI9VXZ
M(&-E;G1E<B<^,C`Q,3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S
M='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O
M='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[('1E>'0M86QI9VXZ(&-E;G1E<B<^
M,C`Q,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=P
M861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S
M='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX-"B`@("`\=&0^1&5F
M97)R960@=&%X(&%S<V5T<SH\+W1D/@T*("`@(#QT9#XF;F)S<#L\+W1D/@T*
M("`@(#QT9"!C;VQS<&%N/3-$,CXF;F)S<#L\+W1D/@T*("`@(#QT9"!N;W=R
M87`],T1N;W=R87`^)FYB<W`[/"]T9#X-"B`@("`\=&0^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@8V]L<W!A;CTS1#(^)FYB<W`[/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P/B9N8G-P.SPO=&0^#0H@("`@/'1D/B9N8G-P.SPO=&0^
M#0H@("`@/'1D(&-O;'-P86X],T0R/B9N8G-P.SPO=&0^#0H@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<#XF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G
M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#4U)3L@8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6QE9G0Z(#$R+C(U<'0G
M/E!E<F-E;G1A9V4@9&5P;&5T:6]N(&-A<G)Y9F]R=V%R9',\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$R)3L@
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H
M="<^,2PS,S8L-C,P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#$R)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M.R!T97AT+6%L:6=N.B!R:6=H="<^,2PQ.#`L.#DV/"]T9#X-"B`@("`\=&0@
M;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@
M=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$R)3L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,2PQ,C0L
M.#(P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W=I
M9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O
M;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUL969T.B`Q,BXR
M-7!T)SY$969E<G)E9"!S=&]C:RUB87-E9"!C;VUP96YS871I;VX\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X
M="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG
M;CH@<FEG:'0G/C$S+#@T-#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M
M86QI9VXZ(')I9VAT)SXR+#@W,CPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO
M=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E
M>'0M86QI9VXZ(')I9VAT)SXW+#4S-CPO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B
M;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN
M9RUL969T.B`Q,BXR-7!T)SY!<W-E="!R971I<F5M96YT(&]B;&EG871I;VX\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C(P-2PV,38\+W1D/@T*("`@
M(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG
M:'0G/C$W.2PT-C(\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C$V-BPR-34\+W1D/@T*("`@(#QT
M9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R
M=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@
M<&%D9&EN9RUL969T.B`Q,BXR-7!T)SY.970@;W!E<F%T:6YG(&QO<W,\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@
M=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA
M;&EG;CH@<FEG:'0G/C$W,2PT,3$\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N
M;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T
M97AT+6%L:6=N.B!R:6=H="<^,3(U+#@T.#PO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4[('1E>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"B`@("`\=&0@;F]W<F%P
M/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF
M;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ
M(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D
M:6YG+6)O='1O;3H@,2XU<'0[('!A9&1I;F<M;&5F=#H@,3(N,C5P="<^3W1H
M97(\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB
M;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E
M<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXS+#8Y-3PO=&0^#0H@
M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('1E>'0M86QI9VXZ(')I
M9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T
M=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M
M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-BPR,#`\+W1D/@T*("`@
M(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T.R!T97AT+6%L:6=N.B!R:6=H
M="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O
M;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O
M='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C<L,S$Q/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D
M/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ
M(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT
M)SXQ+#<S,2PQ.38\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT
M+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N
M.B!R:6=H="<^,2PT.34L,C<X/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X
M="UA;&EG;CH@<FEG:'0G/C$L,S`U+#DR,CPO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^
M)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N
M.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^1&5F
M97)R960@=&%X(&QI86)I;&ET:65S.CPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL
M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('!A9&1I;F<M;&5F=#H@
M,3(N,C5P="<^17AC97-S(&9I;F%N8VEA;"!A8V-O=6YT:6YG(&)A<V5S(&]V
M97(@=&%X(&)A<V5S(&]F)FYB<W`[<')O<&5R='D@86YD(&5Q=6EP;65N=#PO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B
M;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L
M86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X
M="UA;&EG;CH@<FEG:'0G/B@R+#8Q-2PX.3D\+W1D/@T*("`@(#QT9"!N;W=R
M87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^*3PO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@
M,2XU<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B@R
M+#0P-RPY-#$\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q
M+C5P="<^*3PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('1E>'0M86QI9VXZ
M(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M
M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB
M;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B@R+#(P."PV-SD\+W1D/@T*("`@
M(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^*3PO=&0^/"]T<CX-
M"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^/"]T<CX-
M"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T.R!P861D:6YG
M+6QE9G0Z(#$R+C(U<'0G/DYE="!D969E<G)E9"!T87@@;&EA8FEL:71I97,\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M93L@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L
M86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXD
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@
M,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M
M86QI9VXZ(')I9VAT)SXH.#@T+#<P,SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D
M9&EN9RUB;W1T;VTZ(#-P="<^*3PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4G/B0\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B@Y,3(L-C8S/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T)SXI/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A
M9&1I;F<M8F]T=&]M.B`S<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R
M+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)#PO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P
M="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N
M.B!R:6=H="<^*#DP,BPW-3<\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M
M8F]T=&]M.B`S<'0G/BD\+W1D/CPO='(^#0H\+W1A8FQE/@T*/'`@<W1Y;&4]
M,T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@
M;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q
M<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^
M07,@;V8@36%R8V@@,S$L(#(P,3(L('=E(&AA=F4@82!S=&%T=71O<GD@9&5P
M;&5T:6]N(&-A<G)Y9F]R=V%R9`T*;V8@87!P<F]X:6UA=&5L>2`D-"PS,3(L
M,#`P+"!W:&EC:"!D;V5S(&YO="!E>'!I<F4N)FYB<W`[)FYB<W`[070@36%R
M8V@@,S$L(#(P,3(L('=E(&AA9"!A(&YE="!O<&5R871I;F<@;&]S<R!C87)R
M>69O<G=A<F0@9F]R#0IR96=U;&%R(&EN8V]M92!T87@@<F5P;W)T:6YG('!U
M<G!O<V5S(&]F(&%P<')O>&EM871E;'D@)#(L-S,V+#`P,"P@=VAI8V@@=VEL
M;"!B96=I;B!E>'!I<FEN9R!I;B`R,#(Q+B9N8G-P.R9N8G-P.T]U<B!A8FEL
M:71Y('1O#0IU<V4@<V]M92!O9B!O=7(@;F5T(&]P97)A=&EN9R!L;W-S(&-A
M<G)Y9F]R=V%R9',@86YD(&-E<G1A:6X@;W1H97(@=&%X(&%T=')I8G5T97,@
M=&\@<F5D=6-E(&-U<G)E;G0@86YD(&9U='5R92!5+E,N(&9E9&5R86P@=&%X
M86)L90T*:6YC;VUE(&ES('-U8FIE8W0@=&\@;&EM:71A=&EO;G,@=6YD97(@
M=&AE($EN=&5R;F%L(%)E=F5N=64@0V]D92X\+W`^#0H-"CQP('-T>6QE/3-$
M)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA
M<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T
M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/D9O
M<B!T:&4@>65A<B!E;F1E9"!-87)C:"`S,2P@,C`Q,BP@=&AE<F4@=V%S(&$@
M9&5F97)R960@:6YC;VUE('1A>`T*8F5N969I="!O9B`D,C<L.38P+B9N8G-P
M.R9N8G-P.U1H97)E('=A<R!N;R!C=7)R96YT(&EN8V]M92!T87@@9F]R('1H
M92!Y96%R(&5N9&5D($UA<F-H(#,Q+"`R,#$R+B9N8G-P.R9N8G-P.T9O<B!T
M:&4@>65A<B!E;F1E9`T*36%R8V@@,S$L(#(P,3$L('1H97)E('=A<R!A(&-U
M<G)E;G0@:6YC;VUE('1A>"!B96YE9FET(&]F("0R-2PU,#(@86YD(&$@9&5F
M97)R960@:6YC;VUE('1A>"!E>'!E;G-E(&]F("0Y+#DP-BXF;F)S<#LF;F)S
M<#M&;W(@=&AE#0IY96%R(&5N9&5D($UA<F-H(#,Q+"`R,#$P+"!C=7)R96YT
M(&EN8V]M92!T87@@97AP96YS92!W87,@)#(U+#4P,B!A;F0@9&5F97)R960@
M:6YC;VUE('1A>"!W87,@82!B96YE9FET(&]F("0R.#(L-S,W+CPO<#X-"@T*
M/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S
M+"!397)I9CL@;6%R9VEN.B`P)SY!(')E8V]N8VEL:6%T:6]N(&]F('1H92!P
M<F]V:7-I;VX@9F]R(&EN8V]M92!T87AE<R!T;R!I;F-O;64@=&%X97,-"F-O
M;7!U=&5D('5S:6YG('1H92!F961E<F%L('-T871U=&]R>2!R871E(&9O<B!Y
M96%R<R!E;F1E9"!-87)C:"`S,2!F;VQL;W=S.CPO<#X-"@T*/'`@<W1Y;&4]
M,T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@
M;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQT86)L92!C96QL<W!A8VEN9STS
M1#`@8V5L;'!A9&1I;F<],T0P('-T>6QE/3-$)V9O;G0Z(#$R<'0@5&EM97,@
M3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[('=I9'1H.B`Q,#`E)SX-"CQT<B!S
M='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX-"B`@("`\=&0@<W1Y
M;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T
M;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!T97AT+6%L:6=N.B!C96YT97(G/C(P
M,3(\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D
M9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K
M(#$N-7!T('-O;&ED.R!T97AT+6%L:6=N.B!C96YT97(G/C(P,3$\+W1D/@T*
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB;W1T
M;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=P861D
M:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&-O;'-P
M86X],T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O
M;&ED.R!T97AT+6%L:6=N.B!C96YT97(G/C(P,3`\+W1D/@T*("`@(#QT9"!N
M;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T
M)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI
M9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@
M("`\=&0@<W1Y;&4],T0G=VED=&@Z(#4U)3L@8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SY487@@97AP96YS92!A="!F961E<F%L('-T871U=&]R>2!R
M871E("@Q*3PO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=W:61T:#H@,3(E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[
M('1E>'0M86QI9VXZ(')I9VAT)SXQ,#(L-CDQ/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X
M="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$R)3L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-#<L-C,T/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W=I9'1H.B`Q
M)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$R
M)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^-#@L.#(U/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI
M9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^4W1A='5T;W)Y
M(&1E<&QE=&EO;B!C87)R>69O<G=A<F0\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B@Q-34L
M-S,T/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXI/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXH.#8L
M,C(Q/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXI/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXH,3(W
M+#(U,SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^*3PO=&0^/"]T<CX-"CQT<B!S='EL
M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\G/D5F9F5C="!O9B!G<F%D=6%T960@<F%T97,\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B@Q-BPY-#`\+W1D/@T*("`@(#QT
M9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SXI/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXH,RPP
M-S0\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXI/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N
M.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI
M9VXZ(')I9VAT)SXQ+#(W,3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T
M=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SY2979I<VEO;B!O9B!P<FEO
M<B!Y96%R(&5S=&EM871E<SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^-"PS,30\+W1D/@T*
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^-#0L-3`S/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B@Q-S$L
M-S,V/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXI/"]T9#X\+W1R/@T*/'1R('-T>6QE
M/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;R<^4&5R;6%N96YT(&1I9F9E<F5N8V5S/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[
M('1E>'0M86QI9VXZ(')I9VAT)SXS,"PR,3`\+W1D/@T*("`@(#QT9"!N;W=R
M87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B@Q-RPS
M,#D\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXI/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N
M.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI
M9VXZ(')I9VAT)SXU+#,Q.3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T
M=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@
M,2XU<'0G/D]T:&5R/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA
M;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^-RPT.3D\+W1D/@T*("`@
M(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A
M9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K
M(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@
M,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L
M:6=N.B!R:6=H="<^*#$L,3(Y/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG
M+6)O='1O;3H@,2XU<'0G/BD\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXH,3,L-C8Q/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0G/BD\+W1D
M/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O
M;3H@,W!T.R!P861D:6YG+6QE9G0Z(#$R+C(U<'0G/E1O=&%L(&EN8V]M92!T
M87@@8F5N969I=#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA
M;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B@R-RPY-C`\
M+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T)SXI
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T.R!T97AT+6%L:6=N.B!R:6=H
M="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O
M;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O
M;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^*#$U+#4Y-CPO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0G/BD\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A
M9&1I;F<M8F]T=&]M.B`S<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R
M+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R
M+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E
M>'0M86QI9VXZ(')I9VAT)SXH,C4W+#(S-3PO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0G/BD\+W1D/CPO='(^#0H\='(@<W1Y
M;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA
M;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO
M=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET92<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I
M8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;R<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@<&%D9&EN9RUL969T.B`Q,BXR
M-7!T)SY%9F9E8W1I=F4@:6YC;VUE('1A>"!R871E/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG
M+6)O='1O;3H@,W!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T
M(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R
M+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E
M>'0M86QI9VXZ(')I9VAT)SXH.3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO
M=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A
M9&1I;F<M8F]T=&]M.B`S<'0G/B4I/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@
M,W!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U
M8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXH,3$\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O
M='1O;3H@,W!T)SXE*3PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X
M="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^
M*#$W.3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S
M<'0G/B4I/"]T9#X\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$)V9O;G0Z
M(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@
M,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S
M($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/B@Q*29N8G-P
M.R9N8G-P.R9N8G-P.R9N8G-P.R9N8G-P.R9N8G-P.R9N8G-P.R9N8G-P.R9N
M8G-P.R9N8G-P.R9N8G-P.U1H90T*9F5D97)A;"!S=&%T=71O<GD@<F%T92!W
M87,@,S0E(&9O<B!F:7-C86P@>65A<G,@96YD:6YG($UA<F-H(#,Q+"`R,#$R
M+"`R,#$Q(&%N9"`R,#$P+CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P
M="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SXF
M;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W
M(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^1F]R('1H92!Y96%R
M<R!E;F1E9"!-87)C:"`S,2P@,C`Q,BP@,C`Q,2!A;F0@,C`Q,"P@=V4@9&ED
M(&YO="!H879E#0IA;GD@=6YC97)T86EN('1A>"!P;W-I=&EO;G,N/"]P/@T*
M#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM
M97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4]
M,T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@
M;6%R9VEN.B`P)SY&;W(@=&AE('EE87)S(&5N9&5D($UA<F-H(#,Q+"`R,#$R
M+"`R,#$Q(&%N9"`R,#$P+"!T:&4@86UO=6YT(&]F#0IU;G)E8V]G;FEZ960@
M=&%X(&)E;F5F:71S('=A<R!A<'!R;WAI;6%T96QY("0V-S<L,#`P+"`D-C<P
M+#`P,"!A;F0@)#4R-"PP,#`L(')E<W!E8W1I=F5L>2XF;F)S<#LF;F)S<#M7
M:&EL92!I="!I<R!E>'!E8W1E9"!T:&4-"F%M;W5N="!O9B!U;G)E8V]G;FEZ
M960@=&%X(&)E;F5F:71S('=I;&P@8VAA;F=E(&EN('1H92!N97AT(#$R(&UO
M;G1H<RP@=V4@9&\@;F]T(&5X<&5C="!A;GD@8VAA;F=E('1O(&AA=F4@82!S
M:6=N:69I8V%N="!I;7!A8W0-"F]N(&]U<B!R97-U;'1S(&]F(&]P97)A=&EO
M;G,N)FYB<W`[)FYB<W`[5&AE(')E8V]G;FET:6]N(&]F('1H92!T;W1A;"!A
M;6]U;G0@;V8@=&AE('5N<F5C;V=N:7IE9"!T87@@8F5N969I=',@;V8F;F)S
M<#LD-C<W+#`P,`T*=V]U;&0@:&%V92!A;B!I;7!A8W0@;VX@=&AE(&5F9F5C
M=&EV92!T87@@<F%T92XF;F)S<#LF;F)S<#M)9B!T:&5S92!U;G)E8V]G;FEZ
M960@=&%X(&)E;F5F:71S(&%R92!D:7-A;&QO=V5D+"!W92!W:6QL(&)E(')E
M<75I<F5D#0IT;R!P87D@861D:71I;VYA;"!T87AE<RX\+W`^#0H-"CQP('-T
M>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R
M:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT
M.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ
M(#`G/D$@<F5C;VYC:6QI871I;VX@;V8@=&AE(&)E9VEN;FEN9R!A;F0@96YD
M:6YG(&)A;&%N8V5S(&]F('5N<F5C;V=N:7IE9`T*=&%X(&)E;F5F:71S(&ES
M(&%S(&9O;&QO=W,Z/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I
M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P
M.SPO<#X-"@T*/'1A8FQE(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS
M1#`@<W1Y;&4],T0G9F]N=#H@,3)P="!4:6UE<R!.97<@4F]M86XL(%1I;65S
M+"!397)I9CL@=VED=&@Z(#$P,"4G/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L
M+6%L:6=N.B!B;W1T;VTG/@T*("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O
M='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W!A
M9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L
M<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@
M<V]L:60[('1E>'0M86QI9VXZ(&-E;G1E<B<^,C`Q,CPO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU
M<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T
M=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[('1E
M>'0M86QI9VXZ(&-E;G1E<B<^,C`Q,3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P
M="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[('1E>'0M86QI9VXZ
M(&-E;G1E<B<^,C`Q,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S
M='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^/"]T
M<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=W
M:61T:#H@-34E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/E5N<F5C
M;V=N:7IE9"!T87@@8F5N969I=',@870@8F5G:6YN:6YG(&]F('!E<FEO9#PO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T
M:#H@,3(E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI
M9VXZ(')I9VAT)SXV-S`L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@
M,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q
M)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G=VED=&@Z(#$R)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-3(T+#`P,#PO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q,B4[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C4T
M.2PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G
M=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T
M=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SY!9&1I=&EO;G,@8F%S960@
M;VX@=&%X('!O<VET:6]N<R!R96QA=&5D('1O('1H92!C=7)R96YT('EE87(\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X
M="UA;&EG;CH@<FEG:'0G/BT\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT
M+6%L:6=N.B!R:6=H="<^,30V+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('1E>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$
M;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S
M<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O
M='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SY#:&%N9V5S
M('1O('1A>"!P;W-I=&EO;G,@;V8@<')I;W(@>65A<G,\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X
M="UA;&EG;CH@<FEG:'0G/C<L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$
M;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"B`@
M("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H
M="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I
M9VAT)SXM/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R
M/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4G/E-E='1L96UE;G1S/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ
M(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT
M)SXM/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/BT\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R
M:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^
M,C4L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/CPO='(^#0H\
M='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,2XU<'0G
M/D5X<&ER871I;VYS/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('1E
M>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^+3PO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('1E>'0M86QI
M9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D
M97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^+3PO=&0^#0H@
M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('1E>'0M86QI9VXZ(')I
M9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T
M=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M
M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^+3PO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X\
M+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`S<'0G/E5N
M<F5C;V=N:7IE9"!T87@@8F5N969I=',@870@96YD(&]F('!E<FEO9#PO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P
M861D:6YG+6)O='1O;3H@,W!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@
M,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B0\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U
M<'0@9&]U8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG
M;CH@<FEG:'0G/C8W-RPP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M
M8F]T=&]M.B`S<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4G/B0\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/C8W,"PP,#`\+W1D
M/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`S<'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!P861D:6YG+6)O='1O;3H@,W!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA
M8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B0\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R
M+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA
M;&EG;CH@<FEG:'0G/C4R-"PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N
M;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I
M;F<M8F]T=&]M.B`S<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CPO=&%B;&4^#0H\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-
M"B`@/"]B;V1Y/@T*/"]H=&UL/@T*#0HM+2TM+2T]7TYE>'1087)T7S!F93DP
M,3,Q7V4Q9F9?-&0W85]B860S7V(R,#1E938V-S!D-`T*0V]N=&5N="U,;V-A
M=&EO;CH@9FEL93HO+R]#.B\P9F4Y,#$S,5]E,69F7S1D-V%?8F%D,U]B,C`T
M964V-C<P9#0O5V]R:W-H965T<R]3:&5E=#$T+FAT;6P-"D-O;G1E;G0M5')A
M;G-F97(M16YC;V1I;F<Z('%U;W1E9"UP<FEN=&%B;&4-"D-O;G1E;G0M5'EP
M93H@=&5X="]H=&UL.R!C:&%R<V5T/2)U<RUA<V-I:2(-"@T*/&AT;6P^#0H@
M(#QH96%D/@T*("`@(#Q-151!(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@
M8V]N=&5N=#TS1"=T97AT+VAT;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@
M='EP93TS1'1E>'0O:F%V87-C<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO
M="!296UO=F4@5&AI<R!#;VUM96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\
M8F]D>3X-"B`@("`\=&%B;&4@8VQA<W,],T1R97!O<G0@:60],T1)1#!%344^
M#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X]
M,T0Q(')O=W-P86X],T0R/CQS=')O;F<^36%J;W(@0W5S=&]M97)S/&)R/CPO
M<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X]
M,T0Q/C$R($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$R/&)R
M/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/DYO
M=&5S('1O($9I;F%N8VEA;"!3=&%T96UE;G1S(%M!8G-T<F%C=%T\+W-T<F]N
M9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^."X@36%J;W(@
M0W5S=&]M97)S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S
M='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!M87)G:6XZ(#`G/D-U<G)E;G1L>2P@=V4@;W!E<F%T92!E>&-L=7-I
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M)FYB<W`[)FYB<W`[2&ES=&]R:6-A;&QY+"!W92!H879E(&YO="!E>'!E<FEE
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M1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M
M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P
M="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SY)
M;B!F:7-C86P@,C`Q,BP@;VYE(&-U<W1O;65R(&%C8V]U;G1E9"!F;W(@,C(E
M(&]F('1H92!T;W1A;"!O:6P-"F%N9"!G87,@<F5V96YU97,@86YD(#(T)2!O
M9B!T:&4@=&]T86P@;VEL(&%N9"!G87,@86-C;W5N=',@<F5C96EV86)L92XF
M;F)S<#LF;F)S<#M);B!F:7-C86P@,C`Q,2!A;F0@,C`Q,"P@='=O(&-U<W1O
M;65R<R!A8V-O=6YT960-"F9O<B`R."4@86YD(#,R)2!O9B!T:&4@=&]T86P@
M;VEL(&%N9"!G87,@<F5V96YU97,@86YD(#(U)2!A;F0@,C,E(&]F('1H92!T
M;W1A;"!O:6P@86YD(&=A<R!A8V-O=6YT<R!R96-E:79A8FQE+"!R97-P96-T
M:79E;'DN/"]P/@T*/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].
M97AT4&%R=%\P9F4Y,#$S,5]E,69F7S1D-V%?8F%D,U]B,C`T964V-C<P9#0-
M"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,&9E.3`Q,S%?93%F9E\T
M9#=A7V)A9#-?8C(P-&5E-C8W,&0T+U=O<FMS:&5E=',O4VAE970Q-2YH=&UL
M#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE
M#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB
M#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$
M0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T
M9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO
M=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T
M/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T
M(&ED/3-$240P14U%/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,]
M,T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/D]I;"!A;F0@
M1V%S($-O<W1S/&)R/CPO<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S
M<STS1'1H(&-O;'-P86X],T0Q/C$R($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-
M87(N(#,Q+"`R,#$R/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#X\<W1R;VYG/DYO=&5S('1O($9I;F%N8VEA;"!3=&%T96UE;G1S(%M!
M8G-T<F%C=%T\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX]
M,T1T;W`^.2X@3VEL(&%N9"!'87,@0V]S=',\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1T97AT/CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W
M(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^5&AE(&-O<W1S(')E
M;&%T960@=&\@;W5R(&]I;"!A;F0@9V%S(&%C=&EV:71I97,@=V5R92!I;F-U
M<G)E9"!A<PT*9F]L;&]W<R!F;W(@=&AE('EE87(@96YD960@36%R8V@@,S$Z
M/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA
M;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'1A
M8FQE(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@<W1Y;&4],T0G
M9F]N=#H@,3)P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@=VED
M=&@Z(#$P,"4G/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T
M;VTG/@T*("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M
M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[('1E>'0M
M86QI9VXZ(&-E;G1E<B<^,C`Q,CPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO
M=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[('1E>'0M86QI9VXZ(&-E
M;G1E<B<^,C`Q,3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL
M93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O
M;3H@8FQA8VL@,2XU<'0@<V]L:60[('1E>'0M86QI9VXZ(&-E;G1E<B<^,C`Q
M,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=P861D
M:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL
M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX-"B`@("`\=&0^4')O<&5R
M='D@86-Q=6ES:71I;VX@8V]S=',Z/"]T9#X-"B`@("`\=&0^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M;F]W<F%P/3-$;F]W<F%P/B9N8G-P.SPO=&0^#0H@("`@/'1D/B9N8G-P.SPO
M=&0^#0H@("`@/'1D(&-O;'-P86X],T0R/B9N8G-P.SPO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<#XF;F)S<#L\+W1D/@T*("`@(#QT9#XF;F)S<#L\
M+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,CXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!N;W=R87`],T1N;W=R87`^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE
M/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`U-24[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUL969T.B`Q,BXR
M-7!T)SY0<F]V960\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[
M(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG
M:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G=VED=&@Z(#$R)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,S8X+#0T-#PO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[
M('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^
M)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q,B4[(&)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C(L,30W
M+#@Y,CPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=W
M:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I
M9'1H.B`Q,B4[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA
M;&EG;CH@<FEG:'0G/C@P+#$U-#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO
M=W)A<"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I
M8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A
M9&1I;F<M;&5F=#H@,3(N,C5P="<^56YP<F]V960\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/BT\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R
M:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^
M+3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I
M9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXM
M/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y
M;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SY%>'!L;W)A=&EO;CPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG
M;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L
M:6=N.B!R:6=H="<^.2PY,3`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C(Y+#(Y,CPO=&0^#0H@
M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG
M:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^,C(L,C0V/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T
M9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[
M(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/D1E=F5L;W!M96YT/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ
M(')I9VAT)SXQ+#0U-2PY.3,\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT
M+6%L:6=N.B!R:6=H="<^,SDT+#,X,3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('1E>'0M86QI9VXZ(')I9VAT)SXU.38L-C8P/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI
M9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P
M861D:6YG+6)O='1O;3H@,2XU<'0G/D-A<&ET86QI>F5D(&%S<V5T(')E=&ER
M96UE;G0@;V)L:6=A=&EO;G,\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P
M=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT
M)SXU,RPT-C@\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O
M;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G
M/C(U+#`T,SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M
M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,2XU<'0[
M('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^
M,C`L-3DY/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ
M(#$N-7!T)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC
M86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D
M9&EN9RUB;W1T;VTZ(#-P=#L@<&%D9&EN9RUL969T.B`Q,BXR-7!T)SY4;W1A
M;"!C;W-T<R!I;F-U<G)E9"!F;W(@;VEL(&%N9"!G87,@<')O<&5R=&EE<SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!P861D:6YG+6)O='1O;3H@,W!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA
M8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B0\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R
M+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA
M;&EG;CH@<FEG:'0G/C$L.#@W+#@Q-3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D
M9&EN9RUB;W1T;VTZ(#-P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`S
M<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)#PO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^,BPU.38L
M-C`X/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA;&EG;CH@<FEG
M:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T
M;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@
M8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('1E>'0M86QI9VXZ(')I9VAT)SXW,3DL-C4Y/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!P861D:6YG+6)O='1O;3H@,W!T)SXF;F)S<#L\+W1D/CPO='(^#0H\+W1A
M8FQE/@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL
M(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T
M>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R
M:68[(&UA<F=I;CH@,"<^5V4@:&%D('1H92!F;VQL;W=I;F<@86=G<F5G871E
M(&-A<&ET86QI>F5D(&-O<W1S(')E;&%T:6YG('1O(&]U<@T*;VEL(&%N9"!G
M87,@<')O<&5R='D@86-T:79I=&EE<R!A="!-87)C:"`S,3H\+W`^#0H-"CQP
M('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@
M4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\=&%B;&4@8V5L;'-P
M86-I;F<],T0P(&-E;&QP861D:6YG/3-$,"!S='EL93TS1"=F;VYT.B`Q,G!T
M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!W:61T:#H@,3`P)2<^
M#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;2<^#0H@("`@
M/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D
M97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@=&5X="UA;&EG;CH@8V5N
M=&5R)SXR,#$R/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE
M/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D97(M8F]T=&]M
M.B!B;&%C:R`Q+C5P="!S;VQI9#L@=&5X="UA;&EG;CH@8V5N=&5R)SXR,#$Q
M/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W!A9&1I
M;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!C;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q
M+C5P="!S;VQI9#L@=&5X="UA;&EG;CH@8V5N=&5R)SXR,#$P/"]T9#X-"B`@
M("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M
M.B`Q+C5P="<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I
M8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;R<^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`U-24[(&)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^4')O=F5D(&]I;"!A;F0@9V%S('!R;W!E<G1I
M97,\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M=VED=&@Z(#$R)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT
M+6%L:6=N.B!R:6=H="<^,S$L-C8Y+#4W,CPO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W
M:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)#PO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q,B4[(&)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C,P+#(U-BPS,S`\
M+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G=VED=&@Z
M(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@
M,3(E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXR-RPQ.#(L-3(Y/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC
M86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^56YP
M<F]V960@;VEL(&%N9"!G87,@<')O<&5R=&EE<SH\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L
M:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@
M<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6QE9G0Z(#$R+C(U<'0G/G-U
M8FIE8W0@=&\@86UO<G1I>F%T:6]N/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H
M="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I
M9VAT)SXQ-S`L-#@W/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXQ-S`L-#@W/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT
M)SXQ-S`L-#@W/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X\
M+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@
M<&%D9&EN9RUL969T.B`Q,BXR-7!T)SYN;W0@<W5B:F5C="!T;R!A;6]R=&EZ
M871I;VX\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T.R!T97AT+6%L:6=N.B!R
M:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O
M='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T
M=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4[('1E>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"B`@("`\=&0@;F]W<F%P
M/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P
M861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O
M;3H@,2XU<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI
M9#L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED
M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/BT\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB
M;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O
M='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E.R!T97AT+6%L:6=N.B!R:6=H="<^+3PO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@
M<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@
M<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG
M;CH@<FEG:'0G/C,Q+#@T,"PP-3D\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N
M;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C,P+#0R-BPX,3<\
M+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI
M9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA
M;&EG;CH@<FEG:'0G/C(W+#,U,RPP,38\+W1D/@T*("`@(#QT9"!N;W=R87`]
M,T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI
M9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB
M;W1T;VTZ(#$N-7!T)SY,97-S(&%C8W5M=6QA=&5D($1$)F%M<#M!/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A
M9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K
M(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@
M,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L
M:6=N.B!R:6=H="<^,38L,34T+#(P,SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D
M9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ
M(#$N-7!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[
M(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXQ
M-2PQ-C$L-3(T/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@
M,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/C$T+#$Q.2PQ,CD\+W1D
M/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[
M/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T
M;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB
M;W1T;VTZ(#-P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^
M,34L-C@U+#@U-CPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T
M=&]M.B`S<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@
M=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C$U
M+#(V-2PR.3,\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O
M;3H@,W!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0[('1E
M>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXQ,RPR
M,S,L.#@W/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ
M(#-P="<^)FYB<W`[/"]T9#X\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$
M)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA
M<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T
M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/D1$
M)F%M<#M!(&%M;W5N=&5D('1O("0Q+CDT+"`D,2XX-R!A;F0@)#$N-S`@<&5R
M(&UC9F4@;V8@<')O9'5C=&EO;@T*9F]R('1H92!Y96%R<R!E;F1E9"!-87)C
M:"`S,2P@,C`Q,BP@,C`Q,2!A;F0@,C`Q,"P@<F5S<&5C=&EV96QY+CPO<#X-
M"CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE
M/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?,&9E
M.3`Q,S%?93%F9E\T9#=A7V)A9#-?8C(P-&5E-C8W,&0T#0I#;VYT96YT+4QO
M8V%T:6]N.B!F:6QE.B\O+T,Z+S!F93DP,3,Q7V4Q9F9?-&0W85]B860S7V(R
M,#1E938V-S!D-"]7;W)K<VAE971S+U-H965T,38N:'1M;`T*0V]N=&5N="U4
M<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4
M>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-
M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP
M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP
M="!T>7!E/3-$=&5X="]J879A<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@
M3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@
M(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$5-
M13X-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A
M;CTS1#$@<F]W<W!A;CTS1#(^/'-T<F]N9SY3=&]C:VAO;&1E<G,@17%U:71Y
M/&)R/CPO<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O
M;'-P86X],T0Q/C$R($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R
M,#$R/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R
M;VYG/DYO=&5S('1O($9I;F%N8VEA;"!3=&%T96UE;G1S(%M!8G-T<F%C=%T\
M+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^,3`N
M(%-T;V-K:&]L9&5R<R<@17%U:71Y/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$=&5X=#X\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA
M;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/DEN($IU;F4@,C`Q,2P@=&AE
M(&)O87)D(&]F(&1I<F5C=&]R<R!A=71H;W)I>F5D('1H92!U<V4@;V8@=7`@
M=&\-"B0R-3`L,#`P('1O(')E<'5R8VAA<V4@<VAA<F5S(&]F(&]U<B!C;VUM
M;VX@<W1O8VL@9F]R('1H92!T<F5A<W5R>2!A8V-O=6YT+B9N8G-P.R9N8G-P
M.T1U<FEN9R!F:7-C86P@,C`Q,BP@=V4@<F5P=7)C:&%S960@-"PP,#`-"G-H
M87)E<R!F;W(@=&AE('1R96%S=7)Y(&%T(&%N(&%G9W)E9V%T92!C;W-T(&]F
M("0R,BPW.#`N)FYB<W`[)FYB<W`[1'5R:6YG(&9I<V-A;"`R,#$Q+"!W92!R
M97!U<F-H87-E9"`R+#`P,"!S:&%R97,@9F]R('1H92!T<F5A<W5R>0T*870@
M86X@86=G<F5G871E(&-O<W0@;V8@)#$R+#,R-2XF;F)S<#LF;F)S<#M.;R!S
M:&%R97,@;V8@;W5R(&-O;6UO;B!S=&]C:R!W97)E(')E<'5R8VAA<V5D(&9O
M<B!T:&4@=')E87-U<GD@86-C;W5N="!D=7)I;F<@9FES8V%L#0HR,#$P+CPO
M<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL
M(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T
M>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R
M:68[(&UA<F=I;CH@,"<^26X@075G=7-T(#(P,3`L('=E('!U<F-H87-E9"!O
M=F5R<FED:6YG(')O>6%L='D@:6YT97)E<W1S(&%V97)A9VEN9PT*+C(X)2!I
M;B`U+#$R,"!G<F]S<R!A8W)E<R!C;W9E<FEN9R!E:6=H="!S96-T:6]N<R!I
M;B!T:&4@2&%Y;F5S=FEL;&4@=')E;F0@87)E82!O9B!$95-O=&\@4&%R:7-H
M+"!,;W5I<VEA;F$L(&9O<B!A;B!A<'!R;WAI;6%T90T*<'5R8VAA<V4@<')I
M8V4@;V8@)#$N-C4@;6EL;&EO;BP@<')I;W(@=&\@8VQO<VEN9R!A9&IU<W1M
M96YT<RXF;F)S<#LF;F)S<#M792!P86ED("0Q+C0V(&UI;&QI;VX@:6X@8V%S
M:"!A;F0@=&AE(')E;6%I;F1E<B!W87,@<&%I9`T*87,@,C8L.#,S('-H87)E
M<R!O9B!C;VUM;VX@<W1O8VL@:7-S=65D(&9R;VT@=')E87-U<GD@<VAA<F5S
M+CPO<#X-"CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`\
M+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A
M<G1?,&9E.3`Q,S%?93%F9E\T9#=A7V)A9#-?8C(P-&5E-C8W,&0T#0I#;VYT
M96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S!F93DP,3,Q7V4Q9F9?-&0W85]B
M860S7V(R,#1E938V-S!D-"]7;W)K<VAE971S+U-H965T,3<N:'1M;`T*0V]N
M=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*0V]N
M=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\
M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E
M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M."<^
M/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R:7!T('-R8STS1%-H;W<N:G,^
M+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\+VAE
M860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S<STS1')E<&]R="!I9#TS
M1$E$,$5,13X-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&P@
M8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^/'-T<F]N9SY3=&]C:R!/<'1I;VYS
M/&)R/CPO<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O
M;'-P86X],T0Q/C$R($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R
M,#$R/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R
M;VYG/DYO=&5S('1O($9I;F%N8VEA;"!3=&%T96UE;G1S(%M!8G-T<F%C=%T\
M+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^,3$N
M(%-T;V-K($]P=&EO;G,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE
M<RP@4V5R:68[(&UA<F=I;CH@,"<^5V4@861O<'1E9"!A;B!E;7!L;WEE92!I
M;F-E;G1I=F4@<W1O8VL@<&QA;B!E9F9E8W1I=F4@4V5P=&5M8F5R#0HQ-2P@
M,3DY-R`H)FQD<75O.S$Y.3<@4&QA;B9R9'%U;SLI+B9N8G-P.R9N8G-P.U5N
M9&5R('1H92`Q.3DW(%!L86XL(#,U,"PP,#`@<VAA<F5S('=E<F4@879A:6QA
M8FQE(&9O<B!D:7-T<FEB=71I;VXN)FYB<W`[)FYB<W`[07=A<F1S+`T*9W)A
M;G1E9"!A="!T:&4@9&ES8W)E=&EO;B!O9B!T:&4@8V]M<&5N<V%T:6]N(&-O
M;6UI='1E92!O9B!T:&4@8F]A<F0@;V8@9&ER96-T;W)S+"!I;F-L=61E('-T
M;V-K(&]P=&EO;G,@;W(@<F5S=')I8W1E9"!S=&]C:RXF;F)S<#LF;F)S<#M3
M=&]C:PT*;W!T:6]N<R!M87D@8F4@86X@:6YC96YT:79E('-T;V-K(&]P=&EO
M;B!O<B!A(&YO;G%U86QI9FEE9"!S=&]C:R!O<'1I;VXN)FYB<W`[)FYB<W`[
M3W!T:6]N<R!T;R!P=7)C:&%S92!C;VUM;VX@<W1O8VL@=6YD97(@=&AE#0IP
M;&%N(&%R92!G<F%N=&5D(&%T('1H92!F86ER(&UA<FME="!V86QU92!O9B!T
M:&4@8V]M;6]N('-T;V-K(&%T('1H92!D871E(&]F(&=R86YT+"!B96-O;64@
M97AE<F-I<V%B;&4@=&\@=&AE(&5X=&5N="!O9B`R-24@;V8-"G1H92!S:&%R
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M92!P=7)C:&%S92!P<FEC92!W87,@870@;&5A<W0@)#4N,#`@<&5R('-H87)E
M(&]F(')E<W1R:6-T960@<W1O8VLN)FYB<W`[)FYB<W`[5&AE(&%W87)D<R!O
M9B!R97-T<FEC=&5D('-T;V-K#0IM=7-T(&)E(&%C8V5P=&5D('=I=&AI;B`V
M,"!D87ES(&%N9"!V97-T(&%S(&1E=&5R;6EN960@8GD@86=R965M96YT+B9N
M8G-P.R9N8G-P.TAO;&1E<G,@;V8@<F5S=')I8W1E9"!S=&]C:R!H879E(&%L
M;"!R:6=H=',@;V8-"F$@<VAA<F5H;VQD97(@;V8@=&AE($-O;7!A;GDN/"]P
M/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@
M5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y
M;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I
M9CL@;6%R9VEN.B`P)SY);B!397!T96UB97(@,C`P-"P@=V4@861O<'1E9"!T
M:&4@,C`P-"!);F-E;G1I=F4@4W1O8VL@4&QA;B`H)FQD<75O.S(P,#0-"E!L
M86XF<F1Q=6\[*2!T;R!R97!L86-E+"!M;V1I9GD@86YD(&5X=&5N9"!T:&4@
M=&5R;6EN871I;VX@9&%T92!O9B!T:&4@,3DY-R!0;&%N('1O(%-E<'1E;6)E
M<B`Q-"P@,C`P.2XF;F)S<#LF;F)S<#M4:&4@,C`P-"!0;&%N#0IP<F]V:61E
M9"!F;W(@=&AE(&%W87)D(&]F('-T;V-K(&]P=&EO;G,@=7`@=&\@,S<U+#`P
M,"!S:&%R97,@;V8@=VAI8V@@,3(U+#`P,"!M87D@:&%V92!B965N('-U8FIE
M8W0@;V8@<W1O8VL@9W)A;G1S('=I=&AO=70@<F5S=')I8W1I;VYS#0IA;F0@
M=VET:&]U="!P87EM96YT(&)Y('1H92!R96-I<&EE;G0@86YD('-T;V-K(&%W
M87)D<R!O9B!U<"!T;R`Q,C4L,#`P('-H87)E<R!W:71H(')E<W1R:6-T:6]N
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M('=A<R!F:79E('EE87)S(&9R;VT@=&AE(&1A=&4@;V8@9W)A;G0N)FYB<W`[
M)FYB<W`[06QT:&]U9V@@<VAA<F5S#0IW97)E(')E;6%I;FEN9R!U;FES<W5E
M9"!A="!T:&4@=&5R;6EN871I;VX@9&%T92!O9B!T:&4@,C`P-"!0;&%N+"!T
M:&4@<VAA<F5S(&%R92!N;R!L;VYG97(@96QI9VEB;&4@=&\@8F4@9W)A;G1E
M9"X\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\
M<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF.R!M87)G:6XZ(#`G/DEN(%-E<'1E;6)E<B`R,#`Y+"!W92!A9&]P
M=&5D('1H92`R,#`Y($5M<&QO>65E($EN8V5N=&EV92!3=&]C:PT*4&QA;B`H
M)FQD<75O.S(P,#D@4&QA;B9R9'%U;SLI('1O(')E<&QA8V4@=&AE(#$Y.3<@
M86YD(#(P,#0@4&QA;G,N)FYB<W`[)FYB<W`[5&AE(#(P,#D@4&QA;B!P<F]V
M:61E<R!F;W(@=&AE(&%W87)D(&]F('-T;V-K(&]P=&EO;G,-"G5P('1O(#(P
M,"PP,#`@<VAA<F5S(&%N9"!I;F-L=61E<R!O<'1I;VX@87=A<F1S(&%S('=E
M;&P@87,@<W1O8VL@87=A<F1S+B9N8G-P.R9N8G-P.T]P=&EO;B!A=V%R9',@
M87)E(&=R86YT960@=VET:"!T:&4@<F5S=')I8W1I;VX-"F]F(')E<75I<FEN
M9R!P87EM96YT(&9O<B!T:&4@<VAA<F5S+B9N8G-P.R9N8G-P.U-T;V-K(&%W
M87)D<R!A<F4@9W)A;G1E9"!W:71H;W5T(')E<W1R:6-T:6]N<R!A;F0@=VET
M:&]U="!P87EM96YT(&)Y('1H92!R96-I<&EE;G0N)FYB<W`[)FYB<W`[3F5I
M=&AE<@T*;W!T:6]N(&%W87)D<R!N;W(@<W1O8VL@87=A<F1S(&UA>2!E>&-E
M960@,C4L,#`P('-H87)E<R!G<F%N=&5D('1O(&%N>2!O;F4@:6YD:79I9'5A
M;"!I;B!A;GD@9FES8V%L('EE87(N)FYB<W`[)FYB<W`[5&AE(#(P,#D@4&QA
M;@T*97AP:7)E<R!T96X@>65A<G,@9G)O;2!T:&4@9&%T92!O9B!A9&]P=&EO
M;BX\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\
M<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF.R!M87)G:6XZ(#`G/D%C8V]R9&EN9R!T;R!O=7(@96UP;&]Y964@
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M<V-A;"`R,#$R+"`R,#$Q(&%N9"`R,#$P+CPO<#X-"@T*/'`@<W1Y;&4],T0G
M9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R
M9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@
M5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^5V4@
M<F5C;V=N:7IE9"!C;VUP96YS871I;VX@97AP96YS92!O9B`D,3(P+#$R-"P@
M)#4Q+#,U,"!A;F0@)#(V+#`S,`T*:6X@9V5N97)A;"!A;F0@861M:6YI<W1R
M871I=F4@97AP96YS92!I;B!T:&4@0V]N<V]L:61A=&5D(%-T871E;65N=',@
M;V8@3W!E<F%T:6]N<R!F;W(@9FES8V%L(#(P,3(L(#(P,3$@86YD(#(P,3`L
M(')E<W!E8W1I=F5L>2XF;F)S<#LF;F)S<#M4:&4-"G1O=&%L(&-O<W0@<F5L
M871E9"!T;R!N;VXM=F5S=&5D(&%W87)D<R!N;W0@>65T(')E8V]G;FEZ960@
M870@36%R8V@@,S$L(#(P,3(@=&]T86QS("0R-#DL.30W+"!W:&EC:"!I<R!E
M>'!E8W1E9"!T;R!B92!R96-O9VYI>F5D#0IO=F5R(&$@=V5I9VAT960@879E
M<F%G92!O9B`S+C$@>65A<G,N/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q
M,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G
M/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.
M97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SY4:&4@9F%I<B!V
M86QU92!O9B!E86-H('-T;V-K(&]P=&EO;B!I<R!E<W1I;6%T960@;VX@=&AE
M(&1A=&4@;V8-"F=R86YT('5S:6YG('1H92!":6YO;6EA;"!V86QU871I;VX@
M;6]D96PN)FYB<W`[)FYB<W`[17AP96-T960@=F]L871I;&ET:65S(&%R92!B
M87-E9"!O;B!H:7-T;W)I8V%L('9O;&%T:6QI='D@;V8@=&AE($-O;7!A;GDF
M<G-Q=6\[<PT*<W1O8VL@;W9E<B!T:&4@8V]N=')A8W1U86P@=&5R;2!O9B`Q
M,C`@;6]N=&AS(&%N9"!O=&AE<B!F86-T;W)S+B9N8G-P.R9N8G-P.U=E('5S
M92!H:7-T;W)I8V%L(&1A=&$@=&\@97-T:6UA=&4@;W!T:6]N(&5X97)C:7-E
M#0IA;F0@96UP;&]Y964@=&5R;6EN871I;VX@=VET:&EN('1H92!V86QU871I
M;VX@;6]D96PN)FYB<W`[)FYB<W`[5&AE(&5X<&5C=&5D('1E<FT@;V8@;W!T
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M:6UA=&5D(&)Y('1H92!":6YO;6EA;"!M;V1E;"X\+W`^#0H-"CQP('-T>6QE
M/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[
M(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q
M,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G
M/D1U<FEN9R!T:&4@>65A<B!E;F1E9"!-87)C:"`S,2P@,C`Q,BP@=&AE($-O
M;7!E;G-A=&EO;B!#;VUM:71T964-"F]F('1H92!";V%R9"!O9B!$:7)E8W1O
M<G,@87!P<F]V960@86YD('=E(&ES<W5E9"`T,"PP,#`@<W1O8VL@;W!T:6]N
M<R!T;R!B;V%R9"!M96UB97)S+"!O9F9I8V5R<R!A;F0@96UP;&]Y965S(&]F
M($UE>&-O(&5X97)C:7-A8FQE#0IA="`D-BXX,"!P97(@<VAA<F4N)FYB<W`[
M)FYB<W`[1'5R:6YG('1H92!Y96%R(&5N9&5D($UA<F-H(#,Q+"`R,#$Q+"!T
M:&4@0V]M<&5N<V%T:6]N($-O;6UI='1E92!O9B!T:&4@0F]A<F0@;V8@1&ER
M96-T;W)S(&%P<')O=F5D#0IA;F0@=V4@:7-S=65D(#0R+#4P,"!S=&]C:R!O
M<'1I;VYS('1O(&)O87)D(&UE;6)E<G,L(&]F9FEC97)S(&%N9"!E;7!L;WEE
M97,@;V8@365X8V\@97AE<F-I<V%B;&4@870@<')I8V5S(')A;F=I;F<@9G)O
M;2`D-BXP-B!T;PT*)#8N,CD@<&5R('-H87)E+B9N8G-P.R9N8G-P.TYO('-T
M;V-K(&]P=&EO;G,@=V5R92!G<F%N=&5D(&1U<FEN9R!T:&4@>65A<B!E;F1E
M9"!-87)C:"`S,2P@,C`Q,"XF;F)S<#LF;F)S<#M4:&5S92!O<'1I;VYS(&%R
M92!E>&5R8VES86)L90T*870@82!P<FEC92!N;W0@;&5S<R!T:&%N('1H92!F
M86ER(&UA<FME="!V86QU92!O9B!T:&4@<W1O8VL@870@=&AE(&1A=&4@;V8@
M9W)A;G0L(&AA=F4@86XF;F)S<#ME>&5R8VES92!P97)I;V0@;V8@=&5N('EE
M87)S(&%N9`T*9V5N97)A;&QY('9E<W0@;W9E<B!F;W5R('EE87)S+CPO<#X-
M"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I
M;65S+"!397)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE
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M=&EO;G,@9W)A;G1E9"!I;B!F:7-C86P@,C`Q,BP-"C(P,3$@86YD(#(P,3`N
M)FYB<W`[)FYB<W`[06QL('-U8V@@86UO=6YT<R!R97!R97-E;G0@=&AE('=E
M:6=H=&5D(&%V97)A9V4@86UO=6YT<R!F;W(@96%C:"!P97)I;V0N/"]P/@T*
M#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM
M97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'1A8FQE(&%L
M:6=N/3-$8V5N=&5R(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@
M<W1Y;&4],T0G9F]N=#H@,3)P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!3
M97)I9CL@=VED=&@Z(#@P)2<^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI
M9VXZ(&)O='1O;2<^#0H@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M
M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN
M9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N
M/3-$,3`@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L
M:60[('1E>'0M86QI9VXZ(&-E;G1E<B<^1F]R('1H92!Y96%R(&5N9&5D($UA
M<F-H(#,Q+#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS
M1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT
M<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX-"B`@("`\=&0@
M<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V)O<F1E<BUB
M;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!T97AT+6%L:6=N.B!C96YT97(G
M/C(P,3(\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G
M<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L
M86-K(#$N-7!T('-O;&ED.R!T97AT+6%L:6=N.B!C96YT97(G/C(P,3$\+W1D
M/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB
M;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=P
M861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&-O
M;'-P86X],T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T
M('-O;&ED.R!T97AT+6%L:6=N.B!C96YT97(G/C(P,3`\+W1D/@T*("`@(#QT
M9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM
M86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-
M"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#0Y)3L@8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SY'<F%N="UD871E(&9A:7(@=F%L=64\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z
M(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=W:61T:#H@,30E.R!B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXU+C8Y/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=W:61T:#H@,30E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\[('1E>'0M86QI9VXZ(')I9VAT)SXU+C$U/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)W=I9'1H.B`Q-"4[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;SL@=&5X="UA;&EG;CH@<FEG:'0G/BT\+W1D/@T*("`@(#QT9"!N;W=R87`]
M,T1N;W=R87`@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V
M97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M)SY6;VQA=&EL:71Y(&9A8W1O<CPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E
M>'0M86QI9VXZ(')I9VAT)SXX-2XY,CPO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)3PO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXX,BXX
M,SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET92<^)3PO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('1E>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$
M;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S
M<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O
M='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SY$:79I9&5N
M9"!Y:65L9#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E
M>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA
M;&EG;CH@<FEG:'0G/BT\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N
M.B!R:6=H="<^+3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^
M/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SY2:7-K+69R964@:6YT97)E<W0@<F%T
M93PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXQ
M+C0Y/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXE/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M93L@=&5X="UA;&EG;CH@<FEG:'0G/C(N,#<\+W1D/@T*("`@(#QT9"!N;W=R
M87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G
M/B4\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^
M+3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T
M>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^17AP96-T960@=&5R;2`H:6X@>65A<G,I/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@
M<FEG:'0G/C<N,C4\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^-SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT
M)SXM/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*
M/"]T86)L93X-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\
M<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF.R!M87)G:6XZ(#`G/DYO(&9O<F9E:71U<F4@<F%T92!I<R!A<W-U
M;65D(&9O<B!S=&]C:R!O<'1I;VYS(&=R86YT960@=&\@9&ER96-T;W)S#0IO
M<B!E;7!L;WEE97,@9'5E('1O('1H92!F;W)F96ET=7)E(')A=&4@:&ES=&]R
M>2!F;W(@=&AE<V4@='EP97,@;V8@87=A<F1S+B9N8G-P.R9N8G-P.U1H97)E
M('=E<F4@;F\@<W1O8VL@;W!T:6]N<R!F;W)F96ET960@;W(-"F5X<&ER960@
M9'5R:6YG('1H92!Y96%R(&5N9&5D($UA<F-H(#,Q+"`R,#$R+B9N8G-P.R9N
M8G-P.T1U<FEN9R!T:&4@>65A<B!E;F1E9"!-87)C:"`S,2P@,C`Q,2P@,2PP
M,#`@=F5S=&5D('-T;V-K(&]P=&EO;G,@97AP:7)E9`T*8F5C875S92!T:&5Y
M('=E<F4@;F]T(&5X97)C:7-E9"!P<FEO<B!T;R!T:&4@96YD(&]F('1H96ER
M('1E;BUY96%R('1E<FT@86YD(#$P+#`P,"!U;G9E<W1E9"!S=&]C:R!O<'1I
M;VYS('=E<F4@9F]R9F5I=&5D(&1U92!T;PT*=&AE('1E<FUI;F%T:6]N(&]F
M(&$@8V]N<W5L=&EN9R!A9W)E96UE;G0@=VET:"!A(&-O;G-U;'1A;G0@86YD
M('1H92!R97-I9VYA=&EO;B!O9B!A;B!E;7!L;WEE92XF;F)S<#LF;F)S<#M4
M:&5R92!W97)E(&YO('-T;V-K#0IO<'1I;VYS(&9O<F9E:71E9"!O<B!E>'!I
M<F5D(&1U<FEN9R!T:&4@>65A<B!E;F1E9"!-87)C:"`S,2P@,C`Q,"X\+W`^
M#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4
M:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL
M93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF
M.R!M87)G:6XZ(#`G/D9O<B!T:&4@>65A<B!E;F1E9"!-87)C:"`S,2P@,C`Q
M,BP@96UP;&]Y965S(&%N9"!D:7)E8W1O<G,@97AE<F-I<V5D#0IO<'1I;VYS
M(&]N(&$@=&]T86P@;V8@,3`L,#`P('-H87)E<R!A="!E>&5R8VES92!P<FEC
M97,@;V8@)#0N,#`@<&5R('-H87)E+B9N8G-P.R9N8G-P.U=E(')E8V5I=F5D
M('!R;V-E961S(&]F("0T,"PP,#`@9G)O;2!T:&5S90T*97AE<F-I<V5S+B!4
M:&4@=&]T86P@:6YT<FEN<VEC('9A;'5E(&]F('1H92!E>&5R8VES960@;W!T
M:6]N<R!W87,@)#,X+#8P,"XF;F)S<#LF;F)S<#M.;R!T87@@9&5D=6-T:6]N
M(&ES(')E8V]R9&5D('=H96X@;W!T:6]N<PT*87)E(&%W87)D960N)FYB<W`[
M)FYB<W`[365X8V\@:7-S=65D(&YE=R!S:&%R97,@;V8@8V]M;6]N('-T;V-K
M('1O('-E='1L92!T:&5S92!O<'1I;VX@97AE<F-I<V5S+B9N8G-P.R9N8G-P
M.T9O<B!T:&4@>65A<G,@96YD960-"DUA<F-H(#,Q+"`R,#$Q(&%N9"`R,#$P
M+"!S=&]C:R!O<'1I;VYS(&-O=F5R:6YG(#@U+#(U,"!A;F0@-#$L,C4P('-H
M87)E<R!W97)E(&5X97)C:7-E9"P@<F5S<&5C=&EV96QY+"!W:71H(#(Y+#DU
M,"!A;F0@-"PW-3`@;V8-"G1H97-E(&5X97)C:7-E9"!O<'1I;VYS(')E<W5L
M=&5D(&EN(&$@9&ES<75A;&EF>6EN9R!D:7-P;W-I=&EO;BXF;F)S<#LF;F)S
M<#M792!R96-E:79E9"!P<F]C965D<R!O9B`D-3,S+#8R-2!A;F0@)#(U.2PS
M-S(@9G)O;0T*=&AE<V4@;W!T:6]N(&5X97)C:7-E<R!F;W(@=&AE('EE87)S
M(&5N9&5D($UA<F-H(#,Q+"`R,#$Q(&%N9"`R,#$P+"!R97-P96-T:79E;'DN
M/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA
M;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'`@
M<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!3
M97)I9CL@;6%R9VEN.B`P)SY4:&4@9F]L;&]W:6YG('1A8FQE(&ES(&$@<W5M
M;6%R>2!O9B!A8W1I=FET>2!O9B!S=&]C:R!O<'1I;VYS(&9O<@T*=&AE('EE
M87(@96YD960@36%R8V@@,S$L(#(P,3(L(#(P,3$@86YD(#(P,3`Z/"]P/@T*
M#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM
M97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'1A8FQE(&-E
M;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS1#`@<W1Y;&4],T0G9F]N=#H@
M,3)P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@=VED=&@Z(#$P
M,"4G/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VTG/@T*
M("`@(#QT9#XF;F)S<#L\+W1D/@T*("`@(#QT9#XF;F)S<#L\+W1D/@T*("`@
M(#QT9"!C;VQS<&%N/3-$,CX-"B`@("`@("`@/'`@<W1Y;&4],T0G9F]N=#H@
M,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P
M.R!T97AT+6%L:6=N.B!C96YT97(G/DYU;6)E<B!O9CPO<#X-"B`@("`@("`@
M/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S
M+"!397)I9CL@;6%R9VEN.B`P.R!T97AT+6%L:6=N.B!C96YT97(G/E-H87)E
M<SPO<#X\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`^)FYB<W`[/"]T
M9#X-"B`@("`\=&0^)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(^
M#0H@("`@("`@(#QP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,#L@=&5X="UA;&EG;CH@8V5N
M=&5R)SY796EG:'1E9#PO<#X-"B`@("`@("`@/'`@<W1Y;&4],T0G9F]N=#H@
M,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P
M.R!T97AT+6%L:6=N.B!C96YT97(G/D%V97)A9V4\+W`^#0H@("`@("`@(#QP
M('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@
M4V5R:68[(&UA<F=I;CH@,#L@=&5X="UA;&EG;CH@8V5N=&5R)SY%>&5R8VES
M92!0<FEC93PO<#X-"B`@("`@("`@/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4
M:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P.R!T97AT
M+6%L:6=N.B!C96YT97(G/E!E<B!3:&%R93PO<#X\+W1D/@T*("`@(#QT9"!N
M;W=R87`],T1N;W=R87`^)FYB<W`[/"]T9#X-"B`@("`\=&0^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(^#0H@("`@("`@(#QP('-T>6QE/3-$
M)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA
M<F=I;CH@,#L@=&5X="UA;&EG;CH@8V5N=&5R)SY796EG:'1E9"!!9V=R96=A
M=&4@079E<F%G92!296UA:6YI;F<@0V]N=')A8W0-"B`@("`@("`@3&EF93PO
M<#X-"B`@("`@("`@/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@
M4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P.R!T97AT+6%L:6=N.B!C
M96YT97(G/B9N8G-P.VEN(%EE87)S/"]P/CPO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<#XF;F)S<#L\+W1D/@T*("`@(#QT9#XF;F)S<#L\+W1D/@T*
M("`@(#QT9"!C;VQS<&%N/3-$,CX-"B`@("`@("`@/'`@<W1Y;&4],T0G9F]N
M=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN
M.B`P.R!T97AT+6%L:6=N.B!C96YT97(G/DEN=')I;G-I8SPO<#X-"B`@("`@
M("`@/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I
M;65S+"!397)I9CL@;6%R9VEN.B`P.R!T97AT+6%L:6=N.B!C96YT97(G/E9A
M;'5E/"]P/CPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<#XF;F)S<#L\
M+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O
M;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#,Y)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SY/=71S=&%N9&EN9R!A="!!<')I;"`Q+"`R,#`Y/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$R)3L@
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H
M="<^,30X+#<U,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL
M93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)W=I9'1H.B`Q,B4[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@
M=&5X="UA;&EG;CH@<FEG:'0G/C8N,#0\+W1D/@T*("`@(#QT9"!N;W=R87`]
M,T1N;W=R87`@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I
M9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G=VED=&@Z(#$S)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T
M97AT+6%L:6=N.B!R:6=H="<^,RXP-#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED
M=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI
M9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T
M:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)#PO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q,B4[(&)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C@Q,RPW,#,\+W1D/@T*
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G=VED=&@Z(#$E.R!B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^/"]T<CX-
M"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6QE9G0Z(#,V+C=P="<^1W)A;G1E
M9#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T
M97AT+6%L:6=N.B!R:6=H="<^+3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO
M=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E
M>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC
M86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!P861D:6YG+6QE9G0Z(#,V+C=P="<^17AE<F-I<V5D/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[
M('1E>'0M86QI9VXZ(')I9VAT)SXH-#$L,C4P/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^*3PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-BXR.3PO=&0^
M#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T
M>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@<&%D9&EN9RUL969T
M.B`S-BXW<'0G/D9O<F9E:71E9"!O<B!%>'!I<F5D/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T
M=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O
M;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L
M:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H
M="<^+3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T.R!T97AT+6%L:6=N
M.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M
M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O
M='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P
M861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N
M8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@
M8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/D]U='-T
M86YD:6YG(&%T($UA<F-H(#,Q+"`R,#$P/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXQ,#<L-3`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-2XY-#PO=&0^#0H@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\[('1E>'0M86QI9VXZ(')I9VAT)SXR+C4Q/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,C,W+#`X.#PO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S
M='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E.R!P861D:6YG+6QE9G0Z(#,V+C=P="<^1W)A;G1E9#PO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L
M:6=N.B!R:6=H="<^-#(L-3`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X
M="UA;&EG;CH@<FEG:'0G/C8N,C0\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N
M;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T
M:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\[('!A9&1I;F<M;&5F=#H@,S8N-W!T)SY%>&5R8VES960\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[
M('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;SL@=&5X="UA;&EG;CH@<FEG:'0G/B@X-2PR-3`\+W1D/@T*("`@(#QT9"!N
M;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXI/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXV+C(V/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@
M<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T.R!P861D:6YG+6QE
M9G0Z(#,V+C=P="<^1F]R9F5I=&5D(&]R($5X<&ER960\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB
M;W1T;VTZ(#$N-7!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@
M<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S
M;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I
M9VAT)SXH,3$L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O
M;3H@,2XU<'0G/BD\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T.R!T97AT+6%L
M:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D
M97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXU+C@Y/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D
M:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED
M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[
M(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU
M<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA
M;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G
M/D]U='-T86YD:6YG(&%T($UA<F-H(#,Q+"`R,#$Q/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L
M:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M
M86QI9VXZ(')I9VAT)SXU,RPW-3`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N
M;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G
M/B0\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXU+C8Y/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C<N,S,\+W1D/@T*("`@(#QT
M9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXT,#$L
M,C`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*
M/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M;&5F=#H@,S8N-W!T)SY'<F%N=&5D
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E
M>'0M86QI9VXZ(')I9VAT)SXT,"PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`]
M,T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!T97AT+6%L:6=N.B!R:6=H="<^-BXX,#PO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG
M:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$
M)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;R<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;SL@<&%D9&EN9RUL969T.B`S-BXW<'0G/D5X97)C:7-E9#PO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^*#$P+#`P,#PO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/BD\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C0N
M,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^/"]T<CX-
M"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('!A9&1I
M;F<M;&5F=#H@,S8N-W!T)SY&;W)F96ET960@;W(@17AP:7)E9#PO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D
M:6YG+6)O='1O;3H@,2XU<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q
M+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N
M-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG
M;CH@<FEG:'0G/BT\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M
M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X
M="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^+3PO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D
M9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI
M9#L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED
M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM
M86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M.R!P861D:6YG+6)O='1O;3H@,W!T)SY/=71S=&%N9&EN9R!A="!-87)C:"`S
M,2P@,C`Q,CPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA;&EG
M;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E
M<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^.#,L-S4P
M/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P="<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T.R!T97AT+6%L:6=N
M.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-BXT,CPO=&0^#0H@
M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P="<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0[('1E>'0M86QI9VXZ(')I
M9VAT)SXX+C8U/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T
M;VTZ(#-P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D
M:6YG+6)O='1O;3H@,W!T.R!T97AT+6%L:6=N.B!R:6=H="<^,3(W+#,V,SPO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0G/B9N
M8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@
M8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R
M:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4]
M,T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SY697-T960@870@36%R8V@@,S$L(#(P,3(\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[
M('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;SL@=&5X="UA;&EG;CH@<FEG:'0G/C$S+#<U,#PO=&0^#0H@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C4N-S(\+W1D
M/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-BXS,#PO=&0^
M#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG
M:'0G/C,P+#4S.#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^
M/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SY%>&5R8VES86)L92!A="!-87)C:"`S
M,2P@,C`Q,CPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E.R!T97AT+6%L:6=N.B!R:6=H="<^,3,L-S4P/"]T9#X-"B`@("`\=&0@
M;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXD
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4[('1E>'0M86QI9VXZ(')I9VAT)SXU+C<R/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R
M:6=H="<^-BXS,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)#PO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H
M="<^,S`L-3,X/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/CPO='(^
M#0H\+W1A8FQE/@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@
M4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-
M"CQP('-T>6QE/3-$)V9O;G0Z(#AP="!4:6UE<R!.97<@4F]M86XL(%1I;65S
M+"!397)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$
M)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA
M<F=I;CH@,"<^3W1H97(@:6YF;W)M871I;VX@<&5R=&%I;FEN9R!T;R!O<'1I
M;VX@86-T:79I='D@=V%S(&%S(&9O;&QO=W,@9'5R:6YG#0IT:&4@>65A<B!E
M;F1E9"!-87)C:"`S,3H\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@
M5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB
M<W`[/"]P/@T*#0H\=&%B;&4@8V5L;'-P86-I;F<],T0P(&-E;&QP861D:6YG
M/3-$,"!S='EL93TS1"=F;VYT.B`Q,G!T(%1I;65S($YE=R!2;VUA;BP@5&EM
M97,L(%-E<FEF.R!W:61T:#H@,3`P)2<^#0H\='(@<W1Y;&4],T0G=F5R=&EC
M86PM86QI9VXZ(&)O='1O;2<^#0H@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M
M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!C
M;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P
M="!S;VQI9#L@=&5X="UA;&EG;CH@8V5N=&5R)SXR,#$R/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q
M+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB
M;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$
M,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@
M=&5X="UA;&EG;CH@8V5N=&5R)SXR,#$Q/"]T9#X-"B`@("`\=&0@;F]W<F%P
M/3-$;F]W<F%P('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,B!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@=&5X="UA;&EG
M;CH@8V5N=&5R)SXR,#$P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P
M('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X\
M+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T>6QE/3-$
M)W=I9'1H.B`U-24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^5V5I
M9VAT960@879E<F%G92!G<F%N="UD871E(&9A:7(@=F%L=64@;V8@<W1O8VLF
M;F)S<#MO<'1I;VYS(&=R86YT960@*'!E<B!S:&%R92D\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$R)3L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^
M-2XV.3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=W
M:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I
M9'1H.B`Q,B4[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA
M;&EG;CH@<FEG:'0G/C4N,34\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q
M)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E
M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=W:61T:#H@,3(E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4]
M,T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET92<^5&]T86P@9F%I<B!V86QU92!O9B!O<'1I;VYS('9E<W1E9#PO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B0\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@
M<FEG:'0G/C4Y+#@W-3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E
M>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)#PO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R
M:6=H="<^,S<L,C`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X
M="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXD/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I
M9VAT)SXS-#,L-C8S/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/CPO
M='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SY4;W1A;"!I;G1R:6YS:6,@
M=F%L=64@;V8@;W!T:6]N<R!E>&5R8VES960\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I
M9VAT)SXS."PV,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[
M('1E>'0M86QI9VXZ(')I9VAT)SXU,S,L.#,Q/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,3,P+#`U,3PO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^/"]T<CX-"CPO=&%B
M;&4^#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@
M5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y
M;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I
M9CL@;6%R9VEN.B`P)SY4:&4@9F]L;&]W:6YG('1A8FQE('-U;6UA<FEZ97,@
M:6YF;W)M871I;VX@86)O=70@;W!T:6]N<R!O=71S=&%N9&EN9PT*870@36%R
M8V@@,S$L(#(P,3(Z/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I
M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P
M.SPO<#X-"@T*/'1A8FQE(&-E;&QS<&%C:6YG/3-$,"!C96QL<&%D9&EN9STS
M1#`@<W1Y;&4],T0G9F]N=#H@,3)P="!4:6UE<R!.97<@4F]M86XL(%1I;65S
M+"!397)I9CL@=VED=&@Z(#$P,"4G/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L
M+6%L:6=N.B!B;W1T;VTG/@T*("`@(#QT9"!C;VQS<&%N/3-$,B!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@=&5X="UA;&EG
M;CH@8V5N=&5R)SY286YG92!O9B!%>&5R8VES92!0<FEC97,\+W1D/@T*("`@
M(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ
M(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=P861D:6YG
M+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&-O;'-P86X]
M,T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED
M)SX-"B`@("`@("`@/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@
M4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P.R!T97AT+6%L:6=N.B!C
M96YT97(G/DYU;6)E<B!O9CPO<#X-"B`@("`@("`@/'`@<W1Y;&4],T0G9F]N
M=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN
M.B`P.R!T97AT+6%L:6=N.B!C96YT97(G/D]P=&EO;G,\+W`^/"]T9#X-"B`@
M("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M
M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN
M9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N
M/3-$,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI
M9#L@=&5X="UA;&EG;CH@8V5N=&5R)SY796EG:'1E9"!!=F5R86=E($5X97)C
M:7-E(%!R:6-E(%!E<B!3:&%R93PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO
M=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60G/@T*("`@("`@("`\<"!S
M='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!M87)G:6XZ(#`[('1E>'0M86QI9VXZ(&-E;G1E<B<^5V5I9VAT960@
M079E<F%G92!296UA:6YI;F<@0V]N=')A8W0\+W`^#0H@("`@("`@(#QP('-T
M>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R
M:68[(&UA<F=I;CH@,#L@=&5X="UA;&EG;CH@8V5N=&5R)SY,:69E(&EN(%EE
M87)S/"]P/CPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS
M1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@
M8FQA8VL@,2XU<'0@<V]L:60G/@T*("`@("`@("`\<"!S='EL93TS1"=F;VYT
M.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ
M(#`[('1E>'0M86QI9VXZ(&-E;G1E<B<^06=G<F5G871E/"]P/@T*("`@("`@
M("`\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM
M97,L(%-E<FEF.R!M87)G:6XZ(#`[('1E>'0M86QI9VXZ(&-E;G1E<B<^26YT
M<FEN<VEC(%9A;'5E/"]P/CPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^
M/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M
M86QI9VXZ(')I9VAT)SXT+C`P("9N9&%S:#L@-2XR-#PO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^
M,RPW-3`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E
M>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M
M86QI9VXZ(')I9VAT)SXT+C,U/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,B!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!N;W=R87`]
M,T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI
M9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('1E>'0M86QI9VXZ(')I9VAT)SXU+C(U("9N9&%S:#L@-BXR.3PO=&0^#0H@
M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXT,"PP,#`\+W1D
M/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^-BXR,SPO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P
M/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF
M;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ
M(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D
M:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T
M;VTZ(#$N-7!T.R!T97AT+6%L:6=N.B!R:6=H="<^-BXS,"`F;F1A<V@[(#8N
M.#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,2XU
M<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T.R!T97AT
M+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C0P+#`P
M,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P
M="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-BXX,#PO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,2XU
M<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ
M(#$N-7!T)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC
M86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)#PO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!P861D:6YG+6)O='1O;3H@,W!T.R!T97AT+6%L:6=N.B!R:6=H="<^-"XP
M,"`F;F1A<V@[(#8N,CD\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T
M=&]M.B`S<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T.R!T97AT
M+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^.#,L-S4P/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M93L@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`S<'0[('1E>'0M86QI9VXZ
M(')I9VAT)SXV+C0R/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O
M;3H@,W!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P="<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T.R!T97AT+6%L:6=N
M.B!R:6=H="<^."XV-3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T
M;VTZ(#-P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`S<'0[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)#PO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@
M,W!T.R!T97AT+6%L:6=N.B!R:6=H="<^,3(W+#,V,SPO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P="<^)FYB<W`[/"]T9#X\+W1R/@T*
M/"]T86)L93X-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\
M<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF.R!M87)G:6XZ(#`G/D]U='-T86YD:6YG(&]P=&EO;G,@870@36%R
M8V@@,S$L(#(P,3(@97AP:7)E(&)E='=E96X@1&5C96UB97(@,C`Q,@T*86YD
M($YO=F5M8F5R(#(P,C$@86YD(&AA=F4@97AE<F-I<V4@<')I8V5S(')A;F=I
M;F<@9G)O;2`D-"XS-2!T;R`D-BXX,"X\+W`^#0H\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@/"]B;V1Y/@T*/"]H
M=&UL/@T*#0HM+2TM+2T]7TYE>'1087)T7S!F93DP,3,Q7V4Q9F9?-&0W85]B
M860S7V(R,#1E938V-S!D-`T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#
M.B\P9F4Y,#$S,5]E,69F7S1D-V%?8F%D,U]B,C`T964V-C<P9#0O5V]R:W-H
M965T<R]3:&5E=#$X+FAT;6P-"D-O;G1E;G0M5')A;G-F97(M16YC;V1I;F<Z
M('%U;W1E9"UP<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@=&5X="]H=&UL.R!C
M:&%R<V5T/2)U<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH96%D/@T*("`@(#Q-
M151!(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@8V]N=&5N=#TS1"=T97AT
M+VAT;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@='EP93TS1'1E>'0O:F%V
M87-C<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO="!296UO=F4@5&AI<R!#
M;VUM96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D>3X-"B`@("`\=&%B
M;&4@8VQA<W,],T1R97!O<G0@:60],T1)1#!%3$4^#0H@("`@("`\='(^#0H@
M("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0R
M/CQS=')O;F<^4F5L871E9"!087)T>2!4<F%N<V%C=&EO;G,\8G(^/"]S=')O
M;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#$^
M,3(@36]N=&AS($5N9&5D/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(^
M#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L(#(P,3(\8G(^/"]T
M:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^3F]T97,@
M=&\@1FEN86YC:6%L(%-T871E;65N=',@6T%B<W1R86-T73PO<W1R;VYG/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#XQ,BX@4F5L871E9"!0
M87)T>2!4<F%N<V%C=&EO;G,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4
M:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^4F5L871E9"!P87)T>2!T<F%N<V%C
M=&EO;G,@9F]R('1H92!F:7-C86P@>65A<B!E;F1E9"!-87)C:"`S,2P@,C`Q
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M<F-H(#,Q+"`R,#$R+"`R,#$Q(&%N9"`R,#$P('=E<F4@)#$R,RPY,S(L)FYB
M<W`[)#$S-RPV-3(-"F%N9"`D-S4L,3<X+"!R97-P96-T:79E;'DN/"]P/@T*
M#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM
M97,L(%-E<FEF.R!M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4]
M,T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@
M;6%R9VEN.B`P)SY4:&]M87,@0W)A9&1I8VL@:7,@82!M96UB97(@;V8@=&AE
M(&)O87)D(&]F(&1I<F5C=&]R<R!A;F0@0V]M<&%N>0T*96UP;&]Y964N)FYB
M<W`[)FYB<W`[37(N($-R861D:6-K(&EN=F5S=&5D(&AI<R!P97)S;VYA;"!F
M=6YD<RP@;VX@=&AE('-A;64@8F%S:7,@87,@86X@=6YR96QA=&5D('1H:7)D
M('!A<G1Y(&EN=F5S=&]R+"!I;B!A(#4N,"4-"G=O<FMI;F<@:6YT97)E<W0@
M:6X@;W5R('=E;&P@:6X@5V%R9"!#;W5N='DL(%1E>&%S+B9N8G-P.R9N8G-P
M.T5F9F5C=&EV92!*86YU87)Y(#$L(#(P,3`L('=E('!U<F-H87-E9"!-<BX@
M0W)A9&1I8VLF<G-Q=6\[<R`U+C`E#0IW;W)K:6YG(&EN=&5R97-T(&EN('1H
M:7,@=V5L;"!F;W(@82!P=7)C:&%S92!P<FEC92!O9B!A<'!R;WAI;6%T96QY
M("0W."PP,#`N)FYB<W`[)FYB<W`[37(N($-R861D:6-K(&UA:6YT86EN960@
M82`N,3(U)2!O=F5R<FED90T*:6X@=&AI<R!W96QL+B9N8G-P.U)E=F5N=65S
M('!A:60@=&\@37(N($-R861D:6-K(&9R;VT@=&AI<R!W96QL('=E<F4@)#`L
M("0Q,#`@86YD("0S+#,V,"!F;W(@=&AE('EE87)S(&5N9&5D($UA<F-H(#,Q
M+"`R,#$R+"`R,#$Q#0IA;F0@,C`Q,"P@<F5S<&5C=&EV96QY+CPO<#X-"CQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*
M("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?,&9E.3`Q
M,S%?93%F9E\T9#=A7V)A9#-?8C(P-&5E-C8W,&0T#0I#;VYT96YT+4QO8V%T
M:6]N.B!F:6QE.B\O+T,Z+S!F93DP,3,Q7V4Q9F9?-&0W85]B860S7V(R,#1E
M938V-S!D-"]7;W)K<VAE971S+U-H965T,3DN:'1M;`T*0V]N=&5N="U4<F%N
M<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E
M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@
M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C
M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T
M>7!E/3-$=&5X="]J879A<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T
M(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB
M;V1Y/@T*("`@(#QT86)L92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$5-13X-
M"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS
M1#$@<F]W<W!A;CTS1#(^/'-T<F]N9SY/:6P@86YD($=A<R!297-E<G9E($1A
M=&$@*%5N875D:71E9"D\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H
M(&-L87-S/3-$=&@@8V]L<W!A;CTS1#$^,3(@36]N=&AS($5N9&5D/"]T:#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS
M1'1H/DUA<BX@,S$L(#(P,3(\8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/CQS=')O;F<^3F]T97,@=&\@1FEN86YC:6%L(%-T871E;65N
M=',@6T%B<W1R86-T73PO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#XQ,RX@3VEL(&%N9"!'87,@4F5S97)V92!$871A("A5;F%U
M9&ET960I/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL
M93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF
M.R!M87)G:6XZ(#`G/E1H92!E<W1I;6%T97,@;V8@;W5R('!R;W9E9"!O:6P@
M86YD(&=A<R!R97-E<G9E<RP@=VAI8V@@87)E(&QO8V%T960-"F5N=&ER96QY
M('=I=&AI;B!T:&4@56YI=&5D(%-T871E<RP@=V5R92!P<F5P87)E9"!I;B!A
M8V-O<F1A;F-E('=I=&@@=&AE(&=U:61E;&EN97,@97-T86)L:7-H960@8GD@
M=&AE(%-%0RXF;F)S<#LF;F)S<#M4:&4@97-T:6UA=&5S#0IA<R!O9B!-87)C
M:"`S,2P@,C`Q,BP@,C`Q,2P@86YD(#(P,3`@87)E(&)A<V5D(&]N(&5V86QU
M871I;VYS('!R97!A<F5D(&)Y($IO92!#+B!.96%L(&%N9"!!<W-O8VEA=&5S
M+"!0971R;VQE=6T@0V]N<W5L=&%N=',N)FYB<W`[)FYB<W`[36%N86=E;65N
M=`T*96UP:&%S:7IE<R!T:&%T(')E<V5R=F4@97-T:6UA=&5S(&%R92!I;FAE
M<F5N=&QY(&EM<')E8VES92!A;F0@87)E(&5X<&5C=&5D('1O(&-H86YG92!A
M<R!N97<@:6YF;W)M871I;VX@8F5C;VUE<R!A=F%I;&%B;&4@86YD#0IA<R!E
M8V]N;VUI8R!C;VYD:71I;VYS(&EN('1H92!I;F1U<W1R>2!C:&%N9V4N/"]P
M/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@
M5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/CQB/B9N8G-P.SPO8CX\+W`^#0H-
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M='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!M87)G:6XZ(#`G/CQB/B9N8G-P.SPO8CX\+W`^#0H-"CQP('-T>6QE
M/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[
M(&UA<F=I;CH@,"<^/&(^0VAA;F=E<R!I;B!0<F]V960@4F5S97)V97,Z/"]B
M/CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M
M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQT
M86)L92!C96QL<W!A8VEN9STS1#`@8V5L;'!A9&1I;F<],T0P('-T>6QE/3-$
M)V9O;G0Z(#$R<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[('=I
M9'1H.B`Q,#`E)SX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T
M=&]M)SX-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O
M;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&-O;'-P86X],T0R('-T
M>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED)SX-"B`@
M("`@("`@/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL
M(%1I;65S+"!397)I9CL@;6%R9VEN.B`P.R!T97AT+6%L:6=N.B!C96YT97(G
M/D]I;#PO<#X-"B`@("`@("`@/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE
M<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P.R!T97AT+6%L
M:6=N.B!C96YT97(G/BA"8FQS*3PO<#X\+W1D/@T*("`@(#QT9"!N;W=R87`]
M,T1N;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU
M<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&-O;'-P86X],T0R('-T>6QE/3-$
M)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED)SX-"B`@("`@("`@
M/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S
M+"!397)I9CL@;6%R9VEN.B`P.R!T97AT+6%L:6=N.B!C96YT97(G/DYA='5R
M86P@1V%S/"]P/@T*("`@("`@("`\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I
M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`[('1E>'0M
M86QI9VXZ(&-E;G1E<B<^*$UC9BD\+W`^/"]T9#X-"B`@("`\=&0@;F]W<F%P
M/3-$;F]W<F%P('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB
M<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B
M;W1T;VTG/@T*("`@(#QT9#Y0<F]V960@1&5V96QO<&5D(&%N9"!5;F1E=F5L
M;W!E9"!297-E<G9E<SH\+W1D/@T*("`@(#QT9#XF;F)S<#L\+W1D/@T*("`@
M(#QT9"!C;VQS<&%N/3-$,CXF;F)S<#L\+W1D/@T*("`@(#QT9"!N;W=R87`]
M,T1N;W=R87`^)FYB<W`[/"]T9#X-"B`@("`\=&0^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@8V]L<W!A;CTS1#(^)FYB<W`[/"]T9#X-"B`@("`\=&0@;F]W<F%P
M/3-$;F]W<F%P/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T
M:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\G/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@-S`E.R!B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/D%S(&]F($%P<FEL(#$L(#(P,#D\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T
M:#H@,3(E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI
M9VXZ(')I9VAT)SXR,#<L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@
M,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q
M)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=W:61T:#H@,3(E.R!B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXY+#0W-RPP,#`\+W1D
M/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G=VED=&@Z(#$E
M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^/"]T
M<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6QE9G0Z(#$R+C(U<'0G/E)E
M=FES:6]N(&]F('!R979I;W5S(&5S=&EM871E<SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R
M:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^
M,SDL,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG
M;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG
M:'0G/B@U-S4L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXI/"]T9#X\+W1R/@T*
M/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUL969T.B`Q,BXR-7!T
M)SY0=7)C:&%S92!O9B!M:6YE<F%L<R!I;B!P;&%C93PO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA
M;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT
M+6%L:6=N.B!R:6=H="<^+3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-2PP,#`\+W1D/@T*("`@
M(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G
M=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M93L@<&%D9&EN9RUL969T.B`Q,BXR-7!T)SY%>'1E;G-I;VYS(&%N9"!D:7-C
M;W9E<FEE<SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E.R!T97AT+6%L:6=N.B!R:6=H="<^,3(L,#`P/"]T9#X-"B`@("`\=&0@
M;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/C0T+#`P,#PO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET92<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I
M8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;R<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;SL@<&%D9&EN9RUL969T.B`Q,BXR-7!T)SY386QE<R!O9B!M:6YE<F%L
M<R!I;B!P;&%C93PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^+3PO=&0^
M#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N
M.B!R:6=H="<^+3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^
M/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0[
M('!A9&1I;F<M;&5F=#H@,3(N,C5P="<^4')O9'5C=&EO;CPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG
M+6)O='1O;3H@,2XU<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P
M="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T
M('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@
M<FEG:'0G/B@Q."PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T
M=&]M.B`Q+C5P="<^*3PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B@U-#8L,#`P/"]T9#X-
M"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0G/BD\+W1D/CPO
M='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@
M,2XU<'0G/D%S(&]F($UA<F-H(#,Q+"`R,#$P/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O
M='1O;3H@,2XU<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S
M;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P
M="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L
M:6=N.B!R:6=H="<^,C0P+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO
M=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A
M9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O
M='1O;3H@,2XU<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S
M;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P
M="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L
M:6=N.B!R:6=H="<^."PT,#4L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$
M;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@
M<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@
M<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET93L@<&%D9&EN9RUL969T.B`Q,BXR-7!T)SY2979I<VEO;B!O
M9B!P<F5V:6]U<R!E<W1I;6%T97,\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/C(R+#`P,#PO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXQ,S`L
M,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@
M<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6QE9G0Z(#$R+C(U<'0G/E!U
M<F-H87-E(&]F(&UI;F5R86QS(&EN('!L86-E/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N
M.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI
M9VXZ(')I9VAT)SXT-2PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C4T-2PP,#`\+W1D/@T*
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4]
M,T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@<&%D9&EN9RUL969T.B`Q,BXR-7!T)SY%>'1E;G-I;VYS(&%N9"!D
M:7-C;W9E<FEE<SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^+3PO=&0^#0H@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXQ,S8L,#`P/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC
M86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!P861D:6YG+6QE9G0Z(#$R+C(U<'0G/E-A;&5S(&]F(&UI;F5R86QS
M(&EN('!L86-E/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-
M"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXM/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X\
M+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@
M<&%D9&EN9RUL969T.B`Q,BXR-7!T)SY0<F]D=6-T:6]N/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M
M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T
M('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@
M<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R
M:6=H="<^*#$W+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T
M;VTZ(#$N-7!T)SXI/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA
M;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^*#0U.2PP,#`\+W1D/@T*
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^*3PO=&0^/"]T
M<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`Q
M+C5P="<^07,@;V8@36%R8V@@,S$L(#(P,3$\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T
M=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O
M;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T
M('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI
M9VXZ(')I9VAT)SXR.3`L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D
M9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T
M=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O
M;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T
M('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI
M9VXZ(')I9VAT)SXX+#<U-RPP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N
M;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P
M861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S
M='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E.R!P861D:6YG+6QE9G0Z(#$R+C(U<'0G/E)E=FES:6]N(&]F
M('!R979I;W5S(&5S=&EM871E<SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^,S,L,#`P/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B@Q.#,L
M,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXI/"]T9#X\+W1R/@T*/'1R('-T>6QE
M/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUL969T.B`Q,BXR-7!T)SY0=7)C:&%S
M92!O9B!M:6YE<F%L<R!I;B!P;&%C93PO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG
M:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^,3DL,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L
M+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I
M;F<M;&5F=#H@,3(N,C5P="<^17AT96YS:6]N<R!A;F0@9&ES8V]V97)I97,\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X
M="UA;&EG;CH@<FEG:'0G/C(S+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('1E>'0M86QI9VXZ(')I9VAT)SXR-C<L,#`P/"]T9#X-"B`@("`\=&0@;F]W
M<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI
M9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P
M861D:6YG+6QE9G0Z(#$R+C(U<'0G/E-A;&5S(&]F(&UI;F5R86QS(&EN('!L
M86-E/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXM/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT
M)SXM/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*
M/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@<&%D9&EN
M9RUL969T.B`Q,BXR-7!T)SY0<F]D=6-T:6]N/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M
M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED
M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[
M(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^
M*#$Y+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T)SXI/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB
M;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O
M='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E.R!T97AT+6%L:6=N.B!R:6=H="<^*#,Y-BPP,#`\+W1D/@T*("`@(#QT
M9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^*3PO=&0^/"]T<CX-"CQT
M<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0G/D%S
M(&]F($UA<F-H(#,Q+"`R,#$R/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE
M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I
M9VAT)SXS-#8L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB
M;W1T;VTZ(#-P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE
M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I
M9VAT)SXX+#0T-2PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG
M+6)O='1O;3H@,W!T)SXF;F)S<#L\+W1D/CPO='(^#0H\+W1A8FQE/@T*/'`@
M<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!3
M97)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O
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M;F1I='5R92!I<R!R97%U:7)E9"!F;W(-"G)E8V]M<&QE=&EO;BX\+W`^#0H-
M"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE
M<RP@4V5R:68[(&UA<F=I;CH@,"<^/&(^)FYB<W`[/"]B/CPO<#X-"@T*/'`@
M<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!3
M97)I9CL@;6%R9VEN.B`P)SX\8CY3=6UM87)Y(&]F(%!R;W9E9"!$979E;&]P
M960@86YD(%5N9&5V96QO<&5D(%)E<V5R=F5S(&%S(&]F($UA<F-H#0HS,2P@
M,C`Q,BP@,C`Q,2!A;F0@,C`Q,#H\+V(^/"]P/@T*#0H\<"!S='EL93TS1"=F
M;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G
M:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'1A8FQE(&-E;&QS<&%C:6YG/3-$,"!C
M96QL<&%D9&EN9STS1#`@<W1Y;&4],T0G9F]N=#H@,3)P="!4:6UE<R!.97<@
M4F]M86XL(%1I;65S+"!397)I9CL@=VED=&@Z(#$P,"4G/@T*/'1R('-T>6QE
M/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VTG/@T*("`@(#QT9"!S='EL93TS
M1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@
M8FQA8VL@,2XU<'0@<V]L:60G/@T*("`@("`@("`\<"!S='EL93TS1"=F;VYT
M.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ
M(#`[('1E>'0M86QI9VXZ(&-E;G1E<B<^3VEL/"]P/@T*("`@("`@("`\<"!S
M='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!M87)G:6XZ(#`[('1E>'0M86QI9VXZ(&-E;G1E<B<^*$)B;',I/"]P
M/CPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=P861D
M:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@
M,2XU<'0@<V]L:60G/@T*("`@("`@("`\<"!S='EL93TS1"=F;VYT.B`Q,7!T
M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`[('1E
M>'0M86QI9VXZ(&-E;G1E<B<^3F%T=7)A;"!'87,\+W`^#0H@("`@("`@(#QP
M('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@
M4V5R:68[(&UA<F=I;CH@,#L@=&5X="UA;&EG;CH@8V5N=&5R)SXH36-F*3PO
M<#X\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D
M9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y
M;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;2<^#0H@("`@/'1D/E!R;W9E
M9"!$979E;&]P960@4F5S97)V97,Z/"]T9#X-"B`@("`\=&0^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M;F]W<F%P/3-$;F]W<F%P/B9N8G-P.SPO=&0^#0H@("`@/'1D/B9N8G-P.SPO
M=&0^#0H@("`@/'1D(&-O;'-P86X],T0R/B9N8G-P.SPO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<#XF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4]
M,T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#<P)3L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T
M)SY!<R!O9B!!<')I;"`Q+"`R,#`Y/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I
M;F<M8F]T=&]M.B`S<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)O<F1E<BUB;W1T;VTZ
M(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$R
M)3L@8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,3$Q
M+#8Y,3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=W
M:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN
M9RUB;W1T;VTZ(#-P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I
M;F<M8F]T=&]M.B`S<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)O<F1E<BUB;W1T;VTZ
M(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$R
M)3L@8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-2PY
M.#DL-#DX/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D
M:6YG+6)O='1O;3H@,W!T)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4]
M,T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P="<^07,@;V8@36%R8V@@,S$L(#(P
M,3`\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ
M(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M
M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M93L@=&5X="UA;&EG;CH@<FEG:'0G/C$T,2PY.#`\+W1D/@T*("`@(#QT9"!N
M;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4[('!A9&1I;F<M8F]T=&]M.B`S<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O
M='1O;3H@,W!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O
M=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D
M;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R
M:6=H="<^-2PP,3<L,S0R/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O
M='1O;3H@,W!T)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R
M=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T)SY!<R!O9B!-87)C:"`S,2P@
M,C`Q,3PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB
M;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,34Y+#DW-3PO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB
M;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-"PY-C0L,#8Q
M/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P="<^
M)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N
M.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T
M=&]M.B`S<'0G/D%S(&]F($UA<F-H(#,Q+"`R,#$R/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T
M=&]M.B`S<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U
M8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O
M=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I
M9VAT)SXQ.30L-C$Y/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O
M;3H@,W!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA
M;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/C4L,S4Y+#8V-3PO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P="<^)FYB<W`[
M/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T
M;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O
M;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^4')O=F5D(%5N9&5V96QO<&5D
M(%)E<V5R=F5S.CPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ
M(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL
M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0G/D%S(&]F($%P
M<FEL(#$L(#(P,#D\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/CDU
M+#8Y-#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S
M<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA
M;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,RPT
M.#<L-3<Y/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ
M(#-P="<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L
M+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I
M;F<M8F]T=&]M.B`S<'0G/D%S(&]F($UA<F-H(#,Q+"`R,#$P/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I
M;F<M8F]T=&]M.B`S<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U
M<'0@9&]U8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR
M-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI
M9VXZ(')I9VAT)SXY."PP.#@\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M
M8F]T=&]M.B`S<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^,RPS.#@L
M,C0X/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T)SXF
M;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ
M(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D
M:6YG+6)O='1O;3H@,W!T)SY!<R!O9B!-87)C:"`S,2P@,C`Q,3PO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@
M<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K
M(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@
M8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,3,P+#$X-SPO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@
M<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K
M(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@
M8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,RPW.3(L.3<T/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P="<^)FYB<W`[/"]T9#X\
M+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`S<'0G/D%S
M(&]F($UA<F-H(#,Q+"`R,#$R/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`S<'0[('1E
M>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXQ-3$L-S,S
M/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ
M(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M8F]T=&]M
M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M93L@=&5X="UA;&EG;CH@<FEG:'0G/C,L,#@U+#`V-#PO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P="<^)FYB<W`[/"]T9#X\+W1R/@T*
M/"]T86)L93X-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\
M<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L
M(%-E<FEF.R!M87)G:6XZ(#`G/D%S(&]F($UA<F-H(#,Q+"`R,#$R+"`R,#$Q
M(&%N9"`R,#$P(')E<V5R=F5S('=E<F4@8V]M<'5T960@=7-I;F<-"G1H92`Q
M,BUM;VYT:"!U;G=E:6=H=&5D(&%V97)A9V4@;V8@=&AE(&9I<G-T+61A>2UO
M9BUT:&4M;6]N=&@@<')I8V5S+"!I;B!A8V-O<F1A;F-E('=I=&@@<F5V:7-E
M9"!G=6ED96QI;F5S(&]F('1H92!314,@87!P;&EC86)L90T*=&\@<F5S97)V
M97,@97-T:6UA=&5S(&%S(&]F('EE87(M96YD)FYB<W`[)FYB<W`[,C`Q,"X\
M+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N
M+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^/&(^)FYB<W`[/"]B/CPO<#X-
M"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I
M;65S+"!397)I9CL@;6%R9VEN.B`P)SY!="!-87)C:"`S,2P@,C`Q,BP@=V4@
M<F5P;W)T960@97-T:6UA=&5D(%!51',@;V8@-"XP(&)C9F4L('=H:6-H#0IA
M8V-O=6YT960@9F]R(#,X)2!O9B!O=7(@=&]T86P@97-T:6UA=&5D('!R;W9E
M9"!O:6P@86YD(&=A<R!R97-E<G9E<RXF;F)S<#M4:&ES(&9I9W5R92!P<FEM
M87)I;'D@8V]N<VES=',@;V8@82!P<F]J96-T960@,3@@;F5W#0IW96QL<R`H
M,BXV(&)C9F4I+"`U(&]F('=H:6-H('=E(&]P97)A=&4L(&%N9"`Q(&YE=R!Z
M;VYE(&)E:&EN9"!P:7!E(&9R;VT@82!C=7)R96YT;'D@<')O9'5C:6YG('=E
M;&QB;W)E("@N-"!B8V9E*2!T:&%T('=E(&%L<V\-"F]P97)A=&4N)FYB<W`[
M)FYB<W`[3W5R('1I;65T86)L92!F;W(@=&AI<R!W96QL(&ES('1O=&%L;'D@
M9&5P96YD96YT(&]N('1H92!L:69E(&]F('1H92!C=7)R96YT;'D@<')O9'5C
M:6YG('IO;F4N)FYB<W`[)FYB<W`[069T97(-"G1H92!C=7)R96YT('IO;F4@
M:&%S(&1E<&QE=&5D+"!W92!W:6QL(&]P96X@=&AE(&YE=R!P<F]D=6-T:79E
M('IO;F4N)FYB<W`[3V8@=&AE(#4@=V5L;',@=V4@;W!E<F%T92`H,BXQ(&)C
M9F4I+"`T(&AA=F4@861D:71I;VYA;`T*<')O9'5C=&EV92!Z;VYE<R!B96AI
M;F0@<&EP92`H+C8@8F-F92DN)FYB<W`[)FYB<W`[06QS;RP@=&AE<F4@:7,@
M<&]T96YT:6%L('1O(&-O;6UI;F=L92!T:&4@;F5W('IO;F5S(&EN('1H92!N
M97<@=V5L;',@=VET:"!P<FEO<@T*<&5R;6ES<VEO;B!F<F]M('1H92!286EL
M<F]A9"!#;VUM:7-S:6]N+B9N8G-P.R9N8G-P.U=E(&1R:6QL960@,2!O<&5R
M871E9"!W96QL(&1U<FEN9R!F:7-C86P@,C`Q,B!A;F0@87)E(&EN('1H92!P
M<F]C97-S(&]F(&-O;7!L971I;F<-"G1H92!W96QL(&9O<B!P<F]D=6-T:6]N
M+B`F;F)S<#M792!P<F]J96-T(#$@;W!E<F%T960@=V5L;"!W:6QL(&)E(&1R
M:6QL960@:6X@9FES8V%L(#(P,3,L(#,@=V5L;',@:6X@9FES8V%L(#(P,30@
M86YD(#$@=V5L;"!I;@T*9FES8V%L(#(P,34N)FYB<W`[)FYB<W`[4F5G87)D
M:6YG('1H92!R96UA:6YI;F<@,3,@4%5$(&QO8V%T:6]N<R!O<&5R871E9"!B
M>2!O=&AE<G,@*"XV(&)C9F4I+"!A(&QO8V%T:6]N(&ES(&-U<G)E;G1L>2!B
M96EN9R!P<F5P87)E9`T*=&\@9')I;&P@,2!W96QL('=I=&@@<&QA;G,@9F]R
M(#@@=V5L;',@=&\@9F]L;&]W(&EN(#(P,3,@86YD(#0@:6X@,C`Q-"X\+W`^
M#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4
M:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^/&(^)FYB<W`[/"]B/CPO<#X-"@T*
M/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S
M+"!397)I9CL@;6%R9VEN.B`P)SY);F-L=61E9"!I;B!P<F]V960@=6YD979E
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M($UA<F-H(#,Q+"`R,#$Q+"!T:&5S92!M871E<FEA;"!R97-E<G9E<R!C;VYS
M:7-T960@;V8@=&AR964@9')I;&QI;F<@;&]C871I;VYS#0IP<F]J96-T960@
M=&\@8F4@9')I;&QE9"!O;F4@<&5R('EE87(@9'5R:6YG('1H92!F:7-C86P@
M>65A<G,@;V8@,C`Q,BP@,C`Q,R!A;F0@,C`Q-"XF;F)S<#LF;F)S<#M792!D
M<FEL;&5D(#$@;V8@=&AE<V4@=V5L;',@9'5R:6YG#0IF:7-C86P@,C`Q,B!A
M;F0@87)E(&EN('1H92!P<F]C97-S(&]F(&-O;7!L971I;F<@=&AE('=E;&P@
M9F]R('!R;V1U8W1I;VXN("9N8G-P.T]U<B!T:6UE=&%B;&4@9F]R('1H92!T
M=V\@<F5M86EN:6YG('=E;&QS(&ES('1O#0ID<FEL;"!O;F4@9'5R:6YG(&9I
M<V-A;"`R,#$S(&%N9"!O;F4@9'5R:6YG(&9I<V-A;"`R,#$T+CPO<#X-"@T*
M/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S
M+"!397)I9CL@;6%R9VEN.B`P)SX\8CXF;F)S<#L\+V(^/"]P/@T*#0H\<"!S
M='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!M87)G:6XZ(#`G/E1H92!F;VQL;W=I;F<@=&%B;&4@9&ES8VQO<V5S
M(&]U<B!P<F]G<F5S<R!T;W=A<F0@=&AE(&-O;G9E<G-I;VX-"F]F(%!51',@
M9'5R:6YG(&9I<V-A;"`R,#$R+CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@
M,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P
M)SXF;F)S<#L\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@
M3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^/&(^4')O9W)E
M<W,@;V8@0V]N=F5R=&EN9R!0<F]V960@56YD979E;&]P960@4F5S97)V97,Z
M/"]B/CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@
M4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SXF;F)S<#L\+W`^#0H-
M"CQT86)L92!A;&EG;CTS1&-E;G1E<B!C96QL<W!A8VEN9STS1#`@8V5L;'!A
M9&1I;F<],T0P('-T>6QE/3-$)V9O;G0Z(#$R<'0@5&EM97,@3F5W(%)O;6%N
M+"!4:6UE<RP@4V5R:68[('=I9'1H.B`Q,#`E)SX-"CQT<B!S='EL93TS1"=V
M97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX-"B`@("`\=&0^)FYB<W`[/"]T9#X-
M"B`@("`\=&0^)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y
M;&4],T0G=&5X="UA;&EG;CH@8V5N=&5R)SY/:6P@)F%M<#L@3F%T=7)A;"!'
M87,\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`^)FYB<W`[/"]T9#X-
M"B`@("`\=&0^)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y
M;&4],T0G=&5X="UA;&EG;CH@8V5N=&5R)SY&=71U<F4\+W1D/@T*("`@(#QT
M9"!N;W=R87`],T1N;W=R87`^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE
M/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VTG/@T*("`@(#QT9"!S='EL93TS
M1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@
M8FQA8VL@,2XU<'0@<V]L:60[('1E>'0M86QI9VXZ(&-E;G1E<B<^*$UC9F4I
M/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W!A9&1I
M;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!C;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q
M+C5P="!S;VQI9#L@=&5X="UA;&EG;CH@8V5N=&5R)SY$979E;&]P;65N="!#
M;W-T<SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=P
M861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S
M='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@-S`E
M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/E!51',L(&)E9VEN;FEN
M9R!O9B!Y96%R/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G=VED=&@Z(#$R)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-"PU-S0L,#DV/"]T9#X-"B`@
M("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$R)3L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^
M,RPW-#4L.#,P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE
M/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF
M;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ
M(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^4F5V:7-I;VX@;V8@
M<')E=FEO=7,@97-T:6UA=&5S/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXH,C,L.#DT/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SXI/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXQ+#$Q-BPS-#`\
M+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL
M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\G/D-O;G9E<G-I;VYS('1O(%!$(')E<V5R=F5S/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXH.3<T+#$P-3PO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/BD\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B@X
M-S$L-C4P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^*3PO=&0^/"]T<CX-"CQT
M<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0G/D%D9&ET:6]N
M86P@4%5$<R!A9&1E9#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,2XU<'0[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/C0Q.2PS-C4\+W1D/@T*
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L
M86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA
M8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT
M+6%L:6=N.B!R:6=H="<^,S$W+#`S,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D
M9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y
M;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T)SY0541S+"!E
M;F0@;V8@>65A<CPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA
M;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,RPY
M.34L-#8R/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ
M(#-P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T.R!T97AT
M+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-"PS,#<L
M-34P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P
M="<^)FYB<W`[/"]T9#X\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE/3-$)V9O
M;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I
M;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I
M;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/D5S=&EM
M871E9"!F=71U<F4@;F5T(&-A<V@@9FQO=W,@<F5P<F5S96YT(&%N(&5S=&EM
M871E(&]F(&9U='5R90T*;F5T(')E=F5N=65S(&9R;VT@=&AE('!R;V1U8W1I
M;VX@;V8@<')O=F5D(')E<V5R=F5S('5S:6YG(&%V97)A9V4@<')I8V5S(&9O
M<B`R,#$R+"`R,#$Q(&%N9"`R,#$P(&%L;VYG('=I=&@@97-T:6UA=&5S(&]F
M('1H92!O<&5R871I;F<\+W`^#0H-"CQP('-T>6QE/3-$)VUA<F=I;CH@,"<^
M)FYB<W`[8V]S=',L('!R;V1U8W1I;VX@=&%X97,@86YD(&9U='5R92!D979E
M;&]P;65N="!A;F0@86)A;F1O;FUE;G0@8V]S=',@*&QE<W,@<V%L=F%G92!V
M86QU92D@;F5C97-S87)Y#0IT;R!P<F]D=6-E('-U8V@@<F5S97)V97,N($YO
M(&1E9'5C=&EO;B!H87,@8F5E;B!M861E(&9O<B!D97!R96-I871I;VXL(&1E
M<&QE=&EO;B!O<B!A;GD@:6YD:7)E8W0@8V]S=',@<W5C:"!A<R!G96YE<F%L
M(&-O<G!O<F%T90T*;W9E<FAE860@;W(@:6YT97)E<W0@97AP96YS92X\+W`^
M#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4
M:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^/&(^)FYB<W`[/"]B/CPO<#X-"@T*
M/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S
M+"!397)I9CL@;6%R9VEN.B`P)SY/<&5R871I;F<@8V]S=',@86YD('!R;V1U
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M5&AE(&9U='5R92!C87-H(&9L;W=S(&5S=&EM871E9`T*=&\@8F4@<W!E;G0@
M=&\@9&5V96QO<"!O=7(@<VAA<F4@;V8@<')O=F5D('5N9&5V96QO<&5D('!R
M;W!E<G1I97,@=&AR;W5G:"!-87)C:"`S,2P@,C`Q-2!A<F4@)#0L,C4U+#$S
M,"X\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^/&(^)FYB<W`[/"]B/CPO
M<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL
M(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SY);F-O;64@=&%X(&5X<&5N<V4@
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M9F]R=V%R9',N/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S
M($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/CQB/B9N8G-P
M.SPO8CX\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W
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M+CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M
M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SX\8CXF;F)S<#L\+V(^/"]P
M/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@
M5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/DEN($1E8V5M8F5R(#(P,#@L('1H
M92!314,@:7-S=65D(&ET<R!F:6YA;"!R=6QE+"!-;V1E<FYI>F%T:6]N(&]F
M#0I/:6P@86YD($=A<R!297!O<G1I;F<L('=H:6-H(&ES(&5F9F5C=&EV92!F
M;W(@<F5P;W)T:6YG(')E<V5R=F4@:6YF;W)M871I;VX@9F]R(&9I<V-A;"!Y
M96%R<R!E;F1I;F<@1&5C96UB97(@,C`P.2XF;F)S<#LF;F)S<#M);@T*2F%N
M=6%R>2`R,#$P+"!T:&4@1D%30B!I<W-U960@:71S(&%U=&AO<FET871I=F4@
M9W5I9&%N8V4@;VX@97AT<F%C=&EV92!A8W1I=FET:65S(&9O<B!O:6P@86YD
M(&=A<R!T;R!A;&EG;B!I=',@<F5Q=6ER96UE;G1S('=I=&@-"G1H92!314,F
M<G-Q=6\[<R!F:6YA;"!R=6QE+B9N8G-P.R9N8G-P.U=E(&%D;W!T960@=&AE
M(&=U:61A;F-E(&%S(&]F($UA<F-H(#,Q+"`R,#$P(&EN(&-O;FIU;F-T:6]N
M('=I=&@@;W5R('EE87(M96YD(')E<V5R=F4@<F5P;W)T#0IA<R!A(&-H86YG
M92!I;B!A8V-O=6YT:6YG('!R:6YC:7!L92!T:&%T(&ES(&EN<V5P87)A8FQE
M(&9R;VT@82!C:&%N9V4@:6X@86-C;W5N=&EN9R!E<W1I;6%T92XF;F)S<#LF
M;F)S<#M5;F1E<B!T:&4@4T5#)G)S<75O.W,-"F9I;F%L(')U;&4L('!R:6]R
M('!E<FEO9"!R97-E<G9E<R!W97)E(&YO="!R97-T871E9"X\+W`^#0H-"CQP
M('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@
M4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\<"!S='EL93TS1"=F
M;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G
M:6XZ(#`G/E1H92!C=7)R96YT(')E<&]R=&EN9R!R=6QE<R!R97%U:7)E('1H
M870@>65A<B!E;F0@<F5S97)V92!C86QC=6QA=&EO;G,-"F%N9"!F=71U<F4@
M8V%S:"!I;F9L;W=S(&)E(&)A<V5D(&]N('1H92`Q,BUM;VYT:"!A=F5R86=E
M(&UA<FME="!P<FEC97,@9F]R('-A;&5S(&]F(&]I;"!A;F0@9V%S(&]N('1H
M92!F:7)S="!C86QE;F1A<B!D87D@;V8@96%C:`T*;6]N=&@@9'5R:6YG('1H
M92!F:7-C86P@>65A<B!D:7-C;W5N=&5D(&%T(#$P)2!P97(@>65A<B!A;F0@
M87-S=6UI;F<@8V]N=&EN=6%T:6]N(&]F(&5X:7-T:6YG(&5C;VYO;6EC(&-O
M;F1I=&EO;G,N)FYB<W`[)FYB<W`[5&AE#0IA=F5R86=E('!R:6-E<R!U<V5D
M(&9O<B!F:7-C86P@,C`Q,B!W97)E("0Y,RXW-2!P97(@8F)L(&]F(&]I;"!A
M;F0@)#,N.#,@<&5R(&UC9B!O9B!N871U<F%L(&=A<RXF;F)S<#LF;F)S<#M4
M:&4@879E<F%G92!P<FEC97,-"G5S960@9F]R(&9I<V-A;"`R,#$Q('=E<F4@
M)#<W+C(W('!E<B!B8FP@;V8@;VEL(&%N9"`D,RXX."!P97(@;6-F(&]F(&YA
M='5R86P@9V%S+B9N8G-P.R9N8G-P.U1H92!A=F5R86=E('!R:6-E<R!U<V5D
M(&9O<B!F:7-C86P-"C(P,3`@=V5R92`D-C8N,C$@<&5R(&)B;"!O9B!O:6P@
M86YD("0S+C<W('!E<B!M8V8@;V8@;F%T=7)A;"!G87,N/"]P/@T*#0H\<"!S
M='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E
M<FEF.R!M87)G:6XZ(#`G/CQB/B9N8G-P.SPO8CX\+W`^#0H-"CQP('-T>6QE
M/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[
M(&UA<F=I;CH@,"<^268@=V4@:&%D('5S960@=&AE($UA<F-H(#,Q+"`R,#$P
M('!R:6-E<R!I;B!O=7(@9FES8V%L(#(P,3`@8V%L8W5L871I;VYS#0IA<R!I
M;B!P<F5V:6]U<R!Y96%R<RP@;W5R('1O=&%L(')E<V5R=F5S('=O=6QD(&AA
M=F4@9&5C<F5A<V5D(#4R+#`P,"!-8V9E+B9N8G-P.R9N8G-P.U1H:7,@9&5C
M<F5A<V4@:6X@<F5S97)V97,@=V]U;&0@:&%V92!H860-"F%N(&5F9F5C="!O
M;B!O=7(@1$0F86UP.T$@86YD(&YE="!I;F-O;64@9F]R('1H92!F;W5R=&@@
M<75A<G1E<B!O9B`R,#$P+B9N8G-P.R9N8G-P.U1H92!E9F9E8W0@;VX@1$0F
M86UP.T$@=V%S(&%N(&EN8W)E87-E(&]F(&%P<')O>&EM871E;'D-"B0U+#4P
M,"!A;F0@82!D96-R96%S92!I;B!N970@:6YC;VUE(&]F(&%P<')O>&EM871E
M;'D@)#,L.#`P+CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE
M<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SX\8CXF;F)S
M<#L\+V(^/"]P/@T*#0H\<"!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE
M=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M87)G:6XZ(#`G/E1H92!S=&%N9&%R
M9&EZ960@;65A<W5R92!O9B!D:7-C;W5N=&5D(&9U='5R92!N970@8V%S:"!F
M;&]W<R!W97)E#0IC;VUP=71E9"!B>2!A<'!L>6EN9R`Q,BUM;VYT:"!A=F5R
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M90T*:6YC;VUE('1A>"!E>'!E;G-E<R`H8F%S960@;VX@=&AE('EE87(@96YD
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M(&]F(#$P)2X\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@
M3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^/&(^)FYB<W`[
M/"]B/CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@
M4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SY4:&4@8F%S:7,@9F]R
M('1H:7,@=&%B;&4@:7,@=&AE(')E<V5R=F4@<W1U9&EE<R!P<F5P87)E9"!B
M>2!A;B!I;F1E<&5N9&5N=`T*<&5T<F]L975M(&5N9VEN965R:6YG(&-O;G-U
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M;B!O;F4@>65A<B!M87D@;&5A9`T*=&\@<VEG;FEF:6-A;G0@9&ES8V]V97)I
M97,@:6X@;&%T97(@>65A<G,@86YD(&UA>2!S:6=N:69I8V%N=&QY(&-H86YG
M92!P<F5V:6]U<R!E<W1I;6%T97,@;V8@<')O=F5D(')E<V5R=F5S(&%N9"!T
M:&5I<B!V86QU871I;VXN)FYB<W`[)FYB<W`[5&AE<F5F;W)E+`T*=&AE('-T
M86YD87)D:7IE9"!M96%S=7)E(&]F(&1I<V-O=6YT960@9G5T=7)E(&YE="!C
M87-H(&9L;W<@:7,@;F]T(&YE8V5S<V%R:6QY(&EN9&EC871I=F4@;V8@=&AE
M(&9A:7(@=F%L=64@;V8@;W5R('!R;W9E9"!O:6P@86YD#0IG87,@<')O<&5R
M=&EE<RX\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W
M(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^/&(^)FYB<W`[/"]B
M/CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M
M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SY4:&4@<W1A;F1A<F1I>F5D
M(&UE87-U<F4@;V8@9&ES8V]U;G1E9"!F=71U<F4@8V%S:"!F;&]W<R!A="!-
M87)C:`T*,S$L(#(P,3(L(#(P,3$@86YD(#(P,3`L('=H:6-H(')E<')E<V5N
M=',@=&AE('!R97-E;G0@=F%L=64@;V8@97-T:6UA=&5D(&9U='5R92!C87-H
M(&9L;W=S('5S:6YG(&$@9&ES8V]U;G0@<F%T92!O9B`Q,"4@82!Y96%R+`T*
M9F]L;&]W<SH\+W`^#0H-"CQP('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@
M3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[(&UA<F=I;CH@,"<^/&(^)FYB<W`[
M/"]B/CPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@
M4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SX\8CY3=&%N9&%R9&EZ
M960@365A<W5R92!O9B!$:7-C;W5N=&5D($9U='5R92!.970@0V%S:"!&;&]W
M<R!296QA=&EN9PT*=&\@4')O=F5D(%)E<V5R=F5S.CPO8CX\+W`^#0H-"CQP
M('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@
M4V5R:68[(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\=&%B;&4@8V5L;'-P
M86-I;F<],T0P(&-E;&QP861D:6YG/3-$,"!S='EL93TS1"=F;VYT.B`Q,G!T
M(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!W:61T:#H@,3`P)2<^
M#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;2<^#0H@("`@
M/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,3`@<W1Y;&4],T0G8F]R
M9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[('1E>'0M86QI9VXZ(&-E
M;G1E<B<^36%R8V@@,S$\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/CPO
M='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;2<^#0H@
M("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=B
M;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@=&5X="UA;&EG;CH@
M8V5N=&5R)SXR,#$R/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D97(M8F]T
M=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@=&5X="UA;&EG;CH@8V5N=&5R)SXR
M,#$Q/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W!A
M9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C
M:R`Q+C5P="!S;VQI9#L@=&5X="UA;&EG;CH@8V5N=&5R)SXR,#$P/"]T9#X-
M"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W!A9&1I;F<M8F]T
M=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E
M<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`U-24[(&)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^1G5T=7)E(&-A<V@@:6YF;&]W<SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@
M,3(E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXV-"PW.#,L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@
M,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q
M)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G=VED=&@Z(#$R)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-38L-#$S+#`P,#PO=&0^#0H@
M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=W:61T:#H@,24[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q,B4[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G
M/C0W+#8S."PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y
M;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G
M/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG
M;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SY&=71U<F4@<')O
M9'5C=&EO;B!C;W-T<R!A;F0@=&%X97,\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B@Q-BPP
M,S$L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXI/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I
M9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXH
M,3$L,#@V+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^*3PO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N
M.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H
M="<^*#$P+#$P,2PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/BD\+W1D/CPO='(^
M#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SY&=71U<F4@9&5V96QO<&UE;G0@
M8V]S=',\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B@T+#4S,"PP,#`\
M+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXI/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXH-"PP,CDL,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^*3PO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^*#,L,C8U+#`P,#PO=&0^#0H@
M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\G/BD\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R
M=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@
M<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SY&=71U<F4@:6YC;VUE('1A>&5S/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L
M86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA
M8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT
M+6%L:6=N.B!R:6=H="<^*#DL.3(P+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@
M<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXI/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q
M+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^*#DL
M,3$X+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T)SXI/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB
M;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O
M='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E.R!T97AT+6%L:6=N.B!R:6=H="<^*#<L-#,Y+#`P,#PO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXI/"]T9#X\+W1R/@T*
M/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^1G5T=7)E(&YE="!C87-H(&9L;W=S
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXS-"PS,#(L,#`P/"]T9#X-
M"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXS,BPQ.#`L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXR-BPX,S,L,#`P/"]T
M9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T
M>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4[('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^06YN=6%L(#$P)2!D
M:7-C;W5N="!F;W(@97-T:6UA=&5D('1I;6EN9R!O9B!C87-H(&9L;W=S/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('!A9&1I;F<M8F]T=&]M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L
M86-K(#$N-7!T('-O;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA
M8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT
M+6%L:6=N.B!R:6=H="<^*#$T+#DT-BPP,#`\+W1D/@T*("`@(#QT9"!N;W=R
M87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^*3PO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@
M,2XU<'0[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B@Q
M-"PU,C@L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@
M,2XU<'0G/BD\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T.R!T97AT+6%L:6=N
M.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B;W)D97(M
M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXH,3(L-C<S+#`P,#PO=&0^#0H@
M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXI/"]T9#X\+W1R
M/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P
M="<^4W1A;F1A<F1I>F5D(&UE87-U<F4@;V8@9&ES8V]U;G1E9"!F=71U<F4F
M;F)S<#MN970@8V%S:"!F;&]W<SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#-P
M=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)#PO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G
M/C$Y+#,U-BPP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O
M='1O;3H@,W!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M.B`S<'0[
M('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`R+C(U<'0@9&]U8FQE.R!B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXQ
M-RPV-3(L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T
M;VTZ(#-P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O;3H@,W!T.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,30L
M,38P+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M
M.B`S<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CPO=&%B;&4^#0H\<"!S='EL93TS
M1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!M
M87)G:6XZ(#`G/B9N8G-P.SPO<#X-"@T*/'`@<W1Y;&4],T0G9F]N=#H@,3%P
M="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R9VEN.B`P)SX\
M8CY#:&%N9V5S(&EN(%-T86YD87)D:7IE9"!-96%S=7)E(&]F($1I<V-O=6YT
M960@1G5T=7)E($YE="!#87-H#0I&;&]W<R!296QA=&EN9R!T;R!0<F]V960@
M3VEL(&%N9"!'87,@4F5S97)V97,Z/"]B/CPO<#X-"@T*/'`@<W1Y;&4],T0G
M9F]N=#H@,3%P="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9CL@;6%R
M9VEN.B`P)SXF;F)S<#L\+W`^#0H-"CQT86)L92!C96QL<W!A8VEN9STS1#`@
M8V5L;'!A9&1I;F<],T0P('-T>6QE/3-$)V9O;G0Z(#$R<'0@5&EM97,@3F5W
M(%)O;6%N+"!4:6UE<RP@4V5R:68[('=I9'1H.B`Q,#`E)SX-"CQT<B!S='EL
M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX-"B`@("`\=&0@<W1Y;&4]
M,T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D(&-O;'-P86X],T0Q,"!S='EL93TS1"=B;W)D97(M8F]T=&]M
M.B!B;&%C:R`Q+C5P="!S;VQI9#L@=&5X="UA;&EG;CH@8V5N=&5R)SY-87)C
M:"`S,3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=P
M861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S
M='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M)SX-"B`@("`\=&0@<W1Y
M;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T
M;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!T97AT+6%L:6=N.B!C96YT97(G/C(P
M,3(\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D
M9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K
M(#$N-7!T('-O;&ED.R!T97AT+6%L:6=N.B!C96YT97(G/C(P,3$\+W1D/@T*
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB;W1T
M;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=P861D
M:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&-O;'-P
M86X],T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O
M;&ED.R!T97AT+6%L:6=N.B!C96YT97(G/C(P,3`\+W1D/@T*("`@(#QT9"!N
M;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T
M)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI
M9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@
M("`\=&0@<W1Y;&4],T0G=VED=&@Z(#4U)3L@8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SY386QE<R!O9B!O:6P@86YD(&=A<R!P<F]D=6-E9"P@;F5T
M(&]F)FYB<W`[<')O9'5C=&EO;B!C;W-T<SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B0\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,3(E.R!B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXH,BPR.3@L
M,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W=I
M9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXI/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q
M,B4[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@
M<FEG:'0G/B@R+#$Q.2PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/BD\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#$R)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M.R!T97AT+6%L:6=N.B!R:6=H="<^*#(L,38W+#`P,#PO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^*3PO=&0^/"]T<CX-"CQT<B!S='EL93TS
M1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E)SY.970@8VAA;F=E<R!I;B!P<FEC92!A;F0@<')O9'5C=&EO;B!C;W-T
M<SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T
M97AT+6%L:6=N.B!R:6=H="<^*#,W-2PP,#`\+W1D/@T*("`@(#QT9"!N;W=R
M87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G
M/BD\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@
M=&5X="UA;&EG;CH@<FEG:'0G/C$L-3DP+#`P,#PO=&0^#0H@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXT+#(X-RPP,#`\+W1D/@T*("`@
M(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T
M:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/D-H86YG97,@:6X@<')E=FEO=7-L>2!E<W1I;6%T960@9&5V96QO
M<&UE;G0@8V]S=',\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C$L,S4S
M+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X
M="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T
M97AT+6%L:6=N.B!R:6=H="<^.#,P+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^*#,U+#`P
M,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/BD\+W1D/CPO='(^#0H\='(@<W1Y
M;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET92<^4F5V:7-I;VYS(&]F('%U86YT:71Y(&5S=&EM871E<SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L
M:6=N.B!R:6=H="<^,2PS-#0L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$
M;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@
M=&5X="UA;&EG;CH@<FEG:'0G/C$L,#@X+#`P,#PO=&0^#0H@("`@/'1D(&YO
M=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXS.3<L,#`P/"]T9#X-"B`@("`\
M=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC
M86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SX-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SY.970@8VAA;F=E(&1U92!T;R!P=7)C:&%S97,@86YD('-A;&5S(&]F
M)FYB<W`[;6EN97)A;',@:6X@<&QA8V4\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I
M9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@
M<FEG:'0G/C,Y,"PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C$L.3<V+#`P,#PO=&0^#0H@
M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG
M:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^,3$L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T
M9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B;W1T;VT[
M(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/D5X=&5N<VEO;G,@86YD(&1I<V-O
M=F5R:65S+"!L97-S(')E;&%T960@8V]S=',\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG
M:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/C$L
M-#0Y+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI
M9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I
M9VAT)SXQ-C4L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X
M="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG
M;CH@<FEG:'0G/C,T-2PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO
M=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M
M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/DYE="!C:&%N9V4@
M:6X@:6YC;VUE('1A>&5S/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXH
M-3DV+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/BD\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X
M="UA;&EG;CH@<FEG:'0G/B@Q+#`W-BPP,#`\+W1D/@T*("`@(#QT9"!N;W=R
M87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O)SXI/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXH,2PP.#4L,#`P
M/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^*3PO=&0^/"]T<CX-"CQT<B!S='EL
M93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SY!8V-R971I;VX@;V8@9&ES8V]U;G0\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/C(L,C8U+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ
M(')I9VAT)SXQ+#@P.2PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT
M+6%L:6=N.B!R:6=H="<^,2PT,S4L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P
M/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF
M;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ
M(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D
M:6YG+6)O='1O;3H@,2XU<'0G/D-H86YG97,@:6X@=&EM:6YG(&]F(&5S=&EM
M871E9"!C87-H(&9L;W=S(&%N9"!O=&AE<CPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T
M;VTZ(#$N-7!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L
M:60[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@
M<V]L:60[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG
M;CH@<FEG:'0G/B@Q+#@R."PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N
M;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P
M861D:6YG+6)O='1O;3H@,2XU<'0G/BD\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I;F<M8F]T=&]M
M.B`Q+C5P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED
M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O
M;&ED.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXH-S<Q+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('!A9&1I
M;F<M8F]T=&]M.B`Q+C5P="<^*3PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[
M(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG
M:'0G/B@U,S8L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB
M;W1T;VTZ(#$N-7!T)SXI/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I
M8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/D-H
M86YG97,@:6X@<W1A;F1A<F1I>F5D(&UE87-U<F4\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/C$L-S`T+#`P,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M
M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ
M(')I9VAT)SXS+#0Y,BPP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT
M+6%L:6=N.B!R:6=H="<^,BPV-3(L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P
M/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF
M;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ
M(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D
M:6YG+6)O='1O;3H@,2XU<'0G/E-T86YD87)D:7IE9"!M96%S=7)E+"!B96=I
M;FYI;F<@;V8@>65A<CPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C$W
M+#8U,BPP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O='1O
M;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N-7!T
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G
M/C$T+#$V,"PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG+6)O
M='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[(&)A
M8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[
M(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG
M:'0G/C$Q+#4P."PP,#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!P861D:6YG
M+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS
M1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET92<^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E.R!P861D:6YG+6)O='1O;3H@,W!T)SY3=&%N9&%R9&EZ960@;65A<W5R
M92P@96YD(&]F('EE87(\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA
M;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R
M+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXQ.2PS-38L,#`P/"]T9#X-
M"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@
M<&%D9&EN9RUB;W1T;VTZ(#-P=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K
M(#(N,C5P="!D;W5B;&4[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXD/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR
M-7!T(&1O=6)L93L@8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI
M9VXZ(')I9VAT)SXQ-RPV-3(L,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$
M;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D
M:6YG+6)O='1O;3H@,W!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@<&%D9&EN9RUB;W1T;VTZ(#-P
M=#L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#(N,C5P="!D;W5B;&4[(&)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,BXR-7!T(&1O=6)L93L@8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXQ-"PQ-C`L
M,#`P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!P861D:6YG+6)O='1O;3H@,W!T)SXF
M;F)S<#L\+W1D/CPO='(^#0H\+W1A8FQE/@T*/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M
M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\P9F4Y,#$S,5]E,69F7S1D-V%?8F%D
M,U]B,C`T964V-C<P9#0-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO
M,&9E.3`Q,S%?93%F9E\T9#=A7V)A9#-?8C(P-&5E-C8W,&0T+U=O<FMS:&5E
M=',O4VAE970R,"YH=&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q
M=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA
M<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\3454
M02!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H
M=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S
M8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M
M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE
M(&-L87-S/3-$<F5P;W)T(&ED/3-$240P14Q%/@T*("`@("`@/'1R/@T*("`@
M("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\
M<W1R;VYG/E-E;&5C=&5D(%%U87)T97)L>2!&:6YA;F-I86P@1&%T82`H56YA
M=61I=&5D*3QB<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,]
M,T1T:"!C;VQS<&%N/3-$,3XQ,B!-;VYT:',@16YD960\+W1H/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R
M+B`S,2P@,C`Q,CQB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^/'-T<F]N9SY.;W1E<R!T;R!&:6YA;F-I86P@4W1A=&5M96YT<R!;06)S
M=')A8W1=/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/C$T+B!396QE8W1E9"!1=6%R=&5R;'D@1FEN86YC:6%L($1A=&$@*%5N
M875D:71E9"D\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQT86)L
M92!C96QL<W!A8VEN9STS1#`@8V5L;'!A9&1I;F<],T0P('-T>6QE/3-$)V9O
M;G0Z(#$R<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[('=I9'1H
M.B`Q,#`E)SX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M
M)SX-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@
M,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&-O;'-P86X],T0Q-"!S='EL
M93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@=&5X="UA
M;&EG;CH@8V5N=&5R)SY&25-#04P@,C`Q,CPO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N
M8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@
M8F]T=&]M)SX-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O
M='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&-O;'-P86X],T0R
M('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!T
M97AT+6%L:6=N.B!C96YT97(G/CQF;VYT('-T>6QE/3-$)V9O;G0Z(#$Q<'0@
M5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68G/C0\+V9O;G0^/&9O;G0@
M<W1Y;&4],T0G9F]N="US:7IE.B`W+C5P="<^=&@\+V9O;G0^/&9O;G0@<W1Y
M;&4],T0G9F]N="US:7IE.B`Q,7!T)SX@4512/"]F;VYT/CPO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@
M,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M
M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS
M1#(@<W1Y;&4],T0G8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[
M('1E>'0M86QI9VXZ(&-E;G1E<B<^/&9O;G0@<W1Y;&4],T0G9F]N=#H@,3%P
M="!4:6UE<R!.97<@4F]M86XL(%1I;65S+"!397)I9B<^,SPO9F]N=#X\9F]N
M="!S='EL93TS1"=F;VYT+7-I>F4Z(#<N-7!T)SYR9#PO9F]N=#X\9F]N="!S
M='EL93TS1"=F;VYT+7-I>F4Z(#$Q<'0G/B!15%(\+V9O;G0^/"]T9#X-"B`@
M("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M
M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN
M9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N
M/3-$,B!S='EL93TS1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI
M9#L@=&5X="UA;&EG;CH@8V5N=&5R)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q
M,7!T(%1I;65S($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF)SXR/"]F;VYT/CQF
M;VYT('-T>6QE/3-$)V9O;G0M<VEZ93H@-RXU<'0G/FYD/"]F;VYT/CQF;VYT
M('-T>6QE/3-$)V9O;G0M<VEZ93H@,3%P="<^(%%44CPO9F]N=#X\+W1D/@T*
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB;W1T
M;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=P861D
M:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D(&-O;'-P
M86X],T0R('-T>6QE/3-$)V)O<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O
M;&ED.R!T97AT+6%L:6=N.B!C96YT97(G/CQF;VYT('-T>6QE/3-$)V9O;G0Z
M(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68G/C$\+V9O;G0^
M/&9O;G0@<W1Y;&4],T0G9F]N="US:7IE.B`W+C5P="<^<W0\+V9O;G0^/&9O
M;G0@<W1Y;&4],T0G9F]N="US:7IE.B`Q,7!T)SX@4512/"]F;VYT/CPO=&0^
M#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=P861D:6YG+6)O
M='1O;3H@,2XU<'0G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V
M97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@-#`E.R!B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/D]I;"!A;F0@9V%S(')E=F5N=64\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z
M(#$R)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N
M.B!R:6=H="<^-S4S+#@W-3PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E
M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I
M9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[
M(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)#PO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)W=I9'1H.B`Q,B4[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C<U,RPW.#D\+W1D/@T*("`@(#QT
M9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G
M/B0\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,3(E.R!B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXX,3`L
M-C4U/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)W=I
M9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED
M=&@Z(#$R)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L
M:6=N.B!R:6=H="<^.3`U+#,T,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO
M=W)A<"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I
M8V%L+6%L:6=N.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SX-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/D]P
M97)A=&EN9R!P<F]F:70@*&QO<W,I/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXH,2PS,#4\
M+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4G/BD\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B
M86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/C8S+#@S-SPO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXQ,3$L
M-#8V/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G
M/C$U-BPV.#`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^/"]T<CX-
M"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=B86-K
M9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/DYE="!I;F-O;64\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E
M>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS
M1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@
M=&5X="UA;&EG;CH@<FEG:'0G/CDU+#,W-3PO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-3`L.38Q
M/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L
M:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C
M:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT
M9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M
M86QI9VXZ(')I9VAT)SXW.2PR-S(\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N
M;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C$P-"PS.#4\+W1D
M/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y
M;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO
M<CH@=VAI=&4G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET92<^3F5T(&EN8V]M92!P97(@<VAA<F4@)FYD87-H.R!B87-I8SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT
M+6%L:6=N.B!R:6=H="<^,"XP-#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO
M=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[
M/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI
M=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E
M>'0M86QI9VXZ(')I9VAT)SXP+C`S/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$
M;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W
M:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D
M/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@
M=&5X="UA;&EG;CH@<FEG:'0G/C`N,#0\+W1D/@T*("`@(#QT9"!N;W=R87`]
M,T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E
M.R!T97AT+6%L:6=N.B!R:6=H="<^,"XP-3PO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^
M)FYB<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N
M.B!B;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^3F5T
M(&EN8V]M92!P97(@<VAA<F4@)FYD87-H.R!D:6QU=&5D/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT
M+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G
M8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E
M>'0M86QI9VXZ(')I9VAT)SXP+C`T/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$
M;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^
M)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO
M<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXP+C`S/"]T9#X-
M"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI9VXZ
M(')I9VAT)SXP+C`T/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXP+C`U/"]T9#X-"B`@("`\=&0@
M;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;R<^)FYB<W`[/"]T9#X\+W1R/@T*/"]T86)L93X-"CQP('-T>6QE
M/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O;6%N+"!4:6UE<RP@4V5R:68[
M(&UA<F=I;CH@,"<^)FYB<W`[/"]P/@T*#0H\=&%B;&4@8V5L;'-P86-I;F<]
M,T0P(&-E;&QP861D:6YG/3-$,"!S='EL93TS1"=F;VYT.B`Q,G!T(%1I;65S
M($YE=R!2;VUA;BP@5&EM97,L(%-E<FEF.R!W:61T:#H@,3`P)2<^#0H\='(@
M<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;2<^#0H@("`@/'1D('-T
M>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,30@<W1Y;&4],T0G8F]R9&5R+6)O
M='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[('1E>'0M86QI9VXZ(&-E;G1E<B<^
M1DE30T%,(#(P,3$\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y
M;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\+W1D/CPO='(^
M#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ(&)O='1O;2<^#0H@("`@
M/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,B!S='EL93TS1"=B;W)D
M97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@=&5X="UA;&EG;CH@8V5N
M=&5R)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE=R!2;VUA
M;BP@5&EM97,L(%-E<FEF)SXT/"]F;VYT/CQF;VYT('-T>6QE/3-$)V9O;G0M
M<VEZ93H@-RXU<'0G/G1H/"]F;VYT/CQF;VYT('-T>6QE/3-$)V9O;G0M<VEZ
M93H@,3%P="<^(%%44CPO9F]N=#X\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N
M;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G
M/B9N8G-P.SPO=&0^#0H@("`@/'1D(&-O;'-P86X],T0R('-T>6QE/3-$)V)O
M<F1E<BUB;W1T;VTZ(&)L86-K(#$N-7!T('-O;&ED.R!T97AT+6%L:6=N.B!C
M96YT97(G/CQF;VYT('-T>6QE/3-$)V9O;G0Z(#$Q<'0@5&EM97,@3F5W(%)O
M;6%N+"!4:6UE<RP@4V5R:68G/C,\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9F]N
M="US:7IE.B`W+C5P="<^<F0\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9F]N="US
M:7IE.B`Q,7!T)SX@4512/"]F;VYT/CPO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=P861D:6YG+6)O='1O;3H@,2XU<'0G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P
M="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@8V]L<W!A;CTS1#(@<W1Y;&4],T0G
M8F]R9&5R+6)O='1O;3H@8FQA8VL@,2XU<'0@<V]L:60[('1E>'0M86QI9VXZ
M(&-E;G1E<B<^/&9O;G0@<W1Y;&4],T0G9F]N=#H@,3%P="!4:6UE<R!.97<@
M4F]M86XL(%1I;65S+"!397)I9B<^,CPO9F]N=#X\9F]N="!S='EL93TS1"=F
M;VYT+7-I>F4Z(#<N-7!T)SYN9#PO9F]N=#X\9F]N="!S='EL93TS1"=F;VYT
M+7-I>F4Z(#$Q<'0G/B!15%(\+V9O;G0^/"]T9#X-"B`@("`\=&0@;F]W<F%P
M/3-$;F]W<F%P('-T>6QE/3-$)W!A9&1I;F<M8F]T=&]M.B`Q+C5P="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N
M-7!T)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!C;VQS<&%N/3-$,B!S='EL93TS
M1"=B;W)D97(M8F]T=&]M.B!B;&%C:R`Q+C5P="!S;VQI9#L@=&5X="UA;&EG
M;CH@8V5N=&5R)SX\9F]N="!S='EL93TS1"=F;VYT.B`Q,7!T(%1I;65S($YE
M=R!2;VUA;BP@5&EM97,L(%-E<FEF)SXQ/"]F;VYT/CQF;VYT('-T>6QE/3-$
M)V9O;G0M<VEZ93H@-RXU<'0G/G-T/"]F;VYT/CQF;VYT('-T>6QE/3-$)V9O
M;G0M<VEZ93H@,3%P="<^(%%44CPO9F]N=#X\+W1D/@T*("`@(#QT9"!N;W=R
M87`],T1N;W=R87`@<W1Y;&4],T0G<&%D9&EN9RUB;W1T;VTZ(#$N-7!T)SXF
M;F)S<#L\+W1D/CPO='(^#0H\='(@<W1Y;&4],T0G=F5R=&EC86PM86QI9VXZ
M(&)O='1O;3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SX-"B`@("`\
M=&0@<W1Y;&4],T0G=VED=&@Z(#0P)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SY/:6P@86YD(&=A<R!R979E;G5E/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[
M('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^
M)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q,B4[(&)A8VMG<F]U
M;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C<W-BPT
M-CD\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G=VED
M=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC
M;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\G/B0\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T
M:#H@,3(E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI
M9VXZ(')I9VAT)SXW-3(L-S<X/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)W=I9'1H.B`Q)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=W:61T:#H@
M,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@
M<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q
M)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXD/"]T9#X-"B`@("`\
M=&0@<W1Y;&4],T0G=VED=&@Z(#$R)3L@8F%C:V=R;W5N9"UC;VQO<CH@9V%I
M;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^-S@S+#DY,#PO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=W:61T:#H@,24[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=W:61T:#H@,24[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R
M;R<^)#PO=&0^#0H@("`@/'1D('-T>6QE/3-$)W=I9'1H.B`Q,B4[(&)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C@S
M,BPP,3`\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G
M=VED=&@Z(#$E.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T:6-A;"UA;&EG;CH@8F]T
M=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SY/<&5R871I;F<@<')O9FET
M("AL;W-S*3PO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L
M;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E.R!T97AT+6%L:6=N.B!R:6=H="<^.#@L,3<W/"]T9#X-"B`@("`\=&0@
M;F]W<F%P/3-$;F]W<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD
M+6-O;&]R.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF
M;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET93L@=&5X="UA;&EG;CH@<FEG:'0G/C8X+#$P,#PO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M92<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4[('1E>'0M86QI9VXZ(')I9VAT)SXU.2PW,C(\+W1D/@T*
M("`@(#QT9"!N;W=R87`],T1N;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC
M;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A
M8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U
M;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L:6=N.B!R:6=H="<^*#,Y+#@Y.#PO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!W:&ET92<^*3PO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V
M97)T:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\G/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\G/DYE="!I;F-O;64@*&QO<W,I/"]T9#X-"B`@("`\=&0@<W1Y
M;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N
M.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R
M;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S
M='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\[('1E>'0M86QI
M9VXZ(')I9VAT)SXU,BPY.#(\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N;W=R
M87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S
M<#L\+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@
M(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N
M8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z
M(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/C(V+#@Y.#PO=&0^#0H@
M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O
M;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$
M)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG
M:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R
M:6=H="<^-S`L,#0P/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W<F%P('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B
M;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN
M<V)O<F\[('1E>'0M86QI9VXZ(')I9VAT)SXU+#<W-CPO=&0^#0H@("`@/'1D
M(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G
M86EN<V)O<F\G/B9N8G-P.SPO=&0^/"]T<CX-"CQT<B!S='EL93TS1"=V97)T
M:6-A;"UA;&EG;CH@8F]T=&]M.R!B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SY.
M970@:6YC;VUE("AL;W-S*2!P97(@<VAA<F4@)FYD87-H.R!B87-I8SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T
M97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4]
M,T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T97AT+6%L
M:6=N.B!R:6=H="<^,"XP,SPO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T
M9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[
M('1E>'0M86QI9VXZ(')I9VAT)SXF;F)S<#L\+W1D/@T*("`@(#QT9"!S='EL
M93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB<W`[/"]T9#X-"B`@
M("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4[('1E>'0M
M86QI9VXZ(')I9VAT)SXP+C`Q/"]T9#X-"B`@("`\=&0@;F]W<F%P/3-$;F]W
M<F%P('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\
M+W1D/@T*("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET
M93L@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E)SXF;F)S<#L\+W1D/@T*
M("`@(#QT9"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET93L@=&5X
M="UA;&EG;CH@<FEG:'0G/C`N,#0\+W1D/@T*("`@(#QT9"!N;W=R87`],T1N
M;W=R87`@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H
M:71E.R!T97AT+6%L:6=N.B!R:6=H="<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@=VAI=&4G/B9N8G-P.SPO=&0^
M#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z('=H:71E.R!T
M97AT+6%L:6=N.B!R:6=H="<^,"XP,#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS
M1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!W:&ET92<^)FYB
M<W`[/"]T9#X\+W1R/@T*/'1R('-T>6QE/3-$)W9E<G1I8V%L+6%L:6=N.B!B
M;W1T;VT[(&)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^#0H@("`@/'1D
M('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^3F5T(&EN
M8V]M92`H;&]S<RD@<&5R('-H87)E("9N9&%S:#L@9&EL=71E9#PO=&0^#0H@
M("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@
M=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE
M/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-
M"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O
M.R!T97AT+6%L:6=N.B!R:6=H="<^,"XP,SPO=&0^#0H@("`@/'1D(&YO=W)A
M<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O
M<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M
M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO
M=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS
M8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N
M9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,"XP,3PO
M=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O
M=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T
M>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;SL@=&5X="UA;&EG
M;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG
M<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB<W`[/"]T9#X-"B`@("`\=&0@
M<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@9V%I;G-B;W)O.R!T97AT+6%L
M:6=N.B!R:6=H="<^,"XP-#PO=&0^#0H@("`@/'1D(&YO=W)A<#TS1&YO=W)A
M<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R.B!G86EN<V)O<F\G/B9N8G-P
M.SPO=&0^#0H@("`@/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A
M:6YS8F]R;SL@=&5X="UA;&EG;CH@<FEG:'0G/B9N8G-P.SPO=&0^#0H@("`@
M/'1D('-T>6QE/3-$)V)A8VMG<F]U;F0M8V]L;W(Z(&=A:6YS8F]R;R<^)FYB
M<W`[/"]T9#X-"B`@("`\=&0@<W1Y;&4],T0G8F%C:V=R;W5N9"UC;VQO<CH@
M9V%I;G-B;W)O.R!T97AT+6%L:6=N.B!R:6=H="<^,"XP,#PO=&0^#0H@("`@
M/'1D(&YO=W)A<#TS1&YO=W)A<"!S='EL93TS1"=B86-K9W)O=6YD+6-O;&]R
M.B!G86EN<V)O<F\G/B9N8G-P.SPO=&0^/"]T<CX-"CPO=&%B;&4^#0H\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@
M/"]B;V1Y/@T*/"]H=&UL/@T*#0HM+2TM+2T]7TYE>'1087)T7S!F93DP,3,Q
M7V4Q9F9?-&0W85]B860S7V(R,#1E938V-S!D-`T*0V]N=&5N="U,;V-A=&EO
M;CH@9FEL93HO+R]#.B\P9F4Y,#$S,5]E,69F7S1D-V%?8F%D,U]B,C`T964V
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M9CTS1")3:&5E=#`R+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE970P
M,RYH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,#0N:'1M;"(O/@T*
M(#QO.D9I;&4@2%)E9CTS1")3:&5E=#`U+FAT;6PB+SX-"B`\;SI&:6QE($A2
M968],T0B4VAE970P-BYH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T
M,#<N:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#`X+FAT;6PB+SX-
M"B`\;SI&:6QE($A2968],T0B4VAE970P.2YH=&UL(B\^#0H@/&\Z1FEL92!(
M4F5F/3-$(E-H965T,3`N:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E
M=#$Q+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE970Q,BYH=&UL(B\^
M#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,3,N:'1M;"(O/@T*(#QO.D9I;&4@
M2%)E9CTS1")3:&5E=#$T+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE
M970Q-2YH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,38N:'1M;"(O
M/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#$W+FAT;6PB+SX-"B`\;SI&:6QE
M($A2968],T0B4VAE970Q."YH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H
M965T,3DN:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#(P+FAT;6PB
M+SX-"CPO>&UL/@T*+2TM+2TM/5].97AT4&%R=%\P9F4Y,#$S,5]E,69F7S1D
8-V%?8F%D,U]B,C`T964V-C<P9#0M+0T*
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Summary of Significant Accounting Policies<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">2. Summary of Significant Accounting Policies</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Principles
of Consolidation</b></font>.&nbsp;&nbsp;The consolidated financial statements include the accounts of Mexco Energy Corporation
and its wholly owned subsidiaries.&nbsp;&nbsp;All significant intercompany balances and transactions associated with the consolidated
operations have been eliminated.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Estimates
and Assumptions</b></font>.&nbsp;&nbsp;In preparing financial statements in conformity with accounting principles generally accepted
in the United States of America, management is required to make informed judgments, estimates and assumptions 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.&nbsp;&nbsp;In addition, significant estimates are used in determining year end proved oil and gas
reserves.&nbsp;&nbsp;Although management believes its estimates and assumptions are reasonable, actual results may differ materially
from those estimates.&nbsp;&nbsp;The estimate of our oil and natural gas reserves, which is used to compute depreciation, depletion,
amortization and impairment of oil and gas properties, is the most significant of the estimates and assumptions that affect these
reported results.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Cash
and Cash Equivalents</b></font>.&nbsp;&nbsp;We consider all highly liquid debt instruments purchased with maturities of three months
or less and money market funds to be cash equivalents.&nbsp;&nbsp;We maintain our cash in bank deposit accounts and money market
funds.&nbsp;&nbsp;At March 31, 2012, we had the majority of our cash and cash equivalents with one financial institution.&nbsp;&nbsp;We
have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Accounts
Receivable.</b></font>&nbsp;&nbsp;Our accounts receivable include trade receivables from joint interest owners and oil and gas
purchasers.&nbsp;&nbsp;Credit is extended based on an evaluation of a customer's financial condition and, generally, is uncollateralized.&nbsp;&nbsp;Accounts
receivable under joint operating agreements have a right of offset against future oil and gas revenues if a producing well is completed.&nbsp;&nbsp;The
collectability of receivables is assessed and an allowance is made for any doubtful accounts.&nbsp;&nbsp;The allowance for doubtful
accounts is determined based on our previous loss history.&nbsp;&nbsp;We have not experienced any significant credit losses.&nbsp;&nbsp;For
the years ending March 31, 2012, 2011 and 2010, no allowance has been made for doubtful accounts.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Oil
and Gas Properties</b></font>.&nbsp;&nbsp;Oil and gas properties are accounted for using the full cost method of accounting.&nbsp;&nbsp;Under
this method of accounting, the costs of unsuccessful, as well as successful, acquisition, exploration and development activities
are capitalized as property and equipment.&nbsp;&nbsp;This includes any internal costs that are directly related to exploration
and development activities but does not include any costs related to production, general corporate overhead or similar activities.&nbsp;&nbsp;The
carrying amount of oil and gas properties also includes estimated asset retirement costs recorded based on the fair value of the
asset retirement obligation (&ldquo;ARO&rdquo;) when incurred.&nbsp;&nbsp;Generally, no gains or losses are recognized on the sale
or disposition of oil and gas properties.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Excluded
Costs</b></font>.&nbsp;&nbsp;Oil and gas properties include costs that are excluded from capitalized costs being amortized.&nbsp;&nbsp;These
amounts represent investments in unproved properties and major development projects. These costs are excluded until proved reserves
are found or until it is determined that the costs are impaired. All costs excluded are reviewed at least quarterly to determine
if impairment has occurred.&nbsp;&nbsp;The amount of any impairment is transferred to the capitalized costs being amortized (the
depreciation, depletion and amortization (&ldquo;DD&amp;A&rdquo;) pool).&nbsp;&nbsp;Impairments transferred to the DD&amp;A pool
increase the DD&amp;A rate.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Accounting
for Long-Lived Assets.&nbsp;&nbsp;</b></font>The Company reviews property and equipment for impairment whenever indicators of impairment
are present to determine if the carrying amounts exceed the estimated future net cash flows to be realized. Impairment losses are
recognized based on the estimated fair value of the asset.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Ceiling
Test</b></font>.&nbsp;&nbsp;Under the full cost method of accounting, a ceiling test is performed each quarter.&nbsp;&nbsp;The
full cost ceiling test is an impairment test to determine a limit, or ceiling, on the book value of oil and gas properties.&nbsp;&nbsp;That
limit is basically the after tax present value of the future net cash flows from proved crude oil and natural gas reserves, excluding
future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet; and, using
an average price over the prior 12-month period held flat for the life of production plus the lower of cost or fair market value
of unproved properties.&nbsp;&nbsp;If net capitalized costs of crude oil and natural gas properties exceed the ceiling limit, we
must charge the amount of the excess to earnings as an expense reflected in additional accumulated DD&amp;A.&nbsp;&nbsp;This is
called a &quot;ceiling limitation write-down.&quot;&nbsp;&nbsp;This charge does not impact cash flow from operating activities,
but does reduce our stockholders' equity and reported earnings.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Depreciation,
Depletion and Amortization</b></font>.&nbsp;&nbsp;The depreciable base for oil and gas properties includes the sum of capitalized
costs, net of accumulated DD&amp;A, estimated future development costs and asset retirement costs not accrued in oil and gas properties,
less costs excluded from amortization and salvage.&nbsp;&nbsp;The depreciable base of oil and gas properties is amortized using
the unit-of-production method.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Asset
Retirement Obligations</b></font>.&nbsp;&nbsp;We have significant obligations to plug and abandon natural gas and crude oil wells
and related equipment at the end of oil and gas production operations.&nbsp;&nbsp;We record the fair value of a liability for an
ARO in the period in which it is incurred and a corresponding increase in the carrying amount of the related asset.&nbsp;&nbsp;Subsequently,
the asset retirement costs included in the carrying amount of the related asset are allocated to expense using the units of production
method.&nbsp;&nbsp;In addition, increases in the discounted ARO liability resulting from the passage of time are reflected as accretion
expense in the Consolidated Statement of Operations.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Estimating the future ARO requires management to make estimates
and judgments regarding timing and existence of a liability, as well as what constitutes adequate restoration.&nbsp;&nbsp;We use
the present value of estimated cash flows related to the ARO to determine the fair value.&nbsp;&nbsp;Inherent in the present value
calculation are numerous assumptions and judgments including the ultimate costs, inflation factors, credit adjusted discount rates,
timing of settlement, and changes in the legal, regulatory, environmental and political environments.&nbsp;&nbsp;To the extent
future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made
to the related asset.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Income
Taxes</b></font>.&nbsp;&nbsp;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.&nbsp;&nbsp;Deferred tax assets
and liabilities are measured using enacted tax rates applicable to the years in which those differences are expected to be settled.&nbsp;&nbsp;The
effect on deferred tax assets and liabilities of a change in tax rates is recognized in net income in the period that includes
the enactment date.&nbsp;&nbsp;Any interest and penalties are recorded as interest expense and general and administrative expense,
respectively.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Other
Property and Equipment</b></font>.&nbsp;&nbsp;Provisions for depreciation of office furniture and equipment are computed on the
straight-line method based on estimated useful lives of three to ten years.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Income
Per Common Share</b></font>.&nbsp;&nbsp;Basic net income per share is computed by dividing net income by the weighted average number
of common shares outstanding during the period.&nbsp;&nbsp;Diluted net income per share assumes the exercise of all stock options
having exercise prices less than the average market price of the common stock during the period using the treasury stock method
and 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.&nbsp;&nbsp;In periods where losses are reported, the weighted-average number of common
shares outstanding excludes potential common shares, because their inclusion would be anti-dilutive.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">For the year ended March 31, 2012,&nbsp;40,000 options were excluded
from the diluted net income per share&nbsp;calculations because the options are anti-dilutive.&nbsp;&nbsp;Anti-dilutive stock options
have a weighted average exercise&nbsp;price of $6.80 at March 31, 2012.&nbsp;&nbsp;For the years ended March 31, 2011 and 2010,
no potential common shares relating to stock options were excluded in the computation of diluted net income per share.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">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 periods ended March 31:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2010</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 55%; background-color: gainsboro; padding-bottom: 1.5pt">Net income</td>
    <td style="width: 1%; background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="width: 1%; border-bottom: black 1.5pt solid; background-color: gainsboro">$</td>
    <td style="width: 12%; border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">329,993</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="width: 1%; border-bottom: black 1.5pt solid; background-color: gainsboro">$</td>
    <td style="width: 12%; border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">155,696</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="width: 1%; border-bottom: black 1.5pt solid; background-color: gainsboro">$</td>
    <td style="width: 12%; border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">400,839</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Shares outstanding:</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Weighted avg. common shares outstanding &ndash; basic</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">2,028,014</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,947,605</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,888,070</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 1.5pt">Effect of the assumed exercise of dilutive stock options</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">8,227</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">15,051</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">41,518</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 3pt">Weighted avg. common shares outstanding &ndash; dilutive</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">2,036,241</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">1,962,656</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">1,929,588</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Earnings per common share:</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 12.25pt">Basic</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">0.16</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">0.08</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">0.21</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 12.25pt">Diluted</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">$</td>
    <td style="background-color: white; text-align: right">0.16</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">$</td>
    <td style="background-color: white; text-align: right">0.08</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">$</td>
    <td style="background-color: white; text-align: right">0.21</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Revenue
Recognition.&nbsp;&nbsp;</b></font>Oil and gas sales and resulting receivables are recognized when the product is delivered to
the purchaser and title has transferred.&nbsp;&nbsp;Sales are to credit-worthy energy purchasers with payments generally received
within 60 days of transportation from the well site.&nbsp;&nbsp;We have historically had little, if any, uncollectible oil and
gas receivables.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Gas
Balancing</b></font>.&nbsp;&nbsp;Gas imbalances are accounted for under the sales method whereby revenues are recognized based
on production sold.&nbsp;&nbsp;A liability is recorded when our excess takes of natural gas volumes exceeds our estimated remaining
recoverable reserves (over produced).&nbsp;&nbsp;No receivables are recorded for those wells where Mexco has taken less than its
ownership share of gas production (under produced).&nbsp;&nbsp;We do not have any&nbsp;&nbsp;significant gas imbalances.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Stock-based
Compensation</b></font>.&nbsp;&nbsp;We use the Binomial option pricing model to estimate the fair value of stock based compensation
expenses at grant date.&nbsp;&nbsp;This expense is recognized as compensation expense in our financial statements over the vesting
period.&nbsp;&nbsp;We recognize the fair value of stock based compensation awards as wages in the Consolidated Statements of Operations
based on a graded-vesting schedule over the vesting period.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif"><b>Recent
Accounting Pronouncements. </b></font>&nbsp;In December&nbsp;2008, the SEC released Final Rule, Modernization of Oil and Gas Reporting.&nbsp;&nbsp;The
revised rules are intended to provide investors with a more meaningful and comprehensive understanding of oil and gas reserves
to help investors evaluate their investments in oil and gas companies.&nbsp;&nbsp;In January&nbsp;2010, the Financial Accounting
Standards Board (&ldquo;FASB&rdquo;) issued guidance that aligns the FASB's oil and gas reserve estimation and disclosure requirements
with the new SEC rule revisions. The accounting standards revised the definition of proved reserves to permit consideration of
new technologies in evaluating oil and natural gas reserves; require the use of an average price based on the prior twelve month
period rather than year-end prices; permit the disclosure of probable and possible oil and gas reserves; require the reporting
of the qualifications and measures taken to assure the independence and objectivity of any business entity or employee primarily
responsible for preparing or auditing the reserves estimates; and, revise the disclosure requirements for oil and gas operations.&nbsp;&nbsp;The
final rules and new guidance are effective for fiscal years ending on or after December&nbsp;31,&nbsp;2009.&nbsp;&nbsp;Mexco adopted
these requirements as of March 31, 2010 and the results of the adoption are contained herein.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In May 2011, the Financial Accounting Standards Board (&ldquo;FASB&rdquo;)
issued Accounting Standards Update (&ldquo;ASU&rdquo;) No. 2011-04, <i>Topic 820:</i> <i>Amendments to Achieve Common Fair Value
Measurement and Disclosure Requirements in U.S. GAAP and IFRSs</i>.&nbsp;&nbsp;ASU No. 2011-04 clarifies application of fair value
measurements and disclosure requirements and is effective for Mexco as of April 1, 2012.&nbsp;&nbsp;We do not believe the guidance
will have an impact on our fair value measurement and disclosures.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">There were various other accounting standards and interpretations
issued during our fiscal year, all of which have been determined to be not applicable or significant by management and once adopted
are not expected to have a material impact on the Company&rsquo;s financial position, operations or cash flows.</p>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_NotesToFinancialStatementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_NotesToFinancialStatementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for all significant accounting policies of the reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18743-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18854-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18861-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SignificantAccountingPoliciesTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EMEAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 498,681<span></span></td>
        <td class="nump">$ 179,071<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrentAbstract', window );"><strong>Accounts receivable:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_OilAndGasSales', window );">Oil and gas sales</a></td>
        <td class="nump">333,191<span></span></td>
        <td class="nump">384,215<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Trade</a></td>
        <td class="nump">30,404<span></span></td>
        <td class="nump">42,432<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Related parties</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid costs and expenses</a></td>
        <td class="nump">16,782<span></span></td>
        <td class="nump">64,479<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">879,058<span></span></td>
        <td class="nump">670,197<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Property and equipment, at cost</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OilAndGasPropertyFullCostMethodGross', window );">Oil and gas properties, using the full cost method</a></td>
        <td class="nump">31,840,059<span></span></td>
        <td class="nump">30,426,817<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentOther', window );">Other</a></td>
        <td class="nump">78,520<span></span></td>
        <td class="nump">78,520<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">TOTAL</a></td>
        <td class="nump">31,918,579<span></span></td>
        <td class="nump">30,505,337<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Less accumulated depreciation, depletion and amortization</a></td>
        <td class="nump">16,223,267<span></span></td>
        <td class="nump">15,227,063<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="nump">15,695,312<span></span></td>
        <td class="nump">15,278,274<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">TOTAL</a></td>
        <td class="nump">16,574,370<span></span></td>
        <td class="nump">15,948,471<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract', window );"><strong>LIABILITIES AND STOCKHOLDERS' EQUITY</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent', window );">Accounts payable and accrued expenses</a></td>
        <td class="nump">402,098<span></span></td>
        <td class="nump">199,944<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt</a></td>
        <td class="nump">1,700,000<span></span></td>
        <td class="nump">1,800,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetRetirementObligationsNoncurrent', window );">Asset retirement obligations</a></td>
        <td class="nump">613,279<span></span></td>
        <td class="nump">528,911<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred income tax liabilities</a></td>
        <td class="nump">884,703<span></span></td>
        <td class="nump">912,663<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock - $1.00 par value; 10,000,000 shares authorized; none outstanding</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock - $0.50 par value; 40,000,000 shares authorized; 2,099,116 and 2,089,116 shares issued; 2,035,949 and 2,029,949 shares outstanding as of March 31, 2012 and 2011, respectively</a></td>
        <td class="nump">1,049,558<span></span></td>
        <td class="nump">1,044,558<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
        <td class="nump">6,608,350<span></span></td>
        <td class="nump">6,453,226<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
        <td class="nump">5,641,827<span></span></td>
        <td class="nump">5,311,834<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock, at cost (63,167 and 59,167 shares, respectively)</a></td>
        <td class="num">(325,445)<span></span></td>
        <td class="num">(302,665)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders' equity</a></td>
        <td class="nump">12,974,290<span></span></td>
        <td class="nump">12,506,953<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">TOTAL</a></td>
        <td class="nump">$ 16,574,370<span></span></td>
        <td class="nump">$ 15,948,471<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_OilAndGasSales">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Oil and Gas sales</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_OilAndGasSales</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrentAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.14)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 14<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapitalCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetRetirementObligationsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Noncurrent portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 143<br><br><br><br> -Paragraph 3, 10, 22<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 410<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6392692&amp;loc=d3e7535-110849<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetRetirementObligationsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br> -Section S99<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Publisher FASB<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Section 45<br><br><br><br> -SubTopic 10<br><br><br><br> -Topic 210<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Paragraph 1<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise separates deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31958-109318<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 109<br><br><br><br> -Paragraph 41, 42<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31917-109318<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907571&amp;loc=d3e31931-109318<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3(a)(2))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 4<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 2<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueFromRelatedPartiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OilAndGasPropertyFullCostMethodGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Oil and gas properties, gross, carried under the full cost method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OilAndGasPropertyFullCostMethodGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 5<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (g)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 340<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386993&amp;loc=d3e5879-108316<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 4<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Assets<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6787-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PrepaidExpenseCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount, at the balance sheet date, of long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Article 7<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNetAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNetAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents capitalized assets classified as property, plant and equipment not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentOther</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Technical Bulletin (FTB)<br><br><br><br> -Number 85-6<br><br><br><br> -Paragraph 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TreasuryStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELTBG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump">$ 329,993<span></span></td>
        <td class="nump">$ 155,696<span></span></td>
        <td class="nump">$ 400,839<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred income tax (benefit) expense</a></td>
        <td class="num">(27,960)<span></span></td>
        <td class="nump">9,906<span></span></td>
        <td class="num">(282,737)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities', window );">Excess tax benefit (expense) from share based payment arrangement</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">25,502<span></span></td>
        <td class="num">(25,502)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock-based compensation</a></td>
        <td class="nump">120,124<span></span></td>
        <td class="nump">51,350<span></span></td>
        <td class="nump">26,030<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation, depletion and amortization</a></td>
        <td class="nump">996,205<span></span></td>
        <td class="nump">1,047,906<span></span></td>
        <td class="nump">1,113,141<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetRetirementObligationAccretionExpense', window );">Accretion of asset retirement obligations</a></td>
        <td class="nump">36,251<span></span></td>
        <td class="nump">34,129<span></span></td>
        <td class="nump">31,625<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashExpense', window );">Other</a></td>
        <td class="num">(2,323)<span></span></td>
        <td class="num">(22,526)<span></span></td>
        <td class="num">(8,295)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Decrease (increase) in accounts receivable</a></td>
        <td class="nump">63,052<span></span></td>
        <td class="nump">186,157<span></span></td>
        <td class="num">(84,393)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidExpense', window );">Decrease (increase) in prepaid expenses</a></td>
        <td class="nump">47,697<span></span></td>
        <td class="num">(47,318)<span></span></td>
        <td class="nump">19,449<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable', window );">(Decrease) increase in income taxes payable</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(25,502)<span></span></td>
        <td class="nump">25,502<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Increase (decrease) in accounts payable and accrued expenses</a></td>
        <td class="nump">10,257<span></span></td>
        <td class="num">(79,840)<span></span></td>
        <td class="num">(52,508)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
        <td class="nump">1,573,296<span></span></td>
        <td class="nump">1,335,460<span></span></td>
        <td class="nump">1,163,151<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOilAndGasProperty', window );">Additions to oil and gas properties</a></td>
        <td class="num">(1,642,449)<span></span></td>
        <td class="num">(2,435,374)<span></span></td>
        <td class="num">(901,156)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates', window );">Acquisition of business</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(478,000)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment', window );">Additions to other property and equipment</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(2,359)<span></span></td>
        <td class="num">(14,800)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment', window );">Proceeds from sale of oil and gas properties and equipment</a></td>
        <td class="nump">471,543<span></span></td>
        <td class="nump">3,107<span></span></td>
        <td class="nump">104,787<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
        <td class="num">(1,170,906)<span></span></td>
        <td class="num">(2,912,626)<span></span></td>
        <td class="num">(811,169)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfEquity', window );">Acquisition of treasury stock</a></td>
        <td class="num">(22,780)<span></span></td>
        <td class="num">(12,325)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromStockOptionsExercised', window );">Proceeds from exercise of stock options</a></td>
        <td class="nump">40,000<span></span></td>
        <td class="nump">533,625<span></span></td>
        <td class="nump">259,372<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Reduction of long-term debt</a></td>
        <td class="num">(1,200,000)<span></span></td>
        <td class="num">(1,395,000)<span></span></td>
        <td class="num">(775,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities', window );">Proceeds from long-term debt</a></td>
        <td class="nump">1,100,000<span></span></td>
        <td class="nump">2,495,000<span></span></td>
        <td class="nump">75,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities', window );">Excess tax benefit (expense) from share based payment arrangement</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(25,502)<span></span></td>
        <td class="nump">25,502<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) provided by financing activities</a></td>
        <td class="num">(82,780)<span></span></td>
        <td class="nump">1,595,798<span></span></td>
        <td class="num">(415,126)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net (decrease) increase in cash and cash equivalents</a></td>
        <td class="nump">319,610<span></span></td>
        <td class="nump">18,632<span></span></td>
        <td class="num">(63,144)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of period</a></td>
        <td class="nump">179,071<span></span></td>
        <td class="nump">160,439<span></span></td>
        <td class="nump">223,583<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of period</a></td>
        <td class="nump">498,681<span></span></td>
        <td class="nump">179,071<span></span></td>
        <td class="nump">160,439<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental disclosure of cash flow information:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Cash paid for interest</a></td>
        <td class="nump">27,920<span></span></td>
        <td class="nump">35,738<span></span></td>
        <td class="nump">34,535<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaid', window );">Income taxes paid</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Non-cash investing and financing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_AssetRetirementObligations', window );">Asset retirement obligations</a></td>
        <td class="nump">53,468<span></span></td>
        <td class="nump">25,043<span></span></td>
        <td class="nump">20,599<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TransferOfInvestments', window );">Issuance of common stock in exchange for oil and gas properties</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">164,756<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_AcquisitionofSouthwestTexasDisposalCorporation', window );"><strong>Acquisition of Southwest Texas Disposal Corporation resulting in the assumption of liabilities as follows:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfAssetsAcquired', window );">Fair value of assets</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">487,868<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_CashPaidForSouthwestTexas', window );">Cash paid</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(478,000)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAssumed', window );">Liabilities assumed</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">$ 9,868<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_AcquisitionofSouthwestTexasDisposalCorporation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_AcquisitionofSouthwestTexasDisposalCorporation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_AssetRetirementObligations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Asset retirement obligations</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_AssetRetirementObligations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_CashPaidForSouthwestTexas">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>No authoritative reference available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_CashPaidForSouthwestTexas</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetRetirementObligationAccretionExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 410<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6392692&amp;loc=d3e7535-110849<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 143<br><br> -Paragraph 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 143<br><br> -Paragraph 22<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 410<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6392676&amp;loc=d3e7480-110848<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetRetirementObligationAccretionExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 289<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6889476&amp;loc=d3e330036-122817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredIncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationDepletionAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph i<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 00-15<br><br> -Paragraph 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6576910&amp;loc=d3e11374-113907<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reductions in the entity's income taxes that arise when compensation cost (from non-qualified equity-based compensation) recognized on the entity's tax return exceeds compensation cost from equity-based compensation recognized in financial statements. This element reduces net cash provided by operating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A96<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 20<br><br> -Section 55<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6576910&amp;loc=d3e11374-113907<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfAssetsAcquired">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fair value of assets acquired in noncash investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueOfAssetsAcquired</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -Subparagraph f<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxesPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAssumed">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fair value of liabilities assumed in Noncash investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAssumed</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other expenses or losses included in net income that result in no cash outflows or inflows in the period and are not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNoncashExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to reacquire common and preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForRepurchaseOfEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of a controlling interest in another entity or an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, joint venture or equity method investment).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireOilAndGasProperty">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to purchase of mineral interests in oil and gas properties for use in the normal oil and gas operations and not intended for resale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireOilAndGasProperty</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for acquisition of or capital improvements of property, plant and equipment, used to produce goods or deliver services, and not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow associated with security instrument that either represents a creditor or an ownership relationship with the holder of the investment security with a maturity of beyond one year or normal operating cycle, if longer. Includes proceeds from and repayments of (a) debt, (b) capital lease obligations, (c) mandatory redeemable capital securities, and (d) any combination of (a), (b), or (c).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow to dispose of long-lived, physical assets and mineral interests in oil and gas properties used for normal oil and gas operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 12<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3179-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 16<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromStockOptionsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph i<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromStockOptionsExercised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentsOfLongTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SupplementalCashFlowInformationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TransferOfInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of investments transferred in noncash transactions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TransferOfInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.1.0.1
 *
 */

var moreDialog = null;
var Show = {
    Default:'raw',

    more:function( obj ){
        var bClosed = false;
        if( moreDialog != null )
        {
			try
			{
				bClosed = moreDialog.closed;
			}
			catch(e)
			{
				//Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control
				// that somtimes causes it to throw when checking the closed property on a child window that has been
				//closed.  So if the exception occurs we assume the window is closed and move on from there.
				bClosed = true;
			}

			if( !bClosed ){
				moreDialog.close();
			}
        }

        obj = obj.parentNode.getElementsByTagName( 'pre' )[0];
		var hasHtmlTag = false;
		var objHtml = '';
		var raw = '';

		//Check for raw HTML
		var nodes = obj.getElementsByTagName( '*' );
		if( nodes.length ){
			objHtml = obj.innerHTML;
		}else{
			if( obj.innerText ){
				raw = obj.innerText;
			}else{
				raw = obj.textContent;
			}

			var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g );
			if( matches && matches.length ){
				objHtml = raw;

				//If there is an html node it will be 1st or 2nd,
				//   but we can check a little further.
				var n = Math.min( 5, matches.length );
				for( var i = 0; i < n; i++ ){
					var el = matches[ i ].toString().toLowerCase();
					if( el.indexOf( '<html' ) >= 0 ){
						hasHtmlTag = true;
						break;
					}
				}
			}
		}

        if( objHtml.length ){
			var html = '';

			if( hasHtmlTag ){
				html = objHtml;
			}else{
				html = '<html>'+
					"\n"+'<head>'+
					"\n"+'    <title>Report Preview Details</title>'+
					"\n"+'    <style type="text/css">'+
					"\n"+'    body {'+
					"\n"+'    }'+
					"\n"+'    table {'+
					"\n"+'    }'+
					"\n"+'    </style>'+
					"\n"+'</head>'+
					"\n"+'<body>'+
						objHtml +
					"\n"+'</body>'+
					"\n"+'</html>';
			}

			moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes");
			moreDialog.document.write( html );
			moreDialog.document.close();

			if( !hasHtmlTag ){
				moreDialog.document.body.style.margin = '0.5em';
			}
        }
        else
        {
			//default view logic
			var lines = raw.split( "\n" );
			var longest = 0;

			if( lines.length > 0 ){
				for( var p = 0; p < lines.length; p++ ){
					longest = Math.max( longest, lines[p].length );
				}
			}

			//Decide on the default view
			this.Default = longest < 120 ? 'raw' : 'formatted';

			//Build formatted view
			var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ;
			var formatted = '';

			if( text.length > 0 ){
				if( text.length == 1 ){
					text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ;
					formatted = "<p>"+ text.join( "<br /><br />\n" ) +"</p>";
				}else{
					for( var p = 0; p < text.length; p++ ){
						formatted += "<p>" + text[p] + "</p>\n";
					}
				}
			}else{
				formatted = '<p>' + raw + '</p>';
			}

			html = '<html>'+
				"\n"+'<head>'+
				"\n"+'    <title>Report Preview Details</title>'+
				"\n"+'    <style type="text/css">'+
				"\n"+'    body {'+
				"\n"+'       background-color: #f0f9ee;'+
				"\n"+'       font-family: Arial, san-serif; font-size: 0.8em;'+
				"\n"+'    }'+
				"\n"+'    table {'+
				"\n"+'       font-size: 1em;'+
				"\n"+'    }'+
				"\n"+'    </style>'+
				"\n"+'</head>'+
				"\n"+'<body>'+
				"\n"+'    <table border="0" width="100%">'+
				"\n"+'    <tr>'+
				"\n"+'        <td>'+
				"\n"+'            formatted: <a href="javascript:void(0);" onclick="opener.Show.toggle( window, this );">'+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +'</a>'+
				"\n"+'        </td>'+
				"\n"+'    </tr>'+
				"\n"+'    <tr>'+
				"\n"+'        <td>'+
				"\n"+'            <div id="formatted" style="display: none;">'+formatted+'</div>'+
				"\n"+'        </td>'+
				"\n"+'    </tr>'+
				"\n"+'    <tr>'+
				"\n"+'        <td>'+
				"\n"+'            <pre id="raw" style="display: none; font-size: 1.2em;">'+raw+'</pre>'+
				"\n"+'        </td>'+
				"\n"+'    </tr>'+
				"\n"+'    </table>'+
				"\n"+'</body>'+
				"\n"+'</html>';

			moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes");
			moreDialog.document.write(html);
			moreDialog.document.close();

			this.toggle( moreDialog );
        }

		moreDialog.document.title = 'Report Preview Details';
    },

    toggle:function( win, domLink ){
        var domId = this.Default;

        var doc = win.document;
        var domEl = doc.getElementById( domId );
        domEl.style.display = 'block';

        this.Default = domId == 'raw' ? 'formatted' : 'raw';

        if( domLink ){
            domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed';
        }

        var domElOpposite = doc.getElementById( this.Default );
        domElOpposite.style.display = 'none';
    },

	LastAR : null,
	showAR : function ( link, id, win ){
		if( Show.LastAR ){
			Show.hideAR();
		}

		var ref = link;
		do {
			ref = ref.nextSibling;
		} while (ref && ref.nodeName != 'TABLE');

		if (!ref || ref.nodeName != 'TABLE') {
			var tmp = win ?
				win.document.getElementById(id) :
				document.getElementById(id);

			if( tmp ){
				ref = tmp.cloneNode(true);
				ref.id = '';
				link.parentNode.appendChild(ref);
			}
		}

		if( ref ){
			ref.style.display = 'block';
			Show.LastAR = ref;
		}
	},

	toggleNext : function( link ){
		var ref = link;

		do{
			ref = ref.nextSibling;
		}while( ref.nodeName != 'DIV' );

		if( ref.style &&
			ref.style.display &&
			ref.style.display == 'none' ){
			ref.style.display = 'block';

			if( link.textContent ){
				link.textContent = link.textContent.replace( '+', '-' );
			}else{
				link.innerText = link.innerText.replace( '+', '-' );
			}
		}else{
			ref.style.display = 'none';

			if( link.textContent ){
				link.textContent = link.textContent.replace( '-', '+' );
			}else{
				link.innerText = link.innerText.replace( '-', '+' );
			}
		}
	},

	hideAR : function(){
		Show.LastAR.style.display = 'none';
	}
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Nature of Operations<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfOperations', window );">1. Nature of Operations</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Mexco Energy Corporation (a Colorado corporation) and its wholly
owned subsidiaries, Forman Energy Corporation (a New York corporation) and Southwest Texas Disposal Corporation (a Texas corporation)
(collectively, the &ldquo;Company&rdquo;) are engaged in the exploration, development and production of natural gas, crude oil,
condensate and natural gas liquids (&ldquo;NGLs&rdquo;).&nbsp;&nbsp;Most of the Company&rsquo;s oil and gas interests are centered
in West Texas; however, we own producing properties and undeveloped acreage in twelve states.&nbsp;&nbsp;Although most of our oil
and gas interests are operated by others, we operate several properties in which we own an interest.</p><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_NotesToFinancialStatementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_NotesToFinancialStatementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfOperations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Name Statement of Position (SOP)<br><br> -Publisher AICPA<br><br> -Number 94-6<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6003-108592<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NatureOfOperations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EWPAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock par value</a></td>
        <td class="nump">$ 1<span></span></td>
        <td class="nump">$ 1<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock shares authorized</a></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="nump">10,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock shares issued</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock shares outstanding</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock par value</a></td>
        <td class="nump">$ 0.5<span></span></td>
        <td class="nump">$ 0.5<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock shares authorized</a></td>
        <td class="nump">40,000,000<span></span></td>
        <td class="nump">40,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock shares issued</a></td>
        <td class="nump">2,099,116<span></span></td>
        <td class="nump">2,089,116<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock shares outstanding</a></td>
        <td class="nump">2,035,949<span></span></td>
        <td class="nump">2,029,949<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury stock, shares</a></td>
        <td class="nump">63,167<span></span></td>
        <td class="nump">59,167<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 02<br><br> -Paragraph 29<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TreasuryStockShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stock Options<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">11. Stock Options</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">We adopted an employee incentive stock plan effective September
15, 1997 (&ldquo;1997 Plan&rdquo;).&nbsp;&nbsp;Under the 1997 Plan, 350,000 shares were available for distribution.&nbsp;&nbsp;Awards,
granted at the discretion of the compensation committee of the board of directors, include stock options or restricted stock.&nbsp;&nbsp;Stock
options may be an incentive stock option or a nonqualified stock option.&nbsp;&nbsp;Options to purchase common stock under the
plan are granted at the fair market value of the common stock at the date of grant, become exercisable to the extent of 25% of
the shares optioned on each of four anniversaries of the date of grant, expire ten years from the date of grant and are subject
to forfeiture if employment terminates.&nbsp;&nbsp;Restricted stock awards may be granted with a condition to attain a specified
goal.&nbsp;&nbsp;The purchase price was at least $5.00 per share of restricted stock.&nbsp;&nbsp;The awards of restricted stock
must be accepted within 60 days and vest as determined by agreement.&nbsp;&nbsp;Holders of restricted stock have all rights of
a shareholder of the Company.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In September 2004, we adopted the 2004 Incentive Stock Plan (&ldquo;2004
Plan&rdquo;) to replace, modify and extend the termination date of the 1997 Plan to September 14, 2009.&nbsp;&nbsp;The 2004 Plan
provided for the award of stock options up to 375,000 shares of which 125,000 may have been subject of stock grants without restrictions
and without payment by the recipient and stock awards of up to 125,000 shares with restrictions including payment for the shares
and employment of not less than three years from the date of the award.&nbsp;&nbsp;The terms of the stock options were similar
to those of the 1997 Plan except that the term of the options was five years from the date of grant.&nbsp;&nbsp;Although shares
were remaining unissued at the termination date of the 2004 Plan, the shares are no longer eligible to be granted.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In September 2009, we adopted the 2009 Employee Incentive Stock
Plan (&ldquo;2009 Plan&rdquo;) to replace the 1997 and 2004 Plans.&nbsp;&nbsp;The 2009 Plan provides for the award of stock options
up to 200,000 shares and includes option awards as well as stock awards.&nbsp;&nbsp;Option awards are granted with the restriction
of requiring payment for the shares.&nbsp;&nbsp;Stock awards are granted without restrictions and without payment by the recipient.&nbsp;&nbsp;Neither
option awards nor stock awards may exceed 25,000 shares granted to any one individual in any fiscal year.&nbsp;&nbsp;The 2009 Plan
expires ten years from the date of adoption.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">According to our employee stock incentive plans, new shares will
be issued upon the exercise of stock options and the Company can repurchase shares exercised under these plans.&nbsp;&nbsp;The
plans also provide for the granting of stock awards.&nbsp;&nbsp;No stock awards were granted during fiscal 2012, 2011 and 2010.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">We recognized compensation expense of $120,124, $51,350 and $26,030
in general and administrative expense in the Consolidated Statements of Operations for fiscal 2012, 2011 and 2010, respectively.&nbsp;&nbsp;The
total cost related to non-vested awards not yet recognized at March 31, 2012 totals $249,947, which is expected to be recognized
over a weighted average of 3.1 years.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The fair value of each stock option is estimated on the date of
grant using the Binomial valuation model.&nbsp;&nbsp;Expected volatilities are based on historical volatility of the Company&rsquo;s
stock over the contractual term of 120 months and other factors.&nbsp;&nbsp;We use historical data to estimate option exercise
and employee termination within the valuation model.&nbsp;&nbsp;The expected term of options granted is derived from the output
of the option valuation model and represents the period of time that options granted are expected to be outstanding.&nbsp;&nbsp;The
risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the
time of grant.&nbsp;&nbsp;As the Company has never declared dividends, no dividend yield is used in the calculation.&nbsp;&nbsp;Actual
value realized, if any, is dependent on the future performance of the Company&rsquo;s common stock and overall stock market conditions.&nbsp;&nbsp;There
is no assurance the value realized by an optionee will be at or near the value estimated by the Binomial model.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">During the year ended March 31, 2012, the Compensation Committee
of the Board of Directors approved and we issued 40,000 stock options to board members, officers and employees of Mexco exercisable
at $6.80 per share.&nbsp;&nbsp;During the year ended March 31, 2011, the Compensation Committee of the Board of Directors approved
and we issued 42,500 stock options to board members, officers and employees of Mexco exercisable at prices ranging from $6.06 to
$6.29 per share.&nbsp;&nbsp;No stock options were granted during the year ended March 31, 2010.&nbsp;&nbsp;These options are exercisable
at a price not less than the fair market value of the stock at the date of grant, have an&nbsp;exercise period of ten years and
generally vest over four years.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Included in the following table is a summary of the grant-date fair
value of stock options granted and the related assumptions used in the Binomial models for stock options granted in fiscal 2012,
2011 and 2010.&nbsp;&nbsp;All such amounts represent the weighted average amounts for each period.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table align="center" cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 80%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center">For the year ended March 31,</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2010</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 49%; background-color: gainsboro">Grant-date fair value</td>
    <td style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 14%; background-color: gainsboro; text-align: right">5.69</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 14%; background-color: gainsboro; text-align: right">5.15</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 14%; background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Volatility factor</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">85.92</td>
    <td nowrap="nowrap" style="background-color: white">%</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">82.83</td>
    <td nowrap="nowrap" style="background-color: white">%</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Dividend yield</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Risk-free interest rate</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1.49</td>
    <td nowrap="nowrap" style="background-color: white">%</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">2.07</td>
    <td nowrap="nowrap" style="background-color: white">%</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Expected term (in years)</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">7.25</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">7</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">No forfeiture rate is assumed for stock options granted to directors
or employees due to the forfeiture rate history for these types of awards.&nbsp;&nbsp;There were no stock options forfeited or
expired during the year ended March 31, 2012.&nbsp;&nbsp;During the year ended March 31, 2011, 1,000 vested stock options expired
because they were not exercised prior to the end of their ten-year term and 10,000 unvested stock options were forfeited due to
the termination of a consulting agreement with a consultant and the resignation of an employee.&nbsp;&nbsp;There were no stock
options forfeited or expired during the year ended March 31, 2010.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">For the year ended March 31, 2012, employees and directors exercised
options on a total of 10,000 shares at exercise prices of $4.00 per share.&nbsp;&nbsp;We received proceeds of $40,000 from these
exercises. The total intrinsic value of the exercised options was $38,600.&nbsp;&nbsp;No tax deduction is recorded when options
are awarded.&nbsp;&nbsp;Mexco issued new shares of common stock to settle these option exercises.&nbsp;&nbsp;For the years ended
March 31, 2011 and 2010, stock options covering 85,250 and 41,250 shares were exercised, respectively, with 29,950 and 4,750 of
these exercised options resulted in a disqualifying disposition.&nbsp;&nbsp;We received proceeds of $533,625 and $259,372 from
these option exercises for the years ended March 31, 2011 and 2010, respectively.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The following table is a summary of activity of stock options for
the year ended March 31, 2012, 2011 and 2010:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares</p></td>
    <td nowrap="nowrap">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Average</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exercise Price</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Per Share</p></td>
    <td nowrap="nowrap">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Aggregate Average Remaining Contract
        Life</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;in Years</p></td>
    <td nowrap="nowrap">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Intrinsic</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Value</p></td>
    <td nowrap="nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 39%; background-color: gainsboro">Outstanding at April 1, 2009</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">148,750</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">6.04</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 13%; background-color: gainsboro; text-align: right">3.04</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">813,703</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 36.7pt">Granted</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 36.7pt">Exercised</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(41,250</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">6.29</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt; padding-left: 36.7pt">Forfeited or Expired</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Outstanding at March 31, 2010</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">107,500</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">5.94</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">2.51</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">237,088</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 36.7pt">Granted</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">42,500</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">6.24</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 36.7pt">Exercised</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(85,250</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">6.26</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt; padding-left: 36.7pt">Forfeited or Expired</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(11,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">5.89</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Outstanding at March 31, 2011</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">53,750</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">5.69</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">7.33</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">401,200</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 36.7pt">Granted</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">40,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">6.80</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 36.7pt">Exercised</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(10,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">4.00</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt; padding-left: 36.7pt">Forfeited or Expired</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 3pt">Outstanding at March 31, 2012</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">83,750</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">6.42</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">8.65</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">127,363</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Vested at March 31, 2012</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">13,750</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">5.72</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">6.30</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">30,538</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Exercisable at March 31, 2012</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">13,750</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">$</td>
    <td style="background-color: white; text-align: right">5.72</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">6.30</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">$</td>
    <td style="background-color: white; text-align: right">30,538</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Other information pertaining to option activity was as follows during
the year ended March 31:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2010</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 55%; background-color: gainsboro">Weighted average grant-date fair value of stock&nbsp;options granted (per share)</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">5.69</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">5.15</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Total fair value of options vested</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">$</td>
    <td style="background-color: white; text-align: right">59,875</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">$</td>
    <td style="background-color: white; text-align: right">37,200</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">$</td>
    <td style="background-color: white; text-align: right">343,663</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Total intrinsic value of options exercised</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">38,600</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">533,831</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">130,051</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The following table summarizes information about options outstanding
at March 31, 2012:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Range of Exercise Prices</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Options</p></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Exercise Price Per Share</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Weighted Average Remaining Contract</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Life in Years</p></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Aggregate</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Intrinsic Value</p></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">4.00 &ndash; 5.24</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">3,750</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">$</td>
    <td style="background-color: gainsboro; text-align: right">4.35</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td colspan="2" style="background-color: gainsboro">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td colspan="2" style="background-color: gainsboro">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">5.25 &ndash; 6.29</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">40,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">6.23</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td colspan="2" style="background-color: white">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td colspan="2" style="background-color: white">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">6.30 &ndash; 6.80</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">40,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">6.80</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">$</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">4.00 &ndash; 6.29</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">83,750</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="background-color: white">$</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">6.42</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">8.65</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="background-color: white">$</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">127,363</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Outstanding options at March 31, 2012 expire between December 2012
and November 2021 and have exercise prices ranging from $4.35 to $6.80.</p>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_NotesToFinancialStatementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_NotesToFinancialStatementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 93-6<br><br> -Paragraph 53<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64, 65, A240<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 40<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6418621&amp;loc=d3e17540-113929<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 50<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6406099&amp;loc=d3e25284-112666<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EVRAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Document and Entity Information (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Jun. 29, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_DocumentAndEntityInformationAbstract', window );"><strong>Document And Entity Information</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
        <td class="text">MEXCO ENERGY CORPORATION<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
        <td class="text">0000066418<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
        <td class="text">10-K<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
        <td class="text">Mar. 31,
         2012<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
        <td class="text">false<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
        <td class="text">--03-31<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Is Entity a Well-known Seasoned Issuer?</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Is Entity a Voluntary Filer?</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Is Entity's Reporting Status Current?</a></td>
        <td class="text">Yes<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
        <td class="text">Smaller Reporting Company<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityPublicFloat', window );">Entity Public Float</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 4,911,304<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,035,949<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
        <td class="text">FY<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
        <td class="text">2011<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>If the value is true, then the document as an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_AmendmentFlag</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:booleanItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_CurrentFiscalYearEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gMonthDayItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:fiscalPeriodItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalYearFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have 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 (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCurrentReportingStatus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityPublicFloat</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_DocumentAndEntityInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_DocumentAndEntityInformationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Related Party Transactions<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">12. Related Party Transactions</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Related party transactions for the fiscal year ended March 31, 2012
relate to shared office expenditures in addition to administrative and operating expenses paid on behalf of the majority stockholder.&nbsp;&nbsp;The
total billed to and reimbursed by the stockholder for the years ended March 31, 2012, 2011 and 2010 were $123,932,&nbsp;$137,652
and $75,178, respectively.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Thomas Craddick is a member of the board of directors and Company
employee.&nbsp;&nbsp;Mr. Craddick invested his personal funds, on the same basis as an unrelated third party investor, in a 5.0%
working interest in our well in Ward County, Texas.&nbsp;&nbsp;Effective January 1, 2010, we purchased Mr. Craddick&rsquo;s 5.0%
working interest in this well for a purchase price of approximately $78,000.&nbsp;&nbsp;Mr. Craddick maintained a .125% override
in this well.&nbsp;Revenues paid to Mr. Craddick from this well were $0, $100 and $3,360 for the years ended March 31, 2012, 2011
and 2010, respectively.</p>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_NotesToFinancialStatementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_NotesToFinancialStatementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 3A<br><br> -Section 04<br><br> -Paragraph b<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 1-4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph k<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RelatedPartyTransactionsDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EVSAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Operating revenues:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OilAndGasSalesRevenue', window );">Oil and gas</a></td>
        <td class="nump">$ 3,223,659<span></span></td>
        <td class="nump">$ 3,145,247<span></span></td>
        <td class="nump">$ 3,220,763<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSalesRevenueNet', window );">Other</a></td>
        <td class="nump">16,380<span></span></td>
        <td class="nump">16,611<span></span></td>
        <td class="nump">24,993<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Total operating revenues</a></td>
        <td class="nump">3,240,039<span></span></td>
        <td class="nump">3,161,858<span></span></td>
        <td class="nump">3,245,756<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>Operating expenses:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsSoldOilAndGas', window );">Production</a></td>
        <td class="nump">926,215<span></span></td>
        <td class="nump">1,025,932<span></span></td>
        <td class="nump">1,054,224<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetRetirementObligationAccretionExpense', window );">Accretion of asset retirement obligation</a></td>
        <td class="nump">36,251<span></span></td>
        <td class="nump">34,129<span></span></td>
        <td class="nump">31,625<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation, depletion, and amortization</a></td>
        <td class="nump">996,205<span></span></td>
        <td class="nump">1,047,906<span></span></td>
        <td class="nump">1,113,141<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td>
        <td class="nump">950,690<span></span></td>
        <td class="nump">877,790<span></span></td>
        <td class="nump">870,558<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpenses', window );">Total operating expenses</a></td>
        <td class="nump">2,909,361<span></span></td>
        <td class="nump">2,985,757<span></span></td>
        <td class="nump">3,069,548<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating profit</a></td>
        <td class="nump">330,678<span></span></td>
        <td class="nump">176,101<span></span></td>
        <td class="nump">176,208<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Other income (expenses):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest income</a></td>
        <td class="nump">195<span></span></td>
        <td class="nump">360<span></span></td>
        <td class="nump">478<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
        <td class="num">(28,840)<span></span></td>
        <td class="num">(36,361)<span></span></td>
        <td class="num">(33,082)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Net other expense</a></td>
        <td class="num">(28,645)<span></span></td>
        <td class="num">(36,001)<span></span></td>
        <td class="num">(32,604)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Earnings before provision for income taxes</a></td>
        <td class="nump">302,033<span></span></td>
        <td class="nump">140,100<span></span></td>
        <td class="nump">143,604<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefitAbstract', window );"><strong>Income tax expense (benefit):</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefit', window );">Current</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(25,502)<span></span></td>
        <td class="nump">25,502<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred</a></td>
        <td class="num">(27,960)<span></span></td>
        <td class="nump">9,906<span></span></td>
        <td class="num">(282,737)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">TOTAL</a></td>
        <td class="num">(27,960)<span></span></td>
        <td class="num">(15,596)<span></span></td>
        <td class="num">(257,235)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="nump">$ 329,993<span></span></td>
        <td class="nump">$ 155,696<span></span></td>
        <td class="nump">$ 400,839<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings per common share:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic</a></td>
        <td class="nump">$ 0.16<span></span></td>
        <td class="nump">$ 0.08<span></span></td>
        <td class="nump">$ 0.21<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted</a></td>
        <td class="nump">$ 0.16<span></span></td>
        <td class="nump">$ 0.08<span></span></td>
        <td class="nump">$ 0.21<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract', window );"><strong>Weighted average common shares outstanding:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Basic</a></td>
        <td class="nump">2,028,014<span></span></td>
        <td class="nump">1,947,605<span></span></td>
        <td class="nump">1,888,070<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Diluted</a></td>
        <td class="nump">2,036,241<span></span></td>
        <td class="nump">1,962,656<span></span></td>
        <td class="nump">1,929,588<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetRetirementObligationAccretionExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 410<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6392692&amp;loc=d3e7535-110849<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 143<br><br> -Paragraph 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 143<br><br> -Paragraph 22<br><br> -Subparagraph c(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 410<br><br> -SubTopic 20<br><br> -Section 45<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6392676&amp;loc=d3e7480-110848<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetRetirementObligationAccretionExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostOfGoodsSoldOilAndGas">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs related to oil and gas produced and sold during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 2<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostOfGoodsSoldOilAndGas</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs of sales and operating expenses for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostsAndExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CostsAndExpensesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CurrentIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 289<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6889476&amp;loc=d3e330036-122817<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CurrentIncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 6<br><br> -Section I<br><br> -Subsection 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 289<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6889476&amp;loc=d3e330036-122817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredIncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationDepletionAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945512&amp;loc=d3e4984-109258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 20<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 7<br><br> -Paragraph 18<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 36, 37, 38<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 11, 12, 36<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 20<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 7<br><br> -Paragraph 18<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph h<br><br> -Subparagraph 1(i)<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefitAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefitAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Chapter V<br><br> -Section 563c.102<br><br> -Paragraph 9<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.7)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingIncomeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpenseAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NonoperatingIncomeExpenseAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OilAndGasSalesRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenue from the sale of oil and gas during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 932<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 23<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6821537&amp;loc=d3e62136-109447<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 932<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6821537&amp;loc=d3e62246-109447<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OilAndGasSalesRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSalesRevenueNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Revenues from the sale of other goods or rendering of other services, not elsewhere specified in the taxonomy; net of (reduced by) sales adjustments, returns, allowances, and discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 1<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1(a),(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherSalesRevenueNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 1<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SalesRevenueNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNetAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SalesRevenueNetAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1505-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1448-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 171<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R12.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Asset Retirement Obligations<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetRetirementObligationDisclosureTextBlock', window );">6. Asset Retirement Obligations</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Mexco&rsquo;s asset retirement obligations relate to the plugging
of wells, the removal of facilities and equipment, and site restoration on oil and gas properties.&nbsp;&nbsp;The fair value of
a liability for an ARO is recorded in the period in which it is incurred, discounted to its present value using the credit adjusted
risk-free interest rate, and a corresponding amount capitalized by increasing the carrying amount of the related long-lived asset.&nbsp;&nbsp;The
liability is accreted each period, and the capitalized cost is depreciated over the useful life of the related asset.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The following table provides a rollforward of the asset retirement
obligations for fiscal years ended March 31:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 70%; background-color: gainsboro">Carrying amount of asset retirement obligations as of April 1</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">578,911</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">536,305</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Liabilities incurred</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">53,468</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">25,043</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Liabilities settled</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(5,351</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(16,566</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt">Accretion expense</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">36,251</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">34,129</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Carrying amount of asset retirement obligations as of March 31</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">663,279</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">578,911</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt">Less: Current portion</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">50,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">50,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 3pt">Non-Current asset retirement obligation</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">613,279</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">528,911</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The ARO is included on the consolidated balance sheets with the
current portion being included in the accounts payable and accrued expenses.</p>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_NotesToFinancialStatementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_NotesToFinancialStatementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetRetirementObligationDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 143<br><br> -Paragraph 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 410<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6392692&amp;loc=d3e7569-110849<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 410<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6392692&amp;loc=d3e7535-110849<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetRetirementObligationDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R11.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Credit Facility<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock', window );">5. Credit Facility</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Mexco has a revolving credit agreement with Bank of America, N.A.
(the &ldquo;Agreement&rdquo;), which provides for a credit facility of $4,900,000 with no monthly commitment reductions and a borrowing
base evaluated annually, currently set at $4,900,000.&nbsp;&nbsp;Amounts borrowed under the Agreement are collateralized by the
common stock of the Company&rsquo;s wholly owned subsidiaries and substantially all of the Company&rsquo;s oil and gas properties.&nbsp;&nbsp;Availability
of this line of credit at March 31, 2012 was $3,200,000.&nbsp;&nbsp;No principal payments are anticipated to be required through
November 30, 2013.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Agreement was renewed five times with the fifth amendment on
December 28, 2011, which revised the maturity date to November 30, 2013.&nbsp;&nbsp;Under the original and renewed agreements,
interest on the facility accrues at an annual rate equal to the British Bankers Association London Interbank Offered Rate (&quot;BBA
LIBOR&quot;) daily floating rate, plus 2.50 percentage points, which was 2.74% on March 31, 2012.&nbsp;&nbsp;Interest on the outstanding
amount under the credit agreement is payable monthly.&nbsp;&nbsp;In addition, we will pay an unused commitment fee in an amount
equal to &frac12; of 1 percent (.5%) times the daily average of the unadvanced amount of the commitment.&nbsp;&nbsp;The unused
commitment fee is payable quarterly in arrears on the last day of each calendar quarter.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Agreement contains customary covenants for credit facilities
of this type including limitations on disposition of assets, mergers and reorganizations.&nbsp;&nbsp;We are also obligated to meet
certain financial covenants under the Agreement.&nbsp;&nbsp;Mexco is in compliance with all covenants as of March 31, 2012.&nbsp;&nbsp;In
addition, this Agreement prohibits us from paying cash dividends on our common stock.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">At the end of fiscal 2012, a letter of credit for $50,000, in lieu
of a plugging bond with the Texas Railroad Commission covering the properties the Company operates is also outstanding under the
facility.&nbsp;&nbsp;This letter of credit renews annually.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The balance outstanding on the line of credit was $1,700,000 as
of March 31, 2012 and $1,475,000 as of June 29, 2012.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The following table is a summary of activity on the Bank of America,
N.A. line of credit for the year ended March 31, 2012:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table align="center" cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 80%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Principal</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 83%; background-color: gainsboro">Balance at April 1, 2011:</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 14%; background-color: gainsboro; text-align: right">1,800,000</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 12.25pt">Borrowings</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,100,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; padding-left: 12.25pt">Repayments</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">(1,200,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 3pt">Balance at March 31, 2012:</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">1,700,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td></tr>
</table>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_NotesToFinancialStatementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_NotesToFinancialStatementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph f<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(e),(f))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R19.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Oil and Gas Reserve Data (Unaudited)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ExtractiveIndustriesAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock', window );">13. Oil and Gas Reserve Data (Unaudited)</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The estimates of our proved oil and gas reserves, which are located
entirely within the United States, were prepared in accordance with the guidelines established by the SEC.&nbsp;&nbsp;The estimates
as of March 31, 2012, 2011, and 2010 are based on evaluations prepared by Joe C. Neal and Associates, Petroleum Consultants.&nbsp;&nbsp;Management
emphasizes that reserve estimates are inherently imprecise and are expected to change as new information becomes available and
as economic conditions in the industry change.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Proved reserves are estimated quantities of oil, natural gas, and
natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable
in future years from known reservoirs under existing economic and operating conditions.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Changes in Proved Reserves:</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Oil</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Bbls)</p></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Natural Gas</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Mcf)</p></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Proved Developed and Undeveloped Reserves:</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td nowrap="nowrap">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td nowrap="nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 70%; background-color: gainsboro">As of April 1, 2009</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">207,000</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">9,477,000</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 12.25pt">Revision of previous estimates</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">39,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(575,000</td>
    <td nowrap="nowrap" style="background-color: white">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 12.25pt">Purchase of minerals in place</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">5,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 12.25pt">Extensions and discoveries</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">12,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">44,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 12.25pt">Sales of minerals in place</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt; padding-left: 12.25pt">Production</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(18,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(546,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 1.5pt">As of March 31, 2010</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">240,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">8,405,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 12.25pt">Revision of previous estimates</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">22,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">130,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 12.25pt">Purchase of minerals in place</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">45,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">545,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 12.25pt">Extensions and discoveries</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">136,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 12.25pt">Sales of minerals in place</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt; padding-left: 12.25pt">Production</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(17,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(459,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 1.5pt">As of March 31, 2011</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">290,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">8,757,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 12.25pt">Revision of previous estimates</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">33,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(183,000</td>
    <td nowrap="nowrap" style="background-color: white">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 12.25pt">Purchase of minerals in place</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">19,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 12.25pt">Extensions and discoveries</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">23,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">267,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 12.25pt">Sales of minerals in place</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt; padding-left: 12.25pt">Production</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(19,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(396,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 3pt">As of March 31, 2012</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">346,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">8,445,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Proved developed reserves are those expected to be recovered through
existing wells, equipment and operating methods.&nbsp; Proved undeveloped reserves (&quot;PUD&quot;) are proved reserves are expected
to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for
recompletion.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Summary of Proved Developed and Undeveloped Reserves as of March
31, 2012, 2011 and 2010:</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Oil</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Bbls)</p></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Natural Gas</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Mcf)</p></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Proved Developed Reserves:</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td nowrap="nowrap">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td nowrap="nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 70%; background-color: gainsboro; padding-bottom: 3pt">As of April 1, 2009</td>
    <td style="width: 1%; background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="width: 1%; border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="width: 12%; border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">111,691</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="width: 1%; border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="width: 12%; border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">5,989,498</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 3pt">As of March 31, 2010</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">141,980</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">5,017,342</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 3pt">As of March 31, 2011</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">159,975</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">4,964,061</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 3pt">As of March 31, 2012</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">194,619</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">5,359,665</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Proved Undeveloped Reserves:</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 3pt">As of April 1, 2009</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">95,694</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">3,487,579</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 3pt">As of March 31, 2010</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">98,088</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">3,388,248</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 3pt">As of March 31, 2011</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">130,187</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">3,792,974</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 3pt">As of March 31, 2012</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">151,733</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">3,085,064</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">As of March 31, 2012, 2011 and 2010 reserves were computed using
the 12-month unweighted average of the first-day-of-the-month prices, in accordance with revised guidelines of the SEC applicable
to reserves estimates as of year-end&nbsp;&nbsp;2010.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">At March 31, 2012, we reported estimated PUDs of 4.0 bcfe, which
accounted for 38% of our total estimated proved oil and gas reserves.&nbsp;This figure primarily consists of a projected 18 new
wells (2.6 bcfe), 5 of which we operate, and 1 new zone behind pipe from a currently producing wellbore (.4 bcfe) that we also
operate.&nbsp;&nbsp;Our timetable for this well is totally dependent on the life of the currently producing zone.&nbsp;&nbsp;After
the current zone has depleted, we will open the new productive zone.&nbsp;Of the 5 wells we operate (2.1 bcfe), 4 have additional
productive zones behind pipe (.6 bcfe).&nbsp;&nbsp;Also, there is potential to commingle the new zones in the new wells with prior
permission from the Railroad Commission.&nbsp;&nbsp;We drilled 1 operated well during fiscal 2012 and are in the process of completing
the well for production. &nbsp;We project 1 operated well will be drilled in fiscal 2013, 3 wells in fiscal 2014 and 1 well in
fiscal 2015.&nbsp;&nbsp;Regarding the remaining 13 PUD locations operated by others (.6 bcfe), a location is currently being prepared
to drill 1 well with plans for 8 wells to follow in 2013 and 4 in 2014.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Included in proved undeveloped reserves at March 31, 2012 are approximately
1.9 bcfe of material reserves which have remained undeveloped for more than five years.&nbsp;&nbsp;These primarily consist of two
drilling locations in an area where we have long-standing operations and these locations are currently held by production from
other wells in which Mexco owns.&nbsp;&nbsp;As of March 31, 2011, these material reserves consisted of three drilling locations
projected to be drilled one per year during the fiscal years of 2012, 2013 and 2014.&nbsp;&nbsp;We drilled 1 of these wells during
fiscal 2012 and are in the process of completing the well for production. &nbsp;Our timetable for the two remaining wells is to
drill one during fiscal 2013 and one during fiscal 2014.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The following table discloses our progress toward the conversion
of PUDs during fiscal 2012.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Progress of Converting Proved Undeveloped Reserves:</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table align="center" cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Oil &amp; Natural Gas</td>
    <td nowrap="nowrap">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Future</td>
    <td nowrap="nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">(Mcfe)</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Development Costs</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 70%; background-color: gainsboro">PUDs, beginning of year</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">4,574,096</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">3,745,830</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Revision of previous estimates</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(23,894</td>
    <td nowrap="nowrap" style="background-color: white">)</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,116,340</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Conversions to PD reserves</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(974,105</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(871,650</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt">Additional PUDs added</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">419,365</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">317,030</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 3pt">PUDs, end of year</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">3,995,462</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">4,307,550</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Estimated future net cash flows represent an estimate of future
net revenues from the production of proved reserves using average prices for 2012, 2011 and 2010 along with estimates of the operating</p>

<p style="margin: 0">&nbsp;costs, production taxes and future development and abandonment costs (less salvage value) necessary
to produce such reserves. No deduction has been made for depreciation, depletion or any indirect costs such as general corporate
overhead or interest expense.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Operating costs and production taxes are estimated based on current
costs with respect to producing oil and natural gas properties.&nbsp;&nbsp;Future development costs including abandonment costs
are based on the best estimate of such costs assuming current economic and operating conditions. The future cash flows estimated
to be spent to develop our share of proved undeveloped properties through March 31, 2015 are $4,255,130.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Income tax expense is computed based on applying the appropriate
statutory tax rate to the excess of future cash inflows less future production and development costs over the current tax basis
of the properties involved, less applicable carryforwards.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The future net revenue information assumes no escalation of costs
or prices, except for oil and natural gas sales made under terms of contracts which include fixed and determinable escalation.
Future costs and prices could significantly vary from current amounts and, accordingly, revisions in the future could be significant.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In December 2008, the SEC issued its final rule, Modernization of
Oil and Gas Reporting, which is effective for reporting reserve information for fiscal years ending December 2009.&nbsp;&nbsp;In
January 2010, the FASB issued its authoritative guidance on extractive activities for oil and gas to align its requirements with
the SEC&rsquo;s final rule.&nbsp;&nbsp;We adopted the guidance as of March 31, 2010 in conjunction with our year-end reserve report
as a change in accounting principle that is inseparable from a change in accounting estimate.&nbsp;&nbsp;Under the SEC&rsquo;s
final rule, prior period reserves were not restated.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The current reporting rules require that year end reserve calculations
and future cash inflows be based on the 12-month average market prices for sales of oil and gas on the first calendar day of each
month during the fiscal year discounted at 10% per year and assuming continuation of existing economic conditions.&nbsp;&nbsp;The
average prices used for fiscal 2012 were $93.75 per bbl of oil and $3.83 per mcf of natural gas.&nbsp;&nbsp;The average prices
used for fiscal 2011 were $77.27 per bbl of oil and $3.88 per mcf of natural gas.&nbsp;&nbsp;The average prices used for fiscal
2010 were $66.21 per bbl of oil and $3.77 per mcf of natural gas.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">If we had used the March 31, 2010 prices in our fiscal 2010 calculations
as in previous years, our total reserves would have decreased 52,000 Mcfe.&nbsp;&nbsp;This decrease in reserves would have had
an effect on our DD&amp;A and net income for the fourth quarter of 2010.&nbsp;&nbsp;The effect on DD&amp;A was an increase of approximately
$5,500 and a decrease in net income of approximately $3,800.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The standardized measure of discounted future net cash flows were
computed by applying 12-month average prices for oil and gas (with consideration of price changes only to the extent provided by
contractual arrangements in existence at year end) to the estimated future production of proved oil and gas reserves, less estimated
future expenditures (based on year end costs) to be incurred in developing and producing the proved reserves, less estimated future
income tax expenses (based on the year end statutory tax rates with consideration of future tax rates already legislated) to be
incurred on pretax net cash flows less tax basis of the properties and available credits and assuming continuation of existing
economic conditions.&nbsp;&nbsp;The estimated future net cash flows are then discounted using a rate of 10%.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The basis for this table is the reserve studies prepared by an independent
petroleum engineering consultant, which contain imprecise estimates of quantities and rates of production of reserves.&nbsp;&nbsp;Revisions
of previous year estimates can have a significant impact on these results.&nbsp;&nbsp;Also, exploration costs in one year may lead
to significant discoveries in later years and may significantly change previous estimates of proved reserves and their valuation.&nbsp;&nbsp;Therefore,
the standardized measure of discounted future net cash flow is not necessarily indicative of the fair value of our proved oil and
gas properties.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The standardized measure of discounted future cash flows at March
31, 2012, 2011 and 2010, which represents the present value of estimated future cash flows using a discount rate of 10% a year,
follows:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Standardized Measure of Discounted Future Net Cash Flows Relating
to Proved Reserves:</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center">March 31</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2010</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 55%; background-color: gainsboro">Future cash inflows</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">64,783,000</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">56,413,000</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">47,638,000</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Future production costs and taxes</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(16,031,000</td>
    <td nowrap="nowrap" style="background-color: white">)</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(11,086,000</td>
    <td nowrap="nowrap" style="background-color: white">)</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(10,101,000</td>
    <td nowrap="nowrap" style="background-color: white">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Future development costs</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(4,530,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(4,029,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(3,265,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt">Future income taxes</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(9,920,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(9,118,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(7,439,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Future net cash flows</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">34,302,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">32,180,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">26,833,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt">Annual 10% discount for estimated timing of cash flows</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(14,946,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(14,528,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(12,673,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 3pt">Standardized measure of discounted future&nbsp;net cash flows</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">19,356,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">17,652,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">14,160,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Changes in Standardized Measure of Discounted Future Net Cash
Flows Relating to Proved Oil and Gas Reserves:</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center">March 31</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2010</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 55%; background-color: gainsboro">Sales of oil and gas produced, net of&nbsp;production costs</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">(2,298,000</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">)</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">(2,119,000</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">)</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">(2,167,000</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Net changes in price and production costs</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(375,000</td>
    <td nowrap="nowrap" style="background-color: white">)</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,590,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">4,287,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Changes in previously estimated development costs</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">1,353,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">830,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(35,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Revisions of quantity estimates</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,344,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,088,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">397,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Net change due to purchases and sales of&nbsp;minerals in place</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">390,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">1,976,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">11,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Extensions and discoveries, less related costs</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,449,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">165,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">345,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Net change in income taxes</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(596,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(1,076,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(1,085,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Accretion of discount</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">2,265,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,809,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,435,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 1.5pt">Changes in timing of estimated cash flows and other</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">(1,828,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">)</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">(771,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">)</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">(536,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Changes in standardized measure</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,704,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">3,492,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">2,652,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 1.5pt">Standardized measure, beginning of year</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">17,652,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">14,160,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">11,508,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 3pt">Standardized measure, end of year</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">19,356,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">17,652,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">14,160,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td></tr>
</table>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ExtractiveIndustriesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ExtractiveIndustriesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for proved oil and gas reserved quantities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 932<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6821537&amp;loc=d3e61872-109447<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 932<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6821537&amp;loc=d3e61831-109447<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 19<br><br> -Paragraph 59E, 59F, 59G<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 932<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6821537&amp;loc=d3e61869-109447<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 932<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6821537&amp;loc=d3e61858-109447<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 932<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6821537&amp;loc=d3e61797-109447<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProvedOilAndGasReserveQuantitiesDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R15.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Oil and Gas Costs<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock', window );">9. Oil and Gas Costs</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The costs related to our oil and gas activities were incurred as
follows for the year ended March 31:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2010</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Property acquisition costs:</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td nowrap="nowrap">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td nowrap="nowrap">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td nowrap="nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 55%; background-color: gainsboro; padding-left: 12.25pt">Proved</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">368,444</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">2,147,892</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">80,154</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 12.25pt">Unproved</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Exploration</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">9,910</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">29,292</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">22,246</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Development</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,455,993</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">394,381</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">596,660</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 1.5pt">Capitalized asset retirement obligations</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">53,468</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">25,043</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">20,599</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 3pt; padding-left: 12.25pt">Total costs incurred for oil and gas properties</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">1,887,815</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">2,596,608</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">719,659</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">We had the following aggregate capitalized costs relating to our
oil and gas property activities at March 31:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2010</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 55%; background-color: gainsboro">Proved oil and gas properties</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">31,669,572</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">30,256,330</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">27,182,529</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Unproved oil and gas properties:</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 12.25pt">subject to amortization</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">170,487</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">170,487</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">170,487</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt; padding-left: 12.25pt">not subject to amortization</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">31,840,059</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">30,426,817</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">27,353,016</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt">Less accumulated DD&amp;A</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">16,154,203</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">15,161,524</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">14,119,129</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">15,685,856</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">15,265,293</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">13,233,887</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">DD&amp;A amounted to $1.94, $1.87 and $1.70 per mcfe of production
for the years ended March 31, 2012, 2011 and 2010, respectively.</p>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for oil and gas producing industries.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 19<br><br> -Paragraph 59A-59Z, 59AA, 59BB, 59CC<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OilAndGasExplorationAndProductionIndustriesDisclosuresTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R13.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Income Taxes<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">7. Income Taxes</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Mexco and its subsidiaries file a consolidated federal income tax
return and various state income tax returns.&nbsp;&nbsp;The amount of income taxes we record requires the interpretation of complex
rules and regulations of federal and state taxing jurisdictions.&nbsp;&nbsp;With few exceptions, Mexco is no longer subject to
U.S. federal and state income tax examinations by tax authorities for years prior to 2007.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Significant components of net deferred tax assets (liabilities)
at March 31 are as follows:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2010</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Deferred tax assets:</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td nowrap="nowrap">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td nowrap="nowrap">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td nowrap="nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 55%; background-color: gainsboro; padding-left: 12.25pt">Percentage depletion carryforwards</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">1,336,630</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">1,180,896</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">1,124,820</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 12.25pt">Deferred stock-based compensation</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">13,844</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">2,872</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">7,536</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-left: 12.25pt">Asset retirement obligation</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">205,616</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">179,462</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">166,255</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-left: 12.25pt">Net operating loss</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">171,411</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">125,848</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; padding-left: 12.25pt">Other</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">3,695</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">6,200</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">7,311</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,731,196</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,495,278</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">1,305,922</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Deferred tax liabilities:</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt; padding-left: 12.25pt">Excess financial accounting bases over tax bases of&nbsp;property and equipment</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(2,615,899</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(2,407,941</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(2,208,679</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 3pt; padding-left: 12.25pt">Net deferred tax liabilities</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">(884,703</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">)</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">(912,663</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">)</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">(902,757</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">)</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">As of March 31, 2012, we have a statutory depletion carryforward
of approximately $4,312,000, which does not expire.&nbsp;&nbsp;At March 31, 2012, we had a net operating loss carryforward for
regular income tax reporting purposes of approximately $2,736,000, which will begin expiring in 2021.&nbsp;&nbsp;Our ability to
use some of our net operating loss carryforwards and certain other tax attributes to reduce current and future U.S. federal taxable
income is subject to limitations under the Internal Revenue Code.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">For the year ended March 31, 2012, there was a deferred income tax
benefit of $27,960.&nbsp;&nbsp;There was no current income tax for the year ended March 31, 2012.&nbsp;&nbsp;For the year ended
March 31, 2011, there was a current income tax benefit of $25,502 and a deferred income tax expense of $9,906.&nbsp;&nbsp;For the
year ended March 31, 2010, current income tax expense was $25,502 and deferred income tax was a benefit of $282,737.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A reconciliation of the provision for income taxes to income taxes
computed using the federal statutory rate for years ended March 31 follows:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2010</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 55%; background-color: gainsboro">Tax expense at federal statutory rate (1)</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">102,691</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">47,634</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">48,825</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Statutory depletion carryforward</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(155,734</td>
    <td nowrap="nowrap" style="background-color: white">)</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(86,221</td>
    <td nowrap="nowrap" style="background-color: white">)</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(127,253</td>
    <td nowrap="nowrap" style="background-color: white">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Effect of graduated rates</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(16,940</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(3,074</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">1,271</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Revision of prior year estimates</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">4,314</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">44,503</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(171,736</td>
    <td nowrap="nowrap" style="background-color: white">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Permanent differences</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">30,210</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">(17,309</td>
    <td nowrap="nowrap" style="background-color: gainsboro">)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">5,319</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 1.5pt">Other</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">7,499</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(1,129</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td>
    <td style="background-color: white; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: white; text-align: right">(13,661</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 1.5pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 3pt; padding-left: 12.25pt">Total income tax benefit</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">(27,960</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">)</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">(15,596</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">)</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">(257,235</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 3pt; padding-left: 12.25pt">Effective income tax rate</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">(9</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">%)</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">(11</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">%)</td>
    <td style="background-color: gainsboro; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: gainsboro; text-align: right">(179</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 3pt">%)</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
federal statutory rate was 34% for fiscal years ending March 31, 2012, 2011 and 2010.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">For the years ended March 31, 2012, 2011 and 2010, we did not have
any uncertain tax positions.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">For the years ended March 31, 2012, 2011 and 2010, the amount of
unrecognized tax benefits was approximately $677,000, $670,000 and $524,000, respectively.&nbsp;&nbsp;While it is expected the
amount of unrecognized tax benefits will change in the next 12 months, we do not expect any change to have a significant impact
on our results of operations.&nbsp;&nbsp;The recognition of the total amount of the unrecognized tax benefits of&nbsp;$677,000
would have an impact on the effective tax rate.&nbsp;&nbsp;If these unrecognized tax benefits are disallowed, we will be required
to pay additional taxes.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">A reconciliation of the beginning and ending balances of unrecognized
tax benefits is as follows:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2012</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2011</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">2010</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 55%; background-color: gainsboro">Unrecognized tax benefits at beginning of period</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">670,000</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">524,000</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">549,000</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Additions based on tax positions related to the current year</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">146,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Changes to tax positions of prior years</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">7,000</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Settlements</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">25,000</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro; padding-bottom: 1.5pt">Expirations</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td>
    <td style="background-color: gainsboro; padding-bottom: 1.5pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro">&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid; background-color: gainsboro; text-align: right">-</td>
    <td nowrap="nowrap" style="background-color: gainsboro; padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white; padding-bottom: 3pt">Unrecognized tax benefits at end of period</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">677,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">670,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td>
    <td style="background-color: white; padding-bottom: 3pt; text-align: right">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; background-color: white">$</td>
    <td style="border-bottom: black 2.25pt double; background-color: white; text-align: right">524,000</td>
    <td nowrap="nowrap" style="background-color: white; padding-bottom: 3pt">&nbsp;</td></tr>
</table>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_NotesToFinancialStatementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_NotesToFinancialStatementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 136, 172<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 44, 45, 46, 47, 48, 49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>R14.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Major Customers<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingDisclosureTextBlock', window );">8. Major Customers</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Currently, we operate exclusively within the United States and our
revenues and operating profit are derived predominately from the oil and gas industry.&nbsp;&nbsp;Oil and gas production is sold
to various purchasers and the receivables are unsecured.&nbsp;&nbsp;Historically, we have not experienced significant credit losses
on our oil and gas accounts and management is of the opinion that significant credit risk does not exist.&nbsp;&nbsp;Management
is of the opinion that the loss of any one purchaser would not have an adverse effect on our ability to sell our oil and gas production.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In fiscal 2012, one customer accounted for 22% of the total oil
and gas revenues and 24% of the total oil and gas accounts receivable.&nbsp;&nbsp;In fiscal 2011 and 2010, two customers accounted
for 28% and 32% of the total oil and gas revenues and 25% and 23% of the total oil and gas accounts receivable, respectively.</p>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SegmentReportingAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8595-108599<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8538-108599<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 33<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8971-108599<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 34<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8981-108599<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 29<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8864-108599<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8380-108599<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 35<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8984-108599<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 41<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9038-108599<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 32<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8933-108599<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 131<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8906-108599<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8844-108599<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 40<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9031-108599<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 42<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e9054-108599<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 280<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 31<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6534315&amp;loc=d3e8924-108599<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SegmentReportingDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
<FILENAME>R16.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Stockholders Equity<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock', window );">10. Stockholders' Equity</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In June 2011, the board of directors authorized the use of up to
$250,000 to repurchase shares of our common stock for the treasury account.&nbsp;&nbsp;During fiscal 2012, we repurchased 4,000
shares for the treasury at an aggregate cost of $22,780.&nbsp;&nbsp;During fiscal 2011, we repurchased 2,000 shares for the treasury
at an aggregate cost of $12,325.&nbsp;&nbsp;No shares of our common stock were repurchased for the treasury account during fiscal
2010.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">In August 2010, we purchased overriding royalty interests averaging
..28% in 5,120 gross acres covering eight sections in the Haynesville trend area of DeSoto Parish, Louisiana, for an approximate
purchase price of $1.65 million, prior to closing adjustments.&nbsp;&nbsp;We paid $1.46 million in cash and the remainder was paid
as 26,833 shares of common stock issued from treasury shares.</p>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityNoteAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityNoteDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable).  Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SAB TOPIC 4.C)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187143-122770<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Preferred Stock<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6521494<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Article 4<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section C<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 4<br><br> -Section 08<br><br> -Paragraph d<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23285-112656<br><br><br><br>Reference 17: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 18: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d),(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 19: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 1<br><br> -Section B<br><br> -Paragraph 7, 11A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 20: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 21: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 22: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21506-112644<br><br><br><br>Reference 23: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21564-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityNoteDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EHMBI">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Common Stock Par Value</div>
        </th>
        <th class="th">
          <div>Treasury Stock</div>
        </th>
        <th class="th">
          <div>Additional Paid-In Capital</div>
        </th>
        <th class="th">
          <div>Retained Earnings</div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Beginning balance, Amount at Mar. 31, 2009</a></td>
        <td class="nump">$ 981,308<span></span></td>
        <td class="num">$ (426,617)<span></span></td>
        <td class="nump">$ 5,617,620<span></span></td>
        <td class="nump">$ 4,755,299<span></span></td>
        <td class="nump">$ 10,927,610<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Beginning balance, Shares at Mar. 31, 2009</a></td>
        <td class="nump">1,962,616<span></span></td>
        <td class="num">(84,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">400,839<span></span></td>
        <td class="nump">400,839<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Issuance of stock through options exercised</a></td>
        <td class="nump">20,625<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">238,747<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">259,372<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation', window );">Excess tax benefits from stock-based compensation</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">25,502<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">25,502<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock based compensation</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">26,030<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">26,030<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Common stock shares, issued during period</a></td>
        <td class="nump">41,250<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending balance, Amount at Mar. 31, 2010</a></td>
        <td class="nump">1,001,933<span></span></td>
        <td class="num">(426,617)<span></span></td>
        <td class="nump">5,907,899<span></span></td>
        <td class="nump">5,156,138<span></span></td>
        <td class="nump">11,639,353<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending balance, Shares at Mar. 31, 2010</a></td>
        <td class="nump">2,003,866<span></span></td>
        <td class="num">(84,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,919,866<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">155,696<span></span></td>
        <td class="nump">155,696<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets', window );">Issuance of stock for properties</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">136,277<span></span></td>
        <td class="nump">28,479<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">164,756<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodValue', window );">Purchase of stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(12,325)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(12,325)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Issuance of stock through options exercised</a></td>
        <td class="nump">42,625<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">491,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">533,625<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation', window );">Excess tax benefits from stock-based compensation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(25,502)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(25,502)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock based compensation</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">51,350<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">51,350<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Common stock shares, issued during period</a></td>
        <td class="nump">85,250<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets', window );">Exchange for property, Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">26,833<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodShares', window );">Common stock acquisitions, Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(2,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending balance, Amount at Mar. 31, 2011</a></td>
        <td class="nump">1,044,558<span></span></td>
        <td class="num">(302,665)<span></span></td>
        <td class="nump">6,453,226<span></span></td>
        <td class="nump">5,311,834<span></span></td>
        <td class="nump">12,506,953<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending balance, Shares at Mar. 31, 2011</a></td>
        <td class="nump">2,089,116<span></span></td>
        <td class="num">(59,167)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,029,949<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">329,993<span></span></td>
        <td class="nump">329,993<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodValue', window );">Purchase of stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(22,780)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(22,780)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised', window );">Issuance of stock through options exercised</a></td>
        <td class="nump">5,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">35,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">40,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation', window );">Excess tax benefits from stock-based compensation</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Stock based compensation</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">120,124<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">120,124<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Common stock shares, issued during period</a></td>
        <td class="nump">10,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodShares', window );">Common stock acquisitions, Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(4,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Ending balance, Amount at Mar. 31, 2012</a></td>
        <td class="nump">$ 1,049,558<span></span></td>
        <td class="num">$ (325,445)<span></span></td>
        <td class="nump">$ 6,608,350<span></span></td>
        <td class="nump">$ 5,641,827<span></span></td>
        <td class="nump">$ 12,974,290<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending balance, Shares at Mar. 31, 2012</a></td>
        <td class="nump">2,099,116<span></span></td>
        <td class="num">(63,167)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,035,949<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tax benefit associated with any equity-based compensation plan other than an employee stock ownership plan (ESOP). The tax benefit results from the deduction by the entity on its tax return for an award of stock that exceeds the cumulative compensation cost for common stock or preferred stock recognized for financial reporting. Includes any resulting tax benefit that exceeds the previously recognized deferred tax asset (excess tax benefits).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 740<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6419406&amp;loc=d3e23524-113945<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 62<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920043&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Article 5<br><br> -Section 03<br><br> -Paragraph 19<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensation</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A3<br><br> -Appendix A<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section E<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SAB TOPIC 4.E)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of new stock issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesNewIssues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of stock issued during the period as part of a transaction to acquire assets that do not qualify as a business combination.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesPurchaseOfAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of shares of stock issued during the period as part of a transaction to acquire assets that do not qualify as a business combination.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValuePurchaseOfAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value stock issued during the period as a result of the exercise of stock options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedDuringPeriodShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 1<br><br> -Section B<br><br> -Paragraph 11A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockRepurchasedDuringPeriodShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedDuringPeriodValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Chapter 1<br><br> -Section B<br><br> -Paragraph 11A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockRepurchasedDuringPeriodValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>37
<FILENAME>R10.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Fair Value of Financial Instruments<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">4. Fair Value of Financial Instruments</a></td>
        <td class="text"><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Fair value as defined by authoritative literature is the price that
would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants
at the measurement date.&nbsp;&nbsp;Fair value measurements are classified and disclosed in one of the following categories:</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Level 1 &ndash; Quoted prices in active markets for identical assets
and liabilities.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Level 2 &ndash; Quoted prices in active markets for similar assets
and liabilities, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations
whose inputs are observable or whose significant value drivers are observable.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Level 3 &ndash; Significant inputs to the valuation model are unobservable.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Financial assets and liabilities are classified based on the lowest
level of input that is significant to the fair value measurement.&nbsp;&nbsp;In accordance with the reporting requirements of FASB
ASC Topic 825, <i>Financial Instruments</i>, the Company calculates the fair value of its assets and liabilities which qualify
as financial instruments.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The initial measurement of asset retirement obligations&rsquo; fair
value is calculated using discounted cash flow techniques and is based on internal estimates of future retirement costs associated
with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial
measurement of the ARO liability is deemed to use Level 3 inputs.&nbsp;&nbsp;See the Company&rsquo;s note on AROs for further discussion.&nbsp;&nbsp;AROs
incurred during the year ended March 31, 2012 were approximately $53,000.</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The carrying amount reported in the accompanying consolidated balance
sheets for cash and cash equivalents, accounts receivable and accounts payable and accrued expenses approximates fair value because
of the immediate or short-term maturity of these financial instruments.&nbsp;&nbsp;The carrying amount reported in the accompanying
consolidated balance sheets for long term debt approximates fair value because the actual interest rates do not significantly differ
from current rates offered for instruments with similar characteristics.</p>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_NotesToFinancialStatementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_NotesToFinancialStatementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueDisclosuresTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19296-110258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 159<br><br> -Paragraph 17-22, 27, 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13433-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15C, 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13504-108611<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -Subparagraph a-d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6947722&amp;loc=d3e13537-108611<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44A, 44B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6925170&amp;loc=d3e19207-110258<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 30<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 3, 10, 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15B<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 157<br><br> -Paragraph 32, 33, 34<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueDisclosuresTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>38
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<FilingSummary xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">
  <Version>2.4.0.6</Version>
  <ProcessingTime />
  <ReportFormat>Html</ReportFormat>
  <ContextCount>37</ContextCount>
  <ElementCount>116</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>4</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>0001 - Document - Document and Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/DocumentAndEntityInformation</Role>
      <ShortName>Document and Entity Information</ShortName>
    </Report>
    <Report>
      <IsDefault>true</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>0002 - Statement - CONSOLIDATED BALANCE SHEETS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/ConsolidatedBalanceSheets</Role>
      <ShortName>CONSOLIDATED BALANCE SHEETS</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>0003 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/ConsolidatedBalanceSheetsParenthetical</Role>
      <ShortName>CONSOLIDATED BALANCE SHEETS (Parenthetical)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R4.htm</HtmlFileName>
      <LongName>0004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/ConsolidatedStatementsOfOperations</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF OPERATIONS</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R5.htm</HtmlFileName>
      <LongName>0005 - Statement - CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/ChangesInStockholdersEquity</Role>
      <ShortName>CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R6.htm</HtmlFileName>
      <LongName>0006 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/ConsolidatedStatementsOfCashFlows</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF CASH FLOWS</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R7.htm</HtmlFileName>
      <LongName>0007 - Disclosure - Nature of Operations</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/NatureOfOperations</Role>
      <ShortName>Nature of Operations</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R8.htm</HtmlFileName>
      <LongName>0008 - Disclosure - Summary of Significant Accounting Policies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/SummaryOfSignificantAccountingPolicies</Role>
      <ShortName>Summary of Significant Accounting Policies</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R9.htm</HtmlFileName>
      <LongName>0009 - Disclosure - Business Combinations</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/BusinessCombinations</Role>
      <ShortName>Business Combinations</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R10.htm</HtmlFileName>
      <LongName>0010 - Disclosure - Fair Value of Financial Instruments</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/FairValueOfFinancialInstruments</Role>
      <ShortName>Fair Value of Financial Instruments</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R11.htm</HtmlFileName>
      <LongName>0011 - Disclosure - Credit Facility</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/CreditFacility</Role>
      <ShortName>Credit Facility</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R12.htm</HtmlFileName>
      <LongName>0012 - Disclosure - Asset Retirement Obligations</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/AssetRetirementObligations</Role>
      <ShortName>Asset Retirement Obligations</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R13.htm</HtmlFileName>
      <LongName>0013 - Disclosure - Income Taxes</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/IncomeTaxes</Role>
      <ShortName>Income Taxes</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R14.htm</HtmlFileName>
      <LongName>0014 - Disclosure - Major Customers</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/MajorCustomers</Role>
      <ShortName>Major Customers</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R15.htm</HtmlFileName>
      <LongName>0015 - Disclosure - Oil and Gas Costs</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/OilandGasCosts</Role>
      <ShortName>Oil and Gas Costs</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R16.htm</HtmlFileName>
      <LongName>0016 - Disclosure - Stockholders Equity</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/StockholdersEquity</Role>
      <ShortName>Stockholders Equity</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R17.htm</HtmlFileName>
      <LongName>0017 - Disclosure - Stock Options</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/Stock-BasedCompensation</Role>
      <ShortName>Stock Options</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R18.htm</HtmlFileName>
      <LongName>0018 - Disclosure - Related Party Transactions</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/RelatedPartyTransactions</Role>
      <ShortName>Related Party Transactions</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R19.htm</HtmlFileName>
      <LongName>0019 - Disclosure - Oil and Gas Reserve Data (Unaudited)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/OilandGasReserveData</Role>
      <ShortName>Oil and Gas Reserve Data (Unaudited)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R20.htm</HtmlFileName>
      <LongName>0020 - Disclosure - Selected Quarterly Financial Data (Unaudited)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://mexcoenergy.com/role/SelectedQuarterlyFinancialData</Role>
      <ShortName>Selected Quarterly Financial Data (Unaudited)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <Logs>
    <Log type="Info">Process Flow-Through: 0002 - Statement - CONSOLIDATED BALANCE SHEETS</Log>
    <Log type="Info">	Process Flow-Through: Removing column 'Mar. 31, 2010'</Log>
    <Log type="Info">	Process Flow-Through: Removing column 'Mar. 31, 2009'</Log>
    <Log type="Info">Process Flow-Through: 0003 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical)</Log>
    <Log type="Info">Process Flow-Through: 0004 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS</Log>
    <Log type="Info">Process Flow-Through: 0006 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS</Log>
  </Logs>
  <InputFiles>
    <File>mxc-20120331.xml</File>
    <File>mxc-20120331.xsd</File>
    <File>mxc-20120331_cal.xml</File>
    <File>mxc-20120331_def.xml</File>
    <File>mxc-20120331_lab.xml</File>
    <File>mxc-20120331_pre.xml</File>
  </InputFiles>
  <SupplementalFiles />
  <BaseTaxonomies />
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R20.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Selected Quarterly Financial Data (Unaudited)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_MXC_NotesToFinancialStatementsAbstract', window );"><strong>Notes to Financial Statements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">14. Selected Quarterly Financial Data (Unaudited)</a></td>
        <td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">FISCAL 2012</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">4</font><font style="font-size: 7.5pt">th</font><font style="font-size: 11pt"> QTR</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">3</font><font style="font-size: 7.5pt">rd</font><font style="font-size: 11pt"> QTR</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">2</font><font style="font-size: 7.5pt">nd</font><font style="font-size: 11pt"> QTR</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">1</font><font style="font-size: 7.5pt">st</font><font style="font-size: 11pt"> QTR</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 40%; background-color: gainsboro">Oil and gas revenue</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">753,875</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">753,789</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">810,655</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">905,340</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Operating profit (loss)</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(1,305</td>
    <td nowrap="nowrap" style="background-color: white">)</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">63,837</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">111,466</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">156,680</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Net income</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">95,375</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">50,961</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">79,272</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">104,385</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Net income per share &ndash; basic</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">0.04</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">0.03</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">0.04</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">0.05</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Net income per share &ndash; diluted</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">0.04</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">0.03</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">0.04</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">0.05</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center">FISCAL 2011</td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">4</font><font style="font-size: 7.5pt">th</font><font style="font-size: 11pt"> QTR</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">3</font><font style="font-size: 7.5pt">rd</font><font style="font-size: 11pt"> QTR</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">2</font><font style="font-size: 7.5pt">nd</font><font style="font-size: 11pt"> QTR</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">1</font><font style="font-size: 7.5pt">st</font><font style="font-size: 11pt"> QTR</font></td>
    <td nowrap="nowrap" style="padding-bottom: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="width: 40%; background-color: gainsboro">Oil and gas revenue</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">776,469</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">752,778</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">783,990</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="width: 1%; background-color: gainsboro">$</td>
    <td style="width: 12%; background-color: gainsboro; text-align: right">832,010</td>
    <td nowrap="nowrap" style="width: 1%; background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Operating profit (loss)</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">88,177</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">68,100</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">59,722</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">(39,898</td>
    <td nowrap="nowrap" style="background-color: white">)</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Net income (loss)</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">52,982</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">26,898</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">70,040</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">5,776</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="background-color: white">Net income (loss) per share &ndash; basic</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">0.03</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">0.01</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">0.04</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">&nbsp;</td>
    <td style="background-color: white">&nbsp;</td>
    <td style="background-color: white; text-align: right">0.00</td>
    <td nowrap="nowrap" style="background-color: white">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
    <td style="background-color: gainsboro">Net income (loss) per share &ndash; diluted</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">0.03</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">0.01</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">0.04</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">&nbsp;</td>
    <td style="background-color: gainsboro">&nbsp;</td>
    <td style="background-color: gainsboro; text-align: right">0.00</td>
    <td nowrap="nowrap" style="background-color: gainsboro">&nbsp;</td></tr>
</table>
<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_MXC_NotesToFinancialStatementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>MXC_NotesToFinancialStatementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>MXC_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for earnings per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945512&amp;loc=d3e4984-109258<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6920599&amp;loc=d3e1278-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
